Wonga rakes in over £1m a week

Payday lender Wonga has reported a year of surging profits as its number of cash-strapped customers swelled to more than one million.

The controversial company, which offers short-term loans to households and businesses, said profits after tax rose 36% to £62.5m (€73.5m) during 2012 – the equivalent to more than £1 million a week.