Wongas increase in profits

Posted in News About Loans For People With Bad Credit

Wonga one of the most established loan companies offering short term payday loans, has reported a 35% increase in profits this year, over last year, this equates to £84.5m and is probably due to the increase in the amount of borrowers looking for payday loans.

The firm specialise in providing loans to people who may be declined by the majority of high street lenders, something which these figures show is an ever increasing market.

Being declined by high street lenders is usually due to one circumstance and that is your credit rating. In today’s financial climate there are many that are affected by a poor credit rating, this can be due to poor borrowing behaviour in the past, or simply because the potential borrower has not been able to build up a credit history, due to their age or because they have never had the income to borrow in the past and prove that they are able to pay it back on time.

Also the credit crunch 5 years ago has overall made it tougher for potential borrowers, in that a huge amount of people are not yet on the property ladder, due to the unaffordable deposits required to get on the property ladder, this combined with unemployment levels, stagnant incomes and increasing living costs doesn’t give potential borrowers the same access to credit that may have been available to them 15 years ago.

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