Am I missing something? (Wonga.com)

Mike12321

Due to various factors (no hours available in work for nearly three months, power & Internet companies annoyingly syncronising their payments to just before I need it) I'm going to be broke between next week and the end of the month, which is when my student loan gets paid.

Because they'll be suggested, over the summer (no student loan and irritatingly no hours in work) I've already tapped out any savings I had, my emergency credit card, my family have already helped this month and my friends are all skint so can't help.

Has anyone ever used Wonga or one of those payday loan sites? Did you have a good experience, or is there some secret catch I'm missing? My student loan will be more than enough to pay it back, so I'm not at risk of defaulting or anything.

Thanks in advance,
Mike

Apples2

The secret catch is that those nasty Wonga people expect to be paid back, the amount you agreed to and on the day you agreed.

All the bad publicity surrounding Wonga is because people simply don't repay it, then come on here all shirty that they are being victimised by Wonga hassling them.

Look at Quidco though, you may find you can get some cashback for taking out a payday loan (you could end up in profit even after repaying)

pmduk

I've used wonga. They tell you upfront what you're gonna pay and take it back when they say they will. If you're sensible you'll have no problems. It's probably cheaper than an unauthorised overdraft. Just don't get into the cycle of extending loans or taking additional funding.

Clive_Woody

Mike12321 wrote: »

Due to various factors (no hours available in work for nearly three months, power & Internet companies annoyingly syncronising their payments to just before I need it) I'm going to be broke between next week and the end of the month, which is when my student loan gets paid.

Because they'll be suggested, over the summer (no student loan and irritatingly no hours in work) I've already tapped out any savings I had, my emergency credit card, my family have already helped this month and my friends are all skint so can't help.

Has anyone ever used Wonga or one of those payday loan sites? Did you have a good experience, or is there some secret catch I'm missing? My student loan will be more than enough to pay it back, so I'm not at risk of defaulting or anything.

Thanks in advance,
Mike

So you pay back the Wonga loan with the student loan...then what do you use to live on until January or until the next student loan comes through?

masterlumps

i have used them, if you look at their site everything is very simply explained and the only problem you will have is if you dont pay them back - yes they charge a lot, but beggars cant be choosers

CHR15

Go back to wonga of course. Then fail to repay. Then come on here all shirty as wonga are being unreasonable

mickbhall

As some one said look on cashback sites. 2 month ago i used payday loans through topcashback solely for the cashback. Borrowed £80 payed £100 back received £50 cashback month later.

Mike12321

Clive_Woody wrote: »

So you pay back the Wonga loan with the student loan...then what do you use to live on until January or until the next student loan comes through?

My wages, since work I'd finally picking up, and the rest of my loan (I'm only taking about £200, so <£300 to pay back).

So the only reason they'll screw you is if you don't repay on time? Fair enough, the way people talk about them on sites like this I thought they were just stealing money out of peoples accounts or something.

metalgal

payday loans are only bad if your bad with handling your money. sometimes they can be a life saver. i would go with wonga if you only need it for a week or two as they charge interest based on days whereas others charge a flat fee i.e you borrow £100 and they charge £25 even if your only paying it two days later but wonga will charge you x per day you borrow. they have a calculator on their website.

Dardinian

I've used Wonga when I only needed the money for a couple of days and knew I was going to be able to pay it back and I don't mind paying for the convenience. If you need money for more than a week then it will be very expensive!