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as number of loans last year rose nearly 300%

A rise in cash-strapped Britons forced to take short-term loans with extortionate interest rates has meant a colossal leap in revenues for controversial lender Wonga. The payday lender today revealed turnover had soared 225 per cent in the past year. Facing accusations that it targets the financially vulnerable, it approved 2.5million loans in 2011 - up 296 per cent on the previous year - as many people struggled amid wage freezes and the rising price of living. Wonga argues it is helping meet demand for short-term loans from would-be borrowers shunned by high street banks - but its loans come with an enormous typical annual percentage rate (APR) of 4,214 per cent. The extra business has seen the lender generate revenues of £184.7million and net profit of £45.8million.....Read more here: Payday lender Wonga makes a mint out of cash-strapped consumers as number of loans up nearly 300% | This is Money