Wonga payday loan for £50

samwich1979

ptvw wrote: »

Don't have any more children.

Really constructive. Thanks. :T

Bravehearted_2

I'm seriously baffled by some people's thought process.

Seriously, how can a person reason that a child's 1st birthday is justification for debt. Even if you were super rich, you're a mug if you !!!! money away on a day literally no one cares about (especially the child because he wont remember!)

Wont make your child love you more or less jeez. So OP, dont do it.

samwich1979

Im seriously baffled that i cannot do something for my child, whether he cares or not, for his birthday!
Doesnt everyone do this???

I am not getting myself into debt, i would be lending £50 and paying it back a week later!

I just wanted to know if it as simple as this or are there any catches with using Wonga.

newbutold

I would avoid pay day loans all together, especially as its not an necessity to take your son out.

I of course understand you want to go out for his birthday, and if your anything like me have probably bought him far too many presents considering its his first birthday!

However he is only one and will not know if his day out treat is slightly late, I would take him out when you get the credit through from BT.

If fact I find most birthday parties I take my kids to are not actually on the child's birthday, weekend before/after brthday. So for his treat to be a week or so after is not out of the norm......whatever the norm maybe!

Gleeful

Actually, you'll be BORROWING £50 and paying back that, plus an extortionate amount of interest, a week later.

At the moment, you cannot do anything for your child as you do not have the money, maybe that will help you understand.

Why not just wait until a week later when you have money? Wil be much more MSE as you won't be paying back interest.

If the child was a little older, my advice might be different.

[Deleted User]

samwich1979 wrote: »

Is this really such a bad idea?

Yes. It's an insanely bad idea.

samwich1979

Gleeful wrote: »

Actually, you'll be BORROWING £50 and paying back that, plus an extortionate amount of interest, a week later.

At the moment, you cannot do anything for your child as you do not have the money, maybe that will help you understand.

Why not just wait until a week later when you have money? Wil be much more MSE as you won't be paying back interest.

If the child was a little older, my advice might be different.

He is our first child so obviously we want to do everything we can for him, no so much that we'd end up in debt though.

It will just be a real let down to myself and my husband who want to make a big deal of the day, surely people understand this?

According to their website, if i lend £50 the fees and interest are £14.81 so i will have to pay back £64.81.

Is that bad?

Apples2

The only catch with using Wonga is that by the time the repayment comes, you have encountered some disaster that prevents you from repaying it.
You will not repay £50 on a £50 loan as you will have interest to add, not much for sure, but if you don't repay it on time it will escalate massively, VERY quickly.

Yours is a simple question but this board is absolutely littered with people who have done just as you intend to, but now find themsleves owing many hundreds of pounds due to that "unforeseen change of circumstance".

When you live on the breadline, the risk is simply not worth it. If they haven't received cleared payment by the due date, your £50 will turn into £100, then £200, then £400 before you have even had a chance to think.

barbarawright

samwich1979 wrote: »

Im seriously baffled that i cannot do something for my child, whether he cares or not, for his birthday!
Doesnt everyone do this???

I am not getting myself into debt, i would be lending £50 and paying it back a week later!

I just wanted to know if it as simple as this or are there any catches with using Wonga.

You aren't paying back £50 though. At the very minimum you're paying back £59.33. So that's a tenner thrown away immediately. But you seem to have made up your mind so, judging from comments on this board, Wonga are probably the best and most honest payday company if you really feel it necessary to borrow this amount. Just make sure you pay it back on time.

motivated

Why dont you wait until you have the funds in your account and then treat your son to something nice. you will also have an extra tenner to spoil him with as you wont be giving it to Wonga in interest.