"No high-street bank comes close to this clarity, and an unauthorised overdraft may cost far more than the loan that prevents that overdraft. Outcompeted on convenience, on comprehensibility and perhaps even on price by the likes of Wonga, Britain’s banks should hang their heads in shame."
People who can borrow from conventional banks turn to Wonga because
- It is easy to understand what you pay back
- It is quick and impersonal
- They do not trust banks
(Student Project will at bank)