Wonga’s profits soar to £100m as bid to curb payday lenders ends in failure

Payday lenders are pumping millions of pounds of extra funds into their advertising campaigns in a bid to win more customers, flying in the face of criticism from regulators and making a mockery of the Archbishop of Canterbury’s hopes to put Wonga and its ilk out of business through competition.

Figures compiled for The Mail on Sunday by leading market research firm Nielsen revealed that the amount spent on advertising by Britain’s top five payday lending brands rose 26 per cent to £36.3million in the 12 months to June compared with the period to June 2012.

The figures reveal that the business strategies of the main payday lenders remain unshaken by a series of Government investigations and criticism at the highest levels of society, including by Archbishop Justin Welby. And the relentless pursuit of new borrowers is paying off in profits.'

Read more: Wonga's profits soar to £100m as bid to curb payday lenders ends in failure