Is this payday loan company the next Newcastle United sponsor?
Sky Sports is reporting that Newcastle United are set to add London-based digital finance company Wonga as its shirt (and maybe even stadium) sponsor. The rumored arrangement comes as a result of the early termination of Newcastle's contract with current sponsor Virgin Money by the club. Whispers of a new stadium sponsorship began when UEFA stopped referring to St James' Park as Sports Direct Arena in their promotional materials, opting for its 120 year-old name instead.
As for the new company, Wonga specializes in short-term payday loans, a practice many (myself included) find exploitative and unethical. Their website currently advertises a representative APR of 4214% on loans up to £400. I'm an old school guy who doesn't like sponsors on my shirt in the first place, but you can bet I won't be buying any shirts with this logo on it. Simply put, the practice of payday loans is one that ought to be illegal, and I prefer not to put any more money in this company's pockets than they already have.