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Wonga’s staff are keen to put its solution much more comparable to bank overdrafts, rather than competing lenders that are payday.

Wonga’s staff are keen to put its solution much more comparable to bank overdrafts, rather than competing lenders that are payday.

“We think that our company is in sector on our very own,” Bowman claims, in a cellar boardroom during the business’s head office in a house that is grand the side of Regent’s Park in main London, its white stucco gleaming into the springtime sunlight. Among lots of honors on display is certainly one naming Wonga.com as last 12 months’s fastest-growing electronic media company in European countries. “We see ourselves as an internet technology company first, and a finance company 2nd,” Bowman states.

Staff state 1 million people look at the web site and “hundreds of thousands” of loans are produced every month. The business’s turnover trebled between 2009 and 2010, to ВЈ73m return, and Errol Damelin, the co-founder and executive that is chief of, is reported to own taken house ВЈ1.6m this past year.

The organization declines two-thirds of all of the applications given that it doesn’t think the applicant should be able to spend back once again the mortgage.

“the key reason why we decrease them is that people certainly are a accountable loan provider and now we generate income when individuals spend us straight back. We wish individuals to spend us right back. Our model just isn’t built around individuals perhaps maybe not spending us right right back. Our goal and our need certainly to be accountable are completely aligned,” Bowman claims.

The business states it generally does not do aggressive marketing and discourages folks from rolling over their loans. The expression lending that is”responsible trips off Bowman’s tongue over repeatedly. ” whenever individuals started to our site they usually have all the knowledge presented for them in a really clear, upfront means, and are capable of making a smart decision about whether the product is suitable for them.Read More »Wonga’s staff are keen to put its solution much more comparable to bank overdrafts, rather than competing lenders that are payday.