Commenting on the news that Wonga has entered into an agreement with the FCA to immediately change how it does business, David Mann, Head of Money at Uswitch.com, says: “This is a great victory for consumers. However, questions remain about why these customers were put in this vulnerable position in the first place.
“The new affordability criteria put in place by Wonga goes some way to address these questions as payday lenders need to have the same controls in place as banks and building societies before issuing credit.
“Today’s news doesn’t solve the escalating need for short term loans. Those most in need of money, often with poor credit ratings, have been turned away from the banks and left to feel they have no other option. There is a bigger question that needs to be asked around the growing need for short term credit.”
FOR MORE INFORMATION
Ailene Barr
Phone: 020 3872 5610
Email: ailene.barr@uswitch.com
Twitter: @uswitchPR
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