The online lender Wonga.com has been accused of misleading visitors to its website about the practicality of using its loan facilities as part of a sensible approach to student finance.
Until recently, a page on the company’s website suggested that that its loans could help student’s manage their finances more effectively despite the fact that they are typically offered at vastly higher rates of interest than standard student loans.
The National Union of Students (NUS) was among those angered by the implication that short-term lending can sometimes be a sensible financial option for young people in higher education.
Pete Mercer, vice president for welfare issues at the NUS, said: “It is highly irresponsible of any company to suggest to students that high-cost short-term loans be a part of their everyday financial planning.”
Mercer wen...Read More