Online loans company Wonga has begun offering "buy now, pay later" services directly on retailers' websites.

Until now, loans from Wonga, which have been highly criticised due to an annual interest rate of 4,214%, have been available only through its own site. The company has partnered with furniture firm Cotswold Company to launch its Paylater service. A spokesman for Wonga said it intended to roll out the service to other retailers soon. "Essentially, Paylater is providing an alternative to credit cards," he said. "It takes the cost of your purchase, you pay an upfront fee of 7%, then there are three payments over subsequent months that cover the outstanding costs." It means for an item that costs £100, a buyer will pay an initial fee of £7, followed by three monthly payments of £33.33. 'Legal loan shark' The interest rates on Paylater are considerably lower than on its core business - short-term "pay-day" loans. This side of Wonga's business has been highly criticised, with one MP calling the company a "legal loan shark". Stella Creasy, Labour MP for Walthamstow, also led a campaign to have the firm's advertisements taken off the websites of teams in the Football League. In May, Wonga was criticised by the Office of Fair Trading (OFT) for using aggressive and misleading debt collection methods.

Speaking on Wonga's latest offering, debt advice charity StepChange told the BBC: "As with any form of credit, StepChange debt charity would urge people to carefully consider whether they absolutely need to use it. "Crucially, consumers should familiarise themselves with exactly how much they may have to pay back in charges, interest and fees, and whether they can afford to make those repayments." US expansion Wonga's move will see it come into direct competition with the likes of Visa, Mastercard and other credit card companies that have taken their services online. The planned expansion comes ahead of speculation that Wonga has its sights set on breaking into the US market as soon as possible. A report in the Times newspaper earlier this month suggested Wonga had made a swoop to buy On Deck Capital, a US specialist online retailer. But a Wonga spokesman dismissed the report as "rumours and speculation". In 2011, Wonga chief executive Errol Damelin signalled his intent to expand the loan service worldwide. "We built a platform that is definitely extendable and over time we will definitely be expanding the reach of the business to bring the service to customers around the world," he said during an interview with financial news service Bloomberg. "The US has very particular regulatory constraints which make it an awkward market at the moment. We continue to look at the space and we will try and find a way to be able to bring the service to US consumers whenever we can."












17 December 2012 Last updated at 12:57
http://www.bbc.co.uk/news/technology-20754976

Nasa is to test colour-changing lights on the International Space Station (ISS) as part of efforts to help astronauts on board sleep.

The US space agency will initially swap a fluorescent panel with a solid-state lighting module (SSLM) containing LEDs which produces a blue, whitish or red-coloured light depending on the time. It says the move may help combat insomnia which can make depression, sickness and mistakes more likely. The test is due to take place in 2016. News site Space.com reported that the equipment is being made by Boeing and the project has a $11.2m (£6.9m) budget. Body clock Studies on Earth suggest humans and other creatures follow what is known as a circadian rhythm - a 24-hour biological cycle involving cell regeneration, urine production and other functions critical to health. Research indicates that it is regulated by a group of cells in a portion of the brain called the hypothalamus which respond to light information sent by the eye's optic nerve, which in turn controls hormones, body temperature and other functions than influence whether people feel sleepy or wide awake. The aim of the experiment is to simulate a night-day cycle to minimise sleep disruption caused by the loss of its natural equivalent on the station. When the SSLMs are coloured blue the aim is to stimulate melanopsin - a pigment found in cells in the eye's retina which send nerve impulses to parts of the brain thought to make a person feel alert. Blue light is also believed to suppress melatonin - a hormone made by the brain's pineal gland which makes a person feel sleepy when its levels rise in their blood. By switching from blue to red light - via an intermediary white stage - this process should be reversed, encouraging a feeling of sleepiness.

 Nasa has previously warned sleep problems among its crews on other missions were also common. "On some space shuttle missions up to 50% of the crew take sleeping pills, and, over all, nearly half of all medication used in orbit is intended to help astronauts sleep," it said in 2001. "Even so, space travellers average about two hours sleep less each night in space than they do on the ground." Evidence from Earth Derk-Jan Dijk, professor of sleep and physiology at the University of Surrey, said Nasa's test reflects the latest findings closer to home. "It hasn't been until recently that we started to realise that artificial light, as we see it or are exposed to it in the evening, will have an effect on our alertness and subsequent sleep. "It turns out there are receptors in the eye which are tuned toward blue light. Adding blue light to artificial lights visible during the day can actually help us to be alert, but if there is too much blue light in the artificial lights at night that may disrupt sleep. "So, varying the spectral composition of light does make sense from a circadian perspective, and better regulating artificial sleep-wake cycles may indeed benefit astronauts' sleep in space." Nasa adds there could be spin-off benefits for the population at large. "A significant proportion of the global population suffers from chronic sleep loss," said Daniel Shultz at the Kennedy Space Center. "By refining multipurpose lights for astronauts safety, health and well-being in spaceflight, the door is opened for new lighting strategies that can be evolved for use on Earth."










17 December 2012 Last updated at 13:01
http://www.bbc.co.uk/news/technology-20753888