|
| 08/05/2012 |
Business Loan Service Launched By Wonga |
|
High cost loan vendor Wonga has announced plans for the launch of a new business load services with a promise to make funds available within 15 minutes of an application.
Loans of £3,000 to £10,000 will be available for terms of between one and 52 weeks. The cost, including a variable application fee and interest, starts at 0.3% a week and the loans must be repaid in weekly instalments.
Wonga is entering the business loan market at a time when firms are struggling to raise funding. Research in November by the Federation of Small Businesses showed that 57% of firms suffered late payment by clients but between 2007 and 2010 there was a 24% fall in successful loan applications.
- - - - - - Advertisement - - - - - -
Wonga was reluctant to quote a typical annual percentage rate, or APR, for loans, saying the measure was inappropriate as they could be taken out for as little as a week. The firm has been heavily criticised for lending to individuals at an APR of 4,214%, but claims business loans will be at rates starting at 17% APR.
(H)
|
|
|
| Top Stories |
| 22/05/2013 |
| Dale Cregan Admits Father And Son Murder |
|
| 22/05/2013 |
| Child Killer Loses Right To Anonymity |
|
| 22/05/2013 |
| Britvic Announce Factory And Warehouse Closures |
|
| 22/05/2013 |
| Tax Credit Fraud Target Off By £5bn |
|
| 22/05/2013 |
| Afghan Interpreters To Be Granted UK Visa's |
|
| 22/05/2013 |
| Hampshire Police To Sell Unused £11m Headquarters |
|
| 22/05/2013 |
| 55 Beaches Meet New Tougher EU Standards |
|
| 22/05/2013 |
| Other News In Brief |
|
| 21/05/2013 |
| Man Jailed For Seven Years Over Baby's Death |
|
| 21/05/2013 |
| Retired CoE Priest Jailed For Catalogue Of Abuse |
|
|
| Submit News Story |
| Editorial Staff |
|
 |
