Wonga as well as other cash advance businesses can be prohibited from signing major business sponsorships with Transport for London (TfL), after the very criticised deal with Wonga for brand new 12 months’s Eve 2010.
TfL usually provides revellers free travel on London buses while the London Underground between 11:45pm on brand brand New 12 months’s Eve until 4:30am on brand brand New 12 months’s time as an element of a cope with a sponsor that is corporate.
Wonga ‘s deal to sponsor the travel that is free brand New 12 months’s Eve 2010 ended up being very criticised for offering the organization very prominent advertising and neglecting to show the typical APR of the Wonga loan, which will be 4,214%.
Boris Johnson, Mayor of London, defended the offer as a result towards the criticism. He stated: «We make no ethical judgments about legitimate companies that buy ad area or sponsorship.»
Nonetheless, businesses such as for example Wonga came under increasing force in current months and today TfL has suggested you won’t do comparable handles cash advance businesses in the foreseeable future.
Graeme Craig, commercial development director at TfL, stated: «TfL happens to be taking care of a brand new sponsorship policy that may set the type out of businesses from where TfL would, and wouldn’t normally, accept business sponsorship in the foreseeable future.