„We think that we are located in online payday loans Alabama industry on our very own,” Bowman claims, in a basements boardroom at the company’s headquarters in a huge home on the edge of Regent’s playground in main London, their white stucco shining in spring sunshine. Among numerous awards on screen is one naming Wonga as just last year’s fastest-growing electronic mass media team in Europe. „We see our selves as an online development companies initially, and a finance business 2nd,” Bowman claims.

Staff say 1 million people visit the site and „hundreds of thousands” of loans are made each month. The company’s turnover trebled between 2009 and 2010, to A?73m turnover, and Errol Damelin, the co-founder and chief executive of Wonga, is reported to have taken home A?1.6m last year.

The organization declines two-thirds of most solutions as it doesn’t think the customer will be able to pay off the mortgage. „The reason why we decline all of them is that our company is a responsible loan provider and we also earn money when individuals pay united states right back. We wish individuals to spend us back once again. Our very own unit is not constructed around someone not paying united states right back. The objective and our very own should be responsible is perfectly lined up,” Bowman says.

The expression „responsible lending” travels off Bowman’s tongue over and over repeatedly. „When people arrive at the site they usually have every piece of information made available to them in an exceedingly clear, initial way, and are capable of making a smart decision about whether this system is right on their behalf. We charge 1per cent interest everyday, basically A?1 per A?100 lent. Around we inform you what you will get into, there’s no terms and conditions, no surprises.”

The business says it does not carry out intense marketing and advertising and discourages individuals from running over her financing

When asked if Wonga preys on the vulnerable, Bowman says: „If I was a Wonga customer, I would be insulted by that.”

In their notice obtained a choice of choosing not to stretch a loan, whenever they notice outlay

We best really get towards an answer in a roundabout ways, as he says the guy opposes the thought of repairing a cover regarding quantity of interest agencies may charge, since it would risk putting „responsible, managed” enterprises like his out of business, leaving the market industry available to unlawful loan providers. „that which we do not want is actually for men and women to have to go to non-regulated lenders … illegal other available choices,” he says. Here, the very first time are half an admission that the are a site for those who have no place else to go.

Asked if there’s an uncomfortable disagreement involving the breeziness with the brand name and the desperation thought by their customers exactly who accept her highest rates since they have limited choices, Bowman laughs. „Maybe i have been brainwashed, but i simply you should not view it like this.”

Team seem annoyed by whatever they read since paternalistic questions of financial obligation campaigners, and argue that their customers „aren’t stupid”, as they are rather able to see the rates of interest they’re registering to.

Stella Creasy, MP for Walthamstow, north-east London, that installed a powerful campaign up against the payday credit markets, claims she feels, based on conversations with Wonga’s control, it is attempting to end up being liable, in good faith, but in some way has not recognized the essential nature of the market it really is coping with.

„The error they’re generating is believe that group, when facing an economic penalty, have the choice in order to avoid it. The things they’re doingn’t see is because they tend to be dealing with a clientele would younot have that solution.” she claims.