Wonga.com PayLater service launched
Payday loan firm Wonga.com, known best for its astronomical APR% rates that have attracted the ire of MP critics, is set to launch a PayLater service that will allow online shoppers to borrow the money they need to make online purchases.
The service will launch with furniture manufacturer the Cotswold Company, although it is expected to expand the service to other online retailers. Under the current terms, buyers will be offered £100 loan. An upfront fee of £7 is required and the balance repaid in 3 equal installments.
A Wonga spokesman said: “This is just another means of payment for online retail transactions. The benefits are its transparency and its convenience. It’s very clear about what you’ve got to pay over three months.”