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From yesterday's Financial Times:
Wonga payday loan group releases film to improve its image
Wonga is predatory. The payday loan company feeds off Britain’s soft underbelly – people mired in poverty, refused credit by banks and desperate for quick cash fixes, according to many, most notably the Archbishop of Canterbury, who pledged earlier this year to drive it “out of business” by helping its non-profit rivals.
But the company has had enough and is now on a charm offensive. Its weapon? A film called 12 Portraits, which premieres in London on Monday.
The production, by Bafta-nominated director Gary Tarn, shows the lives of 12 Wonga customers. It was commissioned by the company for an undisclosed fee, yet Mr Tarn says he was given a completely free brief and sees the film as a “reflection of modern Britain and Wonga’s place in it, as opposed to a documentary on Wonga the company”.
While a PR stunt involving an arthouse film may not seem the most obvious choice for a company that charges annual percentage rates of interest up to 5,853 per cent, business in general has proved a popular subject for television and cinema viewers. Alex Gibney’s documentary on Enron: The Smartest Guys in the Room was nominated for an Oscar while David Fincher’s The Social Network, which dramatised the launch of Facebook, won three.
Wonga hopes its film will show that its customers are typically young, solvent and happy with its service. Rather than use the service as a last resort, Wonga claims that its users are choosing the service over a credit card or unauthorised overdraft because they appreciate its speed and online access.
“There’s been a high-profile and, in many cases, helpful debate this year about our business and how to meet the mainstream need for short-term credit in the digital age,” said a Wonga spokesperson. “The one voice that doesn’t get heard in the debate, however, is that of the people who actually choose to use Wonga’s services. This was the inspiration for 12 Portraits – to challenge the uninformed stereotype of our customers, using their own words.”
Mark Borkowski, a public relations agent who specialises in publicity stunts, is dubious. “Doing something risky and transparent is a tactic. But where it goes wrong is if it falls prey to collective hubris.”
Wonga payday loan group releases film to improve its image
Wonga is predatory. The payday loan company feeds off Britain’s soft underbelly – people mired in poverty, refused credit by banks and desperate for quick cash fixes, according to many, most notably the Archbishop of Canterbury, who pledged earlier this year to drive it “out of business” by helping its non-profit rivals.
But the company has had enough and is now on a charm offensive. Its weapon? A film called 12 Portraits, which premieres in London on Monday.
The production, by Bafta-nominated director Gary Tarn, shows the lives of 12 Wonga customers. It was commissioned by the company for an undisclosed fee, yet Mr Tarn says he was given a completely free brief and sees the film as a “reflection of modern Britain and Wonga’s place in it, as opposed to a documentary on Wonga the company”.
While a PR stunt involving an arthouse film may not seem the most obvious choice for a company that charges annual percentage rates of interest up to 5,853 per cent, business in general has proved a popular subject for television and cinema viewers. Alex Gibney’s documentary on Enron: The Smartest Guys in the Room was nominated for an Oscar while David Fincher’s The Social Network, which dramatised the launch of Facebook, won three.
Wonga hopes its film will show that its customers are typically young, solvent and happy with its service. Rather than use the service as a last resort, Wonga claims that its users are choosing the service over a credit card or unauthorised overdraft because they appreciate its speed and online access.
“There’s been a high-profile and, in many cases, helpful debate this year about our business and how to meet the mainstream need for short-term credit in the digital age,” said a Wonga spokesperson. “The one voice that doesn’t get heard in the debate, however, is that of the people who actually choose to use Wonga’s services. This was the inspiration for 12 Portraits – to challenge the uninformed stereotype of our customers, using their own words.”
Mark Borkowski, a public relations agent who specialises in publicity stunts, is dubious. “Doing something risky and transparent is a tactic. But where it goes wrong is if it falls prey to collective hubris.”
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