Can i trust Wonga.com?

Emma92

Hi there. I currently work part time (15 hours pw) and do not have a high income. I usually manage ok, just, and don't need to think about loans. This month however i've had a few extra things to take care of and although i've recently been paid, i'm pretty much out of money until the end of Feb. I'm considering wonga.com for a quick loan but i'm really quite scared after some stories i've heard, although they aren't frequent, i really couldn't afford to have them mess me around. Is there any advice on this? Or perhaps an alternative? Really appreciate any suggestions, thanks!

sharpy2010

The only messing around comes if you don't pay them back when you say you will. They won't mess you around for no reason.

That said, its not good to rely continuously on such services. If its a one off, I'd say go for it.

mynameisdave

Been a while since I sued the bus instead of train but they always used to have ads for local credit unions and they charged about £7 for a £100 loan.

If you could get something like that it wouldbe infinitely better.

Consider strongly how much wonga charge and if you can budget for that from your next payday. If you end up skint to pay off Wonga that is how the trouble starts. You'll just keep borrowing to pay it off.

paddyrg

You can trust them to lend you cash and take more in return - they will do this until the cows come home. You can also trust them to chase any overdue payments relentlessly.

opinions4u

Borrow money off them. Pay back extra when due. Repeat cycle forever, gradually increasing the sums involved.

It's a slippery slope. So make this an absolute first time and last time experience if you can't get a short term loan from the bank of Mum and Dad.

This month however i've had a few extra things to take care

This always happens in life. Unexpected bills don't come in nice weekly or monthly amounts. You need to anticipate that things won't always run to plan. One day the exhaust will fall off the car. The washing machine will need a repair or replacement. A distant relative will want visiting and train fairs aren't cheap. Or a couple more opportunities to have nights out will arise that you want to enjoy.

What you really need to do is to look at your normal spending patterns and, despite low income, identify what you can cut back on. Then, every payday, ringfence a sum of money that you put in to a savings account. Should a rainy day (like today) arise, you can then occasionally dip in to the savings instead of facing expensive bank or payday loan costs.

Plan ahead instead of reacting to situations with debt.

www.makesenseofcards.co.uk - fill in a "statement of affairs" and post it on the Debt-Free Wannabe part of this forum. You should get loads of help there.

fozmcfc

Same as the others, you need to be 110% sure you can.

A/ Pay it back
B/ Not need to borrow it again the month after.

Use it for a once off, even if it is now and then i.e. once every 6 months but always pay it back when agreed and don't keep borrowing month after month.

BackOnTrack

If you do get a loan from Wonga they don't trust you to pay it back thats why they include a continuous payment authority in their T&C's. Be aware if you miss your payment date to wonga they will grab any money that appears in your account after the payment date. Even if it leaves you penniless they will grab everything they can from your bank account. Just do everything you can to avoid taking a loan from wonga or any payday loan company.

Rubyrama

Hi Emma,

I'd think very carefully about this. Is there a credit union where you live? Could you approach them for advice? There was an article about Wonga in the Sunday Times this weekend just gone- google it and make up your mind then. I wish you the best of luck.

Ruby

MichaelCR

opinions4u wrote: »

Is it more that they shouldn't have trusted you to pay it back on time?

Just a thought.

That said when you do get into problems with paying them, You have to wait on hold for nearly 30 minutes 'Apparently there phone lines are extremely busy at the moment ' is all i got when ringing them, And of course they charge for the phone call, I'd say avoid them, There customer service is dreadful, I was served a default from them last year, Which im not proud of, But it hasn't stopped me from getting the credit i've needed

Daisy4567

sharpy2010 wrote: »

The only messing around comes if you don't pay them back when you say you will. They won't mess you around for no reason.

That said, its not good to rely continuously on such services. If its a one off, I'd say go for it.

As someone who has used them I would say steer well clear - admittedly there is only any issues if you can't pay back when you say you will but the interest rates are ridiculous!

Plus, take it from someone who knows, once you start using these you end up in a vicious trap because paying back what you loaned this month will leave you short next month and needing to borrow again and so on and so on.....

Just avoid. Can you sell anything on eBay?

Peelerfart

Four pack o' beans and a loaf for a few days, sounds better to me than using these guys.

In my opinion of course.