We'd like to remind Forumites to please avoid political debate on the Forum. This is to keep it a safe and useful space for MoneySaving discussions. Threads that are - or become - political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
Wonga telling lies about Student Loans
From the website of Dr Stella Creasy, MP for Walthamstow:
The saga in more depth at: http://www.workingforwalthamstow.org.uk/?p=1052
Wonga’s irresponsible advice to students
After their webpage of financial advice to students provoked outrage, Wonga has caved in and deleted the advice from their website.
The advice suggested that students should consider it more financially prudent to borrow from Wonga (at 4214% APR) than it is to use a student loan (5.3%).
Showing a lack of self awareness the firm stated:
‘Student loans are usually far cheaper than your standard personal loan. But there can be a downside – you potentially end up borrowing more than you need, while a nasty debt accumulates for your gradation that could take years to repay.’
The NUS has pointed out that not only was the information irresponsible, it was also inaccurate. A student loan does not affect a borrower’s credit score, as Wonga suggested.
More lies from Wonga!
After their webpage of financial advice to students provoked outrage, Wonga has caved in and deleted the advice from their website.
The advice suggested that students should consider it more financially prudent to borrow from Wonga (at 4214% APR) than it is to use a student loan (5.3%).
Showing a lack of self awareness the firm stated:
‘Student loans are usually far cheaper than your standard personal loan. But there can be a downside – you potentially end up borrowing more than you need, while a nasty debt accumulates for your gradation that could take years to repay.’
The NUS has pointed out that not only was the information irresponsible, it was also inaccurate. A student loan does not affect a borrower’s credit score, as Wonga suggested.
The saga in more depth at: http://www.workingforwalthamstow.org.uk/?p=1052
0
Comments
-
A more accurate title for the thread would be
"Wonga gave bad advice about PDLs vs Student Loans but have now removed this advice."loose does not rhyme with choose but lose does and is the word you meant to write.0 -
Another pointless post from MSE's very own Financially Baffled Baffoon.0
-
Didn't this happen quite a while ago, and Wonga apologised.
Seriously, get a grip! What have Wonga done to you? They aren't going anywhere soon so I don't get what you are doing.0 -
Students are able to make decisions for themselves but whether they make the right decision is another matter.0
-
Didn't we discuss this one last month anyway?0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 348.6K Banking & Borrowing
- 252.2K Reduce Debt & Boost Income
- 452.5K Spending & Discounts
- 241.3K Work, Benefits & Business
- 617.8K Mortgages, Homes & Bills
- 175.8K Life & Family
- 254.5K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 15.1K Coronavirus Support Boards