Wonga to axe a third of staff just weeks after financial watchdog forced the payday loan firm to cap interest at 100%
‘Wonga announced today it would make a third of its total workforce redundant after it was forced to cap its interest rates on payday loans.
The lender will shed 325 jobs after the Financial Conduct Authority said the interest they could charge for loans would be a maximum 100 per cent of its total cost from January 2.
Previously businesses like Wonga, Quickquid and the Moneyshop would lend small amounts of around £50 to £3,000 for short periods of time at rates which could run up to 6,000 per cent a year.’
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