Thursday, January 12, 2012

'Loan shark' firm targets students: 4,000% interest offered as alternative to student loans

Students are being targeted by a ‘legal loan shark’ offering cash at an astonishing 4,214 per cent annual rate of interest.

Wonga com is marketing its exorbitant scheme as an alternative to Government-backed student loans – which attract interest rates of just 1.5 per cent.

Charities warn the payday loan company is ‘moving in for the kill’ following the Coalition’s shake-up of higher education which will see fees rise to as high as £9,000 a year in the autumn. Read More