Wonga along with other cash advance companies 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 typically provides revellers free travel on London buses together with London Underground between 11:45pm on brand brand New 12 months's Eve until 4:30am on brand New 12 months's time as an element of a handle a business sponsor.
Wonga 's deal to sponsor the free travel for brand brand New 12 months's Eve 2010 ended up being extremely criticised for providing the business very prominent marketing failing continually to show the typical APR of a Wonga loan, that will be 4,214%.
Boris Johnson, Mayor of London, defended the offer as a result into the criticism. He stated: "We make no ethical judgments about legitimate businesses that buy ad area or sponsorship."
But, businesses such as for instance Wonga came under increasing stress in current months and today TfL has suggested you won't do comparable addresses cash advance organizations as time goes by.
Graeme Craig, commercial development manager at TfL, stated: "TfL is taking care of an innovative new sponsorship policy that will set out of the kind of businesses from where TfL would, and wouldn't normally, accept business sponsorship in the foreseeable future.