the corner office

a blog, by Colin Pretorius

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Put up or...

I was surprised to see this take on Wonga from the BBC's Robert Peston. A change from the ubiquitous and standard Evul Lenders line.

Every time I hear someone express the usual opinion about a microfinance lender, I like to ask one question:

"These people lend money to people they don't know at 6000% a year. What interest rate do you charge to complete strangers when you lend them your money?"

The way I see it, if you don't lend your own money to complete strangers, then the interest rate you charge to people (who badly need help) is effectively infinity. Compared to which, Wonga's 6000% doesn't look that evil at all.

{2013.06.27 - 21:48}

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