Wonga customersImage courtesy of adamr / FreeDigitalPhotos.net
In an interview given to Faisal Islam, Economics Editor at Channel 4 News, Errol Damelin explained that its average customer makes a proactive decision to take out a Wonga loan, preferring this to an unauthorised bank overdraft or using a credit card for the fear of building up long term debt.

Indeed the average first time loan taken out by a new Wonga customer is £180 and is repaid after 17 days.

Damelin explained that the vast majority of Wonga customers are young people in employment, with a bank account, smartphone and with an immediate short term cash need. 

For a generation of young people just out of university and often saddled with massive debt, the thought of taking on additional long term loans is extremely unappealing. Wonga loans satisfy their short term cash need.

Channel 4 News, Faisal Islam, Economics Editor, 03 Sep 2013

 





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