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divdiv class=story-body readability=34 span class=story-date#13; span class=date4 November 2013/span#13;span class=time-textLast updated at /spanspan class=time18:54 ET/span#13; #13;/span#13;#13; #13;#13;#13; #13; #13; !-- Embedding the video player --#13;!-- This is the embedded player component --#13;#13;#13; #13; #13;#13;#13;#13;!-- wwrights check --#13;!-- Empty country is used on test environment --#13;#13;#13;#13;div class=videoInStoryC readability=1#13; div id=emp-24814479-25235 class=emp#13; #13; #13; noscript#13; div class=warning readability=1#13; img class=holding src=http://news.bbcimg.co.uk/media/images/70908000/jpg/_70908703_70907872.jpg alt=Wonga screen grab/pstrongPlease turn on JavaScript./strong Media requires JavaScript to play./p#13; /div#13; /noscript#13; #13; !-- embedding script --#13; #13; /div#13; !-- companion banner -- #13; #13; #13; #13; !-- END - companion banner --!-- caption --p class=captionNiall Wass The perception is that Wonga customers are poor and vulnerable but there are a silent majority of customers out there who are not./p#13; !-- END - caption --#13; #13; #13;#13;/div#13;!-- end of the embedded player component --#13;#13;!-- Player embedded -- #13; p class=introduction id=story_continues_1Payday loan provider Wonga has told the BBC its business practices are being misrepresented and the vast majority of its customers are happy./p#13; pIts chief operating officer, Niall Wass, told Newsnight it had one million UK customers, of whom 99% were content with the company's lending terms. /p#13; pWonga's interest rates are typically 1% a day, an interest rate that mounts up rapidly if the loan is extended. /p#13; pSuch loans have faced criticism from many, including a href=http://www.bbc.co.uk/news/uk-scotland-23464963Church leaders./a/p#13; pWonga, and other payday loan providers, will appear in front of MPs on Tuesday./p#13; pThe Business, Innovation and Skills Committee is holding a one-off evidence session on the regulation of such companies./p#13; pTheir business practices are already being looked at by a range of top regulators, including the Office of Fair Trading, the Competition Committee and the Financial Conduct Authority./p#13; span class=cross-headMortgages/span#13; pOne of the country's best-known mortgage commentators, Ray Boulger from the advisers John Charcol, told Newsnight that taking out a payday loan could adversely affect any future mortgage offer: Our experience is that mortgage lenders will often turn down requests for people who have had a payday loan - the regulator should require payday lenders to display this./p#13; pMr Wass said he had not come across this problem, but he would look into the issue and report back to the Newsnight programme. /p#13; pOne customer, Liz Matthews, told the BBC she started with a loan of £300 but now owed £2,000 and was having sleepless nights./p#13; pLiz Matthews said she told the company she was employed in order to take out a loan, when, in fact, she was out of work. /p#13; pBut Mr Wass told the BBC that Wonga was careful about who it lends to. /p#13; pHe said his customers' views were not being properly represented by the media and others: The perception is that Wonga customers are poor and vulnerable but there are a silent majority of customers out there who are not./p#13; pThe company released a feature film this week that carries stories from 12 customers, who are broadly positive about the service they received. /p#13; /div/divbrbrcentera href=http://www.wizardrss.comPowered By WizardRSS.com/a | a href=http://www.wizardrss.comFull Text RSS Feed/a | a href=http://www.amazon.com/RFID-Blocking-Cards-Identity-Protector/dp/B00CJHZLEWRFID/a | a href=http://www.wpzonbuilder.comAmazon Affiliate/a/center