University Remove Wonga Advert From Campus due to complaints

Finance at University is scary. For many it’s the first time they will budget and with £44,000 of debt on average, the stakes are high.

To get by, some students are forced to dip into overdrafts or borrow from the bank of mum and dad. For others, no matter how hard they try, that’s not an option.

Enter Wonga. An advert for the short-term loan company popped up on campus, advertising a three month loan that’s just enough to get you to the end of term, plus the time to get an odd bit of work done at home over summer before paying back at an increased rate.

The offending advert

Wonga have attracted varying degrees of negative publicity since their founding in 2006. Their quoted average loan of £100 for 17 days has an annual percentage rate that equates to 1,509 per cent representative.

Is it right that Wonga should be allowed to advertise on campus? Having students take out short-term, high-cost loans is a dangerous decision to be forced to make so early in life.

With so much conflicting information about how to deal with money and debt, it’s important that the University helps students receive the most positive advice and ensure they are not bombarded by potentially damaging products from payday lenders while on campus.

We contacted Wonga to determine if the advert was specifically targeted toward Loughborough students and are awaiting their response.

The Tab spoke to the Chief Operating Officer of the university, Richard Taylor. He said: “I’m extremely cross that Wonga have advertised on our campus. Any student suffering financial hardship should not go to Wonga. At Student Services, we have support specifically for students in need and we don’t charge a four figure interest rate.”

Student Services are based in the Bridgeman building and can provide specific help for students who are struggling with budgeting, student finance, debts and other types financial hardship.

Other help is available

Previously, adverts on campus did not have to be approved before they were put up, but since this latest unfortunate occurrence, they will be in the future.

University Staff have covered up the advert in question and contacted the advertising contractors who are to remove the advert as a whole.