Wonga Loan

ScottHeron

Hi there

Just wondering if applying for a loan from wonga shows up on your credit report.

If so, how long does it stay on the report for?

Thanks in advance

BugsyBrowne

ScottHeron wrote: »

Hi there

Just wondering if applying for a loan from wonga shows up on your credit report.

If so, how long does it stay on the report for?

Thanks in advance

If accepted it will stay on 6 years and the search will go on your report for 1 year.

Moneymash

Yes it does. However, I am not sure how long as I only borrowed from them last month. I borrowed and paid back on the due date without any issues. So my credit report shows that I borrowed from them but the balance is zero.

If I were you I would think about any future credit you may want/need and if the Wonga entry on your credit report will affect any decision by a potential lender. I have read other threads and other posters have experienced problems with mortgages etc.

I was caught short and don't intend to get any further credit, so it is not a concern for me.

ScottHeron

Cheers guys

Im only 19 years old and will not be needing any credit for atleast the next 3-4 years :P

plum44_2

Oh dear please dont slide into the Wonga trap- its too easy to get into the cycle of debt.

opinions4u

ScottHeron wrote: »

Cheers guys

Im only 19 years old and will not be needing any credit for atleast the next 3-4 years :P

Rule 1 of a good credit rating: don't !!!!!! about with payday loans in any way shape or form.

Bluebonnie

Why would anyone want to borrow from Wonga and pay 5,000%+ interest? Payday loans are just the latest way to bleed the poor and should be made illegal.

redpete

Bluebonnie wrote: »

Why would anyone want to borrow from Wonga

because it's a relatively cheap way to borrow a small amount of money for a short time - if you are sure you will be able to pay it back when it's due.

and pay 5,000%+ interest?

If you pay it back on time you don't pay anything like 5000% interest.

plum44_2

I agree with your signature redpete...and don't get me started on you're and your....

Russe11

I did a comparison for a friend the other day that wanted to borrow £300.

Pay day lender wanted £455 a month later, thats £155 interest over a month, plus they wanted to take a £7 admin charge out of the £200 so the cost would be £162 to borrow £293 for a month.

Compared to a credit card which was going to cost 2.99% per £100 so for £300 it would of been £9.97 on with drawal plus about the same in interest over a month on the "bad credit" credit card.

Payday loan companies rely on the charges of rolling over loans to make their money, they forcast to make profits even though 80% of the original loans are never repaid.

opinions4u

Russe11 wrote: »

Payday loan companies rely on the charges of rolling over loans to make their money, they forcast to make profits even though 80% of the original loans are never repaid.

Do you have any links to back up that assertion?