I have mixed feelings about Wonga the UK payday loan company going into administration this week.
When I started this journey with Etch it was the likes of Wonga that I saw myself having a good old scrap with - praying on the vulnerable with their 4200%APR - a slick interface into a spiral of debt that you could then hashtag on social media - F*** you Wonga.
Since then, I've come to realise that they, in fact, offer (well, use to now) a service that has been a lifeline to more than a million people.
Hold on Euros, did you just say that???? WTF???
As a father to three young children, if I was in a situation where I had no money to buy food, and my wages were weeks away then I too would do anything to feed them. And let's be honest, dealing with the likes of Wonga is safer than borrowing from Cliff. Gulp!!
This billion dollar industry is only there mostly because of delays in wages. If we fix that then more of the Wongas of this world will disappear.
Sure, there will always be a need for an emergency loan that is more than your wages, but that should be more of a "one-off" with a more reasonable interest rate and not something people will need monthly like cashing in their paycheck.
At Etch, we are pushing the boundaries of programmable money with the help of smart contracts and blockchain to try and fix this. Real-time access to wages and access to financial budgeting tools will empower hard-working people and keep them away from that industry.
Wonga - enjoy your early retirement with Betty, Earl and Joyce at the nursing home. Your APR not be missed.
Euros Evans CEO of Etch
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