Today London Young Greens held a “wronga” bake sale outside headquarters of Wonga in protest against payday loans.
At the Wronga cake sale today: LYG Campaign Officer Benali Hamdache, London Green Party Students Officer Paul Cohen, Green Party leader Natalie Bennett, MEP candidate Amelia Womack and Young Green Ernestas Jegorovas.
The Green Party 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 In Marylebone.
The demo, which was organised by the Young Greens – the branch of the Green Party for students and the under 30s – saw members of the party giving out free cake to the public so long as it is returned with a 5853% interest rate. Any potential customers were informed that accepting one cupcake would see them tied-into a contract to pay back 5 cakes every month, or 58 cakes a year.
Speaking ahead of the demo, London Young Greens Campaigns Officer 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 behaviour 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.”