Wonga

Wonga has announced record profits of £62.5m amid growing controversy surrounding pay day lenders.

The firm lent over £1.2bn last year after a significant rise in money lending in the recession, approving on average more than 10,400 loans a day.

The industry, which is worth around £2bn in the UK, has recently seen an increased spend on advertising as more companies compete in...

Plymouth City Council is backing the Archbishop of Canterbury’s campaign against payday loan companies.

The Archbishop hit the headlines this week for saying that he wanted the Church of England to force companies such as Wonga out of business by helping credit unions to compete with them.

The Most Reverend Justin Welby, himself a former businessman, said he had had "a very...