Labour leader Ed Miliband has attacked payday loan lenders, claiming that "the Wonga economy is one of the worst symbols of this cost of living crisis." A Wonga executive has told MPs his firm's practice compares 'favourably' with credit cards.
Appearing before MPs, Wonga's head of regulatory and public affairs, Henry Raine, defended the company's business model:
"Wonga's business is aimed to lend to people that can pay us back that's how we make money.
"The vast majority of people pay us back on time. We freeze interest after 60 days, 25% of people pay us back early.
"We are lending to vast numbers of people small sum credit and I think it's fair to say those figures frankly compare favourably with other lenders in the industry including credit cards and banks".
The Democratic presidential candidate may also have shown his cards on his choice of running mate.
The US president also shared a post on Twitter accusing Dr Anthony Fauci of misleading the public over hydroxychloroquine.
Fears over an impending second wave of coronavirus dominates Wednesday’s front pages.