Capitalism at the “Promised-Land” of market-economy, freedom, choice, and shop till you drop!
“Payday lender Wonga has raised the standard interest rate it quotes on its website by more than 1,600 percentage points to 5,853%. Wonga, which offers loans of up to £1,000 arranged over periods of up to 45 days, previously quoted a typical annual percentage rate (APR) of 4,214%.”
I can only say: God help you if you borrow from them, and many do, and God be with you if you miss your repayment date, and many do.Read more on borrowing in the “Promised-Land”:
Wonga increases its typical APR by 1,600%
http://www.guardian.co.uk/money/2013/jun/21/wonga-increases-apr-1600/print
Loans of up to 4000% interest on offer to students at British campuses: The nadir of greedy capitalism
Read more:
As a Chinese proverb says 'The fish rots from the head' and so it is with businesses, politics, economics, governments and other organisations. The question is: how can decent, honest and good people stop the loan sharks operating at the universities, when the political parties and governments are financed and supported by such financial institutions? See below for more:
How the fruits of financier’s high-cost loans found their way into Tory coffers
Conservative party grandee controls firm which charges interest at 75 per cent APR
“A top Conservative Party funder is revealed today as the man behind one of Britain’s biggest high-cost lenders.
Financier Henry Angest – a friend of the Camerons and a former Tory Treasurer – gave the Conservatives a £5m overdraft facility shortly before the last General Election at an attractive interest rate of just 3.5 per cent.
The high-cost credit company Mr Angest controls, Everyday Loans, charges members of the public interest at an average 74.8 per cent APR.
…Mr Angest becomes the second high-profile Tory donor profiting from the growing high-cost credit industry.
The Conservative donor and government adviser Adrian Beecroft has a major stake in Wonga, Britain’s best-known payday lender, which charges borrowers more than 4,000 per cent APR.
Mr Beecroft has given almost £800,000 to the Tories in the last seven years, contributing more than £100,000 last December.
Last October, Jonathan Luff, a senior adviser to David Cameron, quit Downing Street to become a lobbyist for Wonga.”