Wonga’s staff are keen to position its solution as more comparable to bank overdrafts, rather than competing payday lenders.
“We genuinely believe that we have been in sector on our very own,” Bowman states, in a cellar boardroom during the organization’s head office in a house that is grand the side of Regent’s Park in main London, its white stucco gleaming within the springtime sunlight. Among lots of honors on display is just one naming Wonga.com as last 12 months’s fastest-growing electronic news business in European countries. “we come across ourselves being a technology that is internet first, and a finance company 2nd,” Bowman states.
Staff state 1 million individuals go to the web web site and “hundreds of thousands” of loans are created every month. The business’s return trebled between 2009 and 2010, to ВЈ73m return, and Errol Damelin, the co-founder and executive that is chief of, is reported to own taken house ВЈ1.6m a year ago.
The business declines two-thirds of most applications since it does not think the applicant should be able to pay back once again the mortgage.
“the key reason why we decrease them is we make money when people pay us back that we are a responsible lender and. We wish visitors to back pay us. Our model just isn’t built around individuals maybe maybe not having to pay us straight back. Our goal and our have to perfectly be responsible are aligned,” Bowman states.
The business claims it generally does not do aggressive marketing and discourages individuals from rolling over their loans.