Newcastle FC have taken sponsorship from Wonga - the loan shark company that charges intrest at more than 4,000%.
I've sent this email to Newcastle tonight:
admin@nufc.co.uk
Dear Sir
May I record my disgust at your having taken sponsorship from Wonga - a company that lends at more than 4,000% interest rates and which as a result consigns people to debt entrapment and deep poverty.
Yours faithfully
Could you do the same?
Thanks
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This is a completely disgraceful decision. Newcastle Football Club should not be encouraging fans to get deeper and deeper into a dreadful cycle of debt by advertising WONGA on the backs of players who earn hundreds of thousands each week.
Which members of your Board are set to gain financially from this appalling decision?
What is more important is to ask the question why Wonga is allowed to lend at 4000% when that wouldn’t be allowed in many other countries, including third world countries like South Africa. Microlending is the one area where community based credit unions could make a massive difference.
I’ll put down my inborn loathing of NUFC (as a Smoggie) and send it. But there are two things to add:
1. Let’s be equitable – send the same message to Blackpool and to Hearts, both of whom also have Wonga as shirt sponsors.
2. I’m not sure I like the Hull City shirt deal with Cash Converters any better. According to the Wikipedia entry: Cash Converters charge a current rate of interest of 33% per month, making their interest for the year 396% interest on the principal loan.