Member Article

Has Newcastle picked the Wonga sponsor?

Today it was announced that Premier League giants Newcastle United have signed a sponsorship deal with payday lenders Wonga. Whereas to most football fans the team sponsor means very little, this is a move that is not likely to sit well with many Newcastle fans and one that we at MyMoneyPA simply cannot endorse.

With a representative APR of 4,214 per cent and continuing to make money out of a cash-strapped Britain, Wonga displays the exact lack of morality towards consumers that should not be tolerated.

Putting those rates into perspective, a loan of the £8m mooted in the deal would result in £15m monthly repayments!

Of course, this isn’t Wonga’s first foray into the football world. Aside from their current sponsorship deal with Championship side Blackpool and Edinburgh’s Hearts, a similar deal with the Football League ended shortly before fans were to vote against Wonga adverts on the site due to the high level of interest on their loans.

Last week we opened our latest competition, giving MyMoneyPA customers the chance to experience corporate hospitality at various events in the UK. As part of this, we are offering 4 pairs of tickets to Newcastle’s home match against Manchester City on December 15.

As a result of the deal, MyMoneyPA is reconsidering their corporate hospitality booked for the Manchester City game in December. The company had considered taking an Executive box at the club if the hospitality, was successful in giving the average person an unforgettable experience. Whether we decide to continue with the Man City game or not, we shall be curtailing any relationship with the club beyond December.

After receiving further strong criticism from the OFT for its debt collection practices, arguably bullying its already vulnerable customers, at MyMoneyPA we would feel we were doing our customers a disservice in conducting business with Newcastle United. We would have to seriously question our own ethical values if we were to engage with a club that proudly wears Wonga on its chest.

This was posted in Bdaily's Members' News section by MyMoneyPA .