Talk about being completely unethical! There is a payday loan company called Wonga that is completely ripping students off by charging them insane APR to the tune of 4500 APR percentage rates. While the company has publicly stated that, since the launch of this story, they have ceased giving out these types of loans, it still boggles our minds that a company could stoop to such a low level to prey on people who are struggling and barely surviving in this economy. As released in a public statement,
Wonga stated that the page which was offering the student payday loans, was not active in to their knowledge, and through the use of search engine optimization it was ranking for student payday loans. Since this article has been published, the offer to give students payday loans has been acquitted by the firm.
Giving out those types of loans to individuals and students who are struggling financially should be a crime. It does not make any sense whatsoever to make money on desperate people.