The 3 key reasons by Errol Damelin 

In a recent interview with Wonga’s CEO Errol Damelin by Newser’s Michael Wolff, Damelin explained that they help people solve short-term cash flow problems via the internet and mobile in a way that has never been done before.  Errol Damelin admitted a long time was spent on how this can be achieved responsibly and gave key explanatory reasons. The first is transparency at the point of sale; the customer knows exactly what they are getting.  The second is individual control whereby the consumer configures his own product and the third is the layer of selectivity involved.

Errol Damelin – Wonga as Sponsors 

Wonga’s current sponsorship deal with Newcastle United is something that both Wonga’s founder Errol Damelin and Newcastle United’s manager, Alan Pardew, are excited about. Wonga is a first rate business and with over one million customers currently in the United Kingdom, they have a customer satisfaction rate much higher than any other bank or financial institution. Recently interviewed Errol Damelin acknowledged that Wonga is very proud to be delivering a service that they have built for their customers and are delighted to be part in the long-term investment made by Newcastle United’s Club.  

Errol Damelin – Wonga gives the incentive

Errol Damelin was recently interviewed by This is Money's Alan O'Sullivan in connection with the loans Wonga is offering to consumers.  Damelin enlightened how consumers enjoy short-term loans for an average of a 16 day period costing around £16 to borrow.  Wonga only makes their money when people pay back their loan, making them totally incentivized and Errol Damelin explained that the average customer does in fact pay the loan back on time.  He highlighted that if the loan is not paid then reminders are sent, a repayment schedule is put into action, and interest is frozen after a 60 day period.

Lisa Murphy asks Errol Damelin if US is next 

Lisa Murphy of Bloomberg TV news station questioned Errol Damelin on air last week regarding Wonga’s UK breakthrough.  She expressed her fascination at how Wonga’s algorithm using 8,000 pieces of data actually works and in response Errol Damelin explained that, as they are a data technology provider, they have been collecting data and computing it for many years now.  Wonga also rejects two thirds of its applicants and its system is built to discriminate. 

The digital economy according to Errol Damelin

Small short-term cash loans totalling up to £1000 are available to consumers within a quarter of an hour. These loans are available from wonga.com every hour of every day. Wonga’s employees work in England and other countries in the world, greatly assisting many customers each month. Errol Damelin, founder of the company, believes that a scarcity of talent has led to trouble with finding suitably able individuals to work at digital companies. According to Errol Damelin, the digital economy should celebrate success and embrace change while access to top global talent should be available to top international businesses.