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De BISAWiki

Wonga posts ?84.5m profit as one million people draw payday loans

The head of Wonga has defended the pay day lender as a ?good corporate citizen" as he unveiled pre-tax profits of ?84.5m, up 35pc, for 2012.

Errol Damelin, co-founder and chief executive, attempted to deflect growing criticism levelled at the company by saying that the company's short term loans business ?isn't about being the lender of last resort" and ?isn't about people on breadlines."

The company hit the headlines over the summer following criticism from the Archbishop of Canterbury, who suggested that he wanted to put Wonga out of business by creating a national network of credit unions.

He and other critics of the company attack its interest rate - it has an annualised percentage rate of 5853pc - and suggest it is lending to some of the most vulnerable members of society.

But Mr Damelin defended his business by saying that the more than 1m customers Wonga lent to money last year represented only one-third of those who applied; the other two-thirds were rejected.

?This is not about people on breadlines being desperate," said Mr Damelin.

Article Source: http://www.telegraph.co.uk/finance/newsbysector/banksandfinance/10282656/Wonga-posts-84.5m-profit-as-one-million-people-draw-payday-loans.html