Wonga: Best of a bad bunch?

sharpy2010

During May I applied for, and was granted, a £200 loan from Wonga.com. I initially applied for the loan over 28 days, but in the event, as expected, I was able to pay earlier and the loan was repaid 9 days after I received the money. Wonga made £19 out of the deal, I got a very handy short term loan, and everyone was happy.

Now, I applied for a further loan, £400, again purely for convenience purposes, knowing that I will be able to pay it back within 10 days. I'm happy to pay the fees for the convenience that the loan would offer me.

Unfortunately, Wonga have declined the loan. They did, however, offer me £118 instead.

This, even an idiot can see, is considerably less than the initial £200 that they initially loaned me, which was paid back, in full, well before the due date.

This surely makes a mockery of the Wonga "trust rating"? They say that the more loans you have, and the more you can prove you are reliable, the more they will trust you.

It doesn't seem to have worked that way for me. Any comments?

fozmcfc

What you say, sounds sensible, the only reason I can think of, is that they think they aren't earning enough from you.

They probably like people who take out £200 and take the full 28 days to pay back.

If you applied online, I would ring them and politely ask them to explain how after showing you are trustworthy, why have you been refused a loan for even the same amount you orginally took.

Daisy4567

Hi,

Have to say I've used Wonga several times and thus far not had my amount I can borrow reduced.

Have any of your circumstances changed perhaps? Any difference at all (no matter how small) to your credit report?

I wouldn't bother trying to ring, in my experience you only ever get through to the "Overflow Line" who is staffed by people who have no access to your acount.

I'd suggest you post on the Wonga forum as this is a good place for answers.

sharpy2010

I did wonder if they don't feel like they're earning enough from me, but surely £20 is better than nothing at all?!

None of my circumstances have changed, with regards my credit rating/score.

I did write by E-mail asking them why this has happened, but I'm not overly concerned if they bother to reply or not (and I'm doubtful that they will!).

Thanks for the replies so far!!!!!

jessilu1

Sad to say it has poor reviews.


http://www.reviewcentre.com/reviews237290.html

Apples2

jessilu1 wrote: »

Sad to say it has poor reviews.


http://www.reviewcentre.com/reviews237290.html

To be fair, most of the bad reviews for PDL companies come from people who have failed to repay, then fly into a right a
Hissy fit that the PDL company are hassling them.

From what I have read on here, I agree with the Thread title, best of a bad bunch.

sharpy2010

I've obviously used them before, since this is what the whole crux of my "gripe" consists of. They did exactly what they said they would do, in the time frame they said they'd do it, and in return, I did exactly what I said I would, which was to repay the loan.

They lent me money, I repaid it. Everyone was happy, and no issues, until now that is.

I just find it really strange how some companies insist on annoying their loyal customers.

Apples2

sharpy2010 wrote: »

and in return, I did exactly what I said I would, which was to repay the loan.

Have you heard the quote, "if it sounds too good to be true....."?

The same applies to you, Wonga must have been so astounded someone repaid on time they don't think their luck will hold out a second time. :cool:

sharpy2010

Apples2 wrote: »

Have you heard the quote, "if it sounds too good to be true....."?

The same applies to you, Wonga must have been so astounded someone repaid on time they don't think their luck will hold out a second time. :cool:

Hahahahaha you've really made me laugh with that one!!! :rotfl:

Well, its their loss, rather than mine, anyway :-)

kev.s

i fail to see why people use these types of companies, i think i'd rather save a few days rather than use those types of companies,who clearly pray on the poor and desperate

TastyTeeth

kev.s wrote: »

i fail to see why people use these types of companies, i think i'd rather save a few days rather than use those types of companies,who clearly pray on the poor and desperate

Some people have no choice. And if used properly, these loans can come in very handy for the unexpected.

You're clearly lucky enough never to have had to venture down the route of lending from one of the pay day loan companies.

I've used a pay day loan company twice and repaid in full on the due date. Used only when needed, with no other option of finding the funds, they are useful. If I were able to approach my bank and get that kind of service I would do so. I can't, so this is what I have to do.