Contrary to the press Wonga serviced a legitimate product and market need. Yet flawed: 1. tech model undermining the customer relations as per Provident. 2. Flawed business model aka carillon, hof 3. had weak management unable to: a) put the business interests first, b) correct the flawed business model or c) achieve adequate governance & control key processes. I used to chair such a business the rates are capped and its important that the service is provided at a profit. At the current caps set by the FCA that’s very tough. If you want to know more go out with a door – door money collector then you’ll get it, Its a completely different (hidden) world. The caps mean that the rates never reach gt 34% over 30 days or hgt 100% of the loan. The apr has to be legally quoted as a comparator but its pretty misleading because costs now never materialise on an apr basis, these are short term loans. Misaligned action – Wonga collapses into administration – no surprises?