By Marcus Leach
Responding to a marketing campaign from pay day loans company Wonga the National Union of Students (NUS) said that the targeting of financially vulnerable students was incredibly irresponsible and should be immediately withdrawn.
The information which currently appears on the Wonga website suggests that students should supplement smaller amounts of cheaper Government borrowing with short-term loans from Wonga, including for things like holidays.
“It is highly irresponsible of any company to suggest to students that high-cost short-term loans be a part of their everyday financial planning," Pete Mercer, NUS Vice-President (Welfare), said.
“Students should think long and hard before choosing payday loans over any other form of borrowing, including government-backed student loans. If students are struggling to make ends meet there is often other support available, and anyone worried about their finances should talk to their students' union or financial advisers at their university.
“Wonga should immediately withdraw this predatory marketing, which contains information that appears to be inaccurate, and is aimed at financially vulnerable young people.”
Join us on