Citizens Advice Bureau to work with loan provider Wonga
The Medway Citizens Advice Bureau in Kent has accepted funding from Wonga to help it conduct a survey about peoples' employment, income and debt.
Wonga offers short term loans to individuals who need help to see them through to payday and the company has come in for criticism for its high interest rates, which can be over 4000% per year.
The firm says people do not actually pay this rate as they can only borrow money for between one day and one month.
BBC Radio 5 live challenged Henry Raine from Wonga and Dan McDonald from the Medway CAB on why they had teamed up. Victoria Derbyshire started by asking Mr McDonald if the Citizens Advice Bureau was legitimising the loan company.
To listen to other Radio 5 live interviews, please visit the Best Bits page.
21 May 2012
- From the section Business