Wonga: Miliband is wrong to say we prey on vulnerable

The pay day loans lender Wonga has rejected claims by the Labour Leader Ed Miliband that they prey on vulnerable people.

While we recognise that there have been unacceptable practices in the sector, Wonga has been instrumental in raising standards and arguing for better regulation to protect consumers.

We have used technology to bring competition into traditional financial services for the benefit of people across the country. We invite Mr. Miliband and his colleagues to view our film and meet us to discuss how best to serve the popular need for consumer credit in a successful 21st century economy.

– Wonga Statement

Read: Archbishop of Canterbury 'should try Wonga', boss urges

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Miliband's payday loans attack

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.