wonga loans

Wutang_2

theartfullodger wrote: »

Nope, you did, they are a bunch of blood-sucking evil money-lenders... Extraordinarily they claim to be into "responsible lending": Aye, right: The only responsible bit is caring about their shareholders.

2689% should be illegal but, bizarrely, ain't...

Can you not see that what you have just said is wrong??

tripled

opinions4u wrote: »

Check out the dictionary definition.

I suppose it depends on the context.

theartfullodger

Wutang wrote: »

Can you not see that what you have just said is wrong??

Nope, I disagree. They & other pay-day loan sharks should be shut down or their interest rates capped at something fair - say 25%.

Best regards to all, including those who disagree with me...

Artful

toffe

theartfullodger wrote: »

Nope, I disagree. They & other pay-day loan sharks should be shut down or their interest rates capped at something fair - say 25%.

Best regards to all, including those who disagree with me...

Artful

do you actually understand that the apr does not actually apply to a payday loan?

do you understand that the actual interst paid is not 2600%

do you understand that the rate quoted is what you would pay if the one off charge was applied monthly for 12 months which it isn't?

on average these loan companies charge around £25 to loan you £100 for a month,

that is 25% of what you borrowed.

zppp

theartfullodger wrote: »

They & other pay-day loan sharks should be shut down or their interest rates capped at something fair - say 25%.

The reason for the higher interest is the greater risk of default and the small amount that the lenders make on the borrowing, paying for things like staffing costs, advertising, technology, paperwork, bad debt, staff, telecoms etc etc.

Also, I have seen high street lenders charge above 30% APR before.

pmduk

theartfullodger wrote: »

Nope, you did, they are a bunch of blood-sucking evil money-lenders... Extraordinarily they claim to be into "responsible lending": Aye, right: The only responsible bit is caring about their shareholders.

2689% should be illegal but, bizarrely, ain't...

Wonga is frequently cheaper than an unauthorized overdraft from many high-street banks. Unlike those banks, Wonga tells you in advance what you'll be paying and when. Caveat emptor.

opinions4u

pmduk wrote: »

Unlike those banks, Wonga tells you in advance what you'll be paying and when. Caveat emptor.

So which banks don't publish their charges tariff?

It's pretty clear, in advance, what you'll pay for banking services.

It's just that most customers don't bother to read it.

RobertoMoir

theartfullodger wrote: »

Nope, I disagree. They & other pay-day loan sharks should be shut down or their interest rates capped at something fair - say 25%.

Did you not see the points that have been made - many times - about how APR works with short term loans, or do you simply disagree with those points?

I'd be happy to see the payday loans people curtailed myself, but, when they are used 'properly', their APR is not really an issue. Or at least not the biggest one.

co734

I used Wonga a couple of months ago. My car failed it MOT and I had to pay to have it fixed so it would go through. That left me short for a few direct debits. I used wonga because if I has left it I would have had to pay about £80 of bank charges. I took the loan out for only 5 days as I was paid soon after. For a £200 loan I paid £10 in interest. Saved me £70! Wonga goes by the amount of days that you need the money for as well as how much. I found them to very quick and very useful. Iwould use again if I found myself in a tight spot. They are not all bad!