Wonga loan rate hits 5,853%

Updated

A payday loan can now cost you almost 6,000% in interest. Payday lender Wonga says the cost of a £150 18-day loan will now cost their customers £33.49. That's equivalent to an annual percentage rate (APR) of 5,853%.

Although the numbers are based on a full year, the figures remain outrageous. If you're running short, what are the Wonga alternatives?

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