Wonga Loan

BugsyBrowne

You have to say to yourself is borrowing only £100-£500 really worth having these PDL's on your credit report for future reference within lenders because I certantly won't.

It's like applying for the police force with previous.

DCFC79

Bluebonnie wrote: »

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.

Why would anyone at 19 want to loan from wonga, the PDL's are useful when its a last resort a very last resort and if the borrower pays the money back on time as agreed.

Russe11

opinions4u wrote: »

Do you have any links to back up that assertion?

Its the forcast plan for a payday lender, I doubt such will be published on the internet anywhere.

80% not repaid is not what actually happens, the amount of loans repaid varies all the time, I don't know the results for any particular company either, some holding companies run several different branded lenders from the same address all using different marketing tatics and lending criteria.

DCFC79

BugsyBrowne wrote: »

You have to say to yourself is borrowing only £100-£500 really worth having these PDL's on your credit report for future reference within lenders because I certantly won't.

It's like applying for the police force with previous.

Its not worth it if its to get the lastest gadget or to get something all your buddies have just so your not left out of the loop.

Russe11

This taken from wiki.... in the uk there is no limit on the rollovers and other satutes that they have in the US, its why they moved into the UK market where they can make far more money.

http://en.wikipedia.org/wiki/Payday_loan

"Payday loans carry substantial risk to the lender; they have a default rate of 10-20%,[3] and according to one study, defaults cost payday lenders around a quarter of their annual revenue.[4]"

opinions4u

Russe11 wrote: »

Its the forcast plan for a payday lender, I doubt such will be published on the internet anywhere.

80% not repaid is not what actually happens, the amount of loans repaid varies all the time, I don't know the results for any particular company either, some holding companies run several different branded lenders from the same address all using different marketing tatics and lending criteria.

Cheers.

I know Provident work on a principle that 30% of what's lent won't be repaid and that's worked well for them for decades.

Quite interested to find out what assumptions there are with PDLs where the interest charged tends to be ten times higher.

dealer_wins

Bluebonnie wrote: »

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

Corrected!!!