Let me make it clear about Wonga borrowers tell their stories: ‘I experienced no option’

Let me make it clear about Wonga borrowers tell their stories: ‘I experienced no option’

The borrowers say, they had no alternative in many cases. Some had bad credit documents, other people had been on advantages or had just lost their jobs. Often they might perhaps maybe not genuinely believe that anybody would also start thinking about lending them money. However with its high-profile soccer sponsorship deals and prime time television ads, Wonga ensured it had been the title that sprang to mind when anyone needed money in a rush – and a large number of desperate candidates discovered they are able to get that loan most likely.

A lot more than 250 borrowers contacted the Guardian to share with us exactly just how and exactly why they borrowed and exactly how their debts racked up. Some will are in possession of their loans written down, but other people repaid their debts and arrears by borrowing more, by looking at family members for monetary assistance or entering debt that is formal plans. Their tales reveal just exactly how loans that are small be huge issues when they’re given to people who can’t ever repay them. Continue reading Let me make it clear about Wonga borrowers tell their stories: ‘I experienced no option’