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British lender Wonga, which offers high-interest short-term loans to people in dire need of cash, must pay £2.6 million in compensation after sending fake legal letters to pressure customers into repayments, regulators said Wednesday. The company has agreed to pay the equivalent of $4.4 million or 3.2 million euros in compensation to 45,000 customers in Britain, the Financial Conduct Authority (FCA) regulator said in a statement. Wonga is Britain's biggest 'payday' lender and offers short-term loans for customers who run out of money before their monthly pay cheque. Payday lenders flourished under Britain's economic downturn, but the industry has faced heavy criticism from politicians and regulators over punitive interest rates for vulnerable poor people with bad credit histories.
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