16 Mar

Earning money: making money from high-interest loans

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Turnover(up that is ВЈ185m ВЈ57m, a 225% escalation in one year)

Earnings: ВЈ62m (up from ВЈ16.9m)

Israeli businessman Errol Damelin and South African Jonty Hurwitz create the company in 2007.

Hurwitz is a professional in ‘control concept’ and helped design a mathematical model to permit the company to issue the most range loans within the time that is shortest feasible at least danger.

Wonga views it self being a technology business as opposed to a finance company, with Damelin’s ambition for this to be ‘world class…like Facebook, Amazon and Apple’.

It quickly went from issuing ВЈ3.2m worth of loans in 2008 to issuing ВЈ246m loans this past year, adverting interest levels of 4,214% APR.

This season an unnamed director obtained ВЈ1.6m.

Instant Cash Loans Ltd, MEM and Express Finance Bromley (owned by Dollar Finance)

Instant Cash LoansTurnover: ВЈ172m (up from ВЈ129m, a 34% boost in one year)Profit: ВЈ34.6m (up from ВЈ32.9m)

Nottingham jeweller Henry Hallam put up Instant Cash Loans, which trades since the cash Shop, with one store when you look at the populous town centre in 1992.

Because of the time he offered up to US loans giant Dollar Finance in 1999 he previously exposed branches in Bristol, Newcastle, Sheffield, Coventry, Cardiff, Birmingham, Sunderland, Hull, Southampton and Bolton.

During the right time Hallam stated: ‘By buying us they will have founded a bridgehead when you look at the UK.’

That ‘bridgehead’ has seen the firm expand quickly, going from 34 workers in 1998 to 2,339 in 2012.The business is currently creating revenue of £172.3m a year and earnings of £34.4m. Read More