THE Green Party has reiterated its call for the government to step in and cap the cost of payday loans ahead of their ’wronga’ bake sale organised outside the headquarters of the payday loans company Wonga.
The demo, which has been organised by the Young Greens – the branch of the Green Party for students and the under 30s – will see members of the party giving out free cakes to the public so long as it is returned with a 5853% interest rate.
London Green Party Co-Coordinator, Benali Hamdache said: “Wonga take advantage of the poorest in society through their eye-popping interest rates. Our ‘wronga’ bake sale is our way of hammering home the rampant profiteering that is at the heart of the Wonga business model.
“The Green Party has passed policy calling for the capping of the cost of payday loans, as well as more stringent credit checks for payday loan applicants. Government must bring in regulation to reign in the behavior of payday loan firms. We represent one of the few countries without a law on capping the cost of credit. It’s why the UK is seen as a prime financial opportunity for these immoral payday loan firms. It’s time to end that.”
The Young Greens will be holding their demonstration on Friday 15th November from 1pm onwards outside the Wonga headquarters in Marylebone. They have promised any potential ‘customers’ that purchasing one cupcake will see them tied-into a contract to pay back five cakes every month, or 58 cakes a year.