Profits soar at payday lender Wonga

Payday lender Wonga has seen profits surge after approving nearly 2.5 million short-term loans in its last financial year.

The company has faced accusations that it targets the financially vulnerable with an annual percentage rate as high as 4,000% but argues it is helping meet demand for short-term loans from people shunned by high street banks.%VIRTUAL-SkimlinksPromo%