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5,853%...the Wonga annual rate of interest: Payday firm's ...

Payday loan giant Wonga has increased the interest rate it uses to illustrate the cost of borrowing to 5,853 per cent – a rise of 1,600 per cent. The move has triggered more calls for tighter regulation of an industry that cashes in on hard-up borrowers. Most customers of payday loan firms only ...

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