MSE News: Anger at Newcastle United's Wonga sponsorship deal

Hanky_Panky

Dirk_Gently wrote: »

Ah, the usual round of smug people glibly saying "ah, well people should know what they're getting into, it's all in the small print."

That's true, but all of the PDL companies target their marketing at the more desperate and/or stupid people in the extremes of society, with an aim to hook these people in so they're tied week after week, revolving or extending the same loan every week and paying more and more interest. Wonga can rest safe safe in the knowledge that if people screw up (and 16% of their customers do!) then the resulting interest and payment charges are horrendous - and that's where the bulk of their money comes from.

PDL companies do have a role - but they need to be properly regulated, because at the moment they get away with targeting their adverts at the vulnerable and making their financial position much, much worse.

Personally I love the glib statements like this one !!
Where's your evidence to back any of what you say up ?
So the most needy and desperate people watch CSI and support Newcastle ? I certainly haven't classed myself as needy before. Also where did you get your 16% figure from ? I have it on good authority from someone who really knows that the figure is closer to 3-4% but hey - lets not allow the facts to get in the way.

ihateyes

i dont have a problem with Wonga.....

Prev posters point out the fill a void in the market. Wonga is one of the better ones...

Imagine being sponsored by minicredit, Payday Express or even Toothfairy!

End of i think clubs that have their shirts sponsored by gambling firms is worse.

BugsyBrowne

How about if your sponsor was Bashar al-Assad now that would be worse then wonga!!

dunstonh

The most peculier aspect of this was the threat the Muslim players would refuse to wear the shirt. Ok, it was Daily Mail and their "sportmail reporter" (which is code for made up BullSh.). It says Under Sharia law, Muslims must not benefit from either lending money or receiving money from another person - meaning that interest is prohibited. Interest is not paid on Islamic bank accounts or added to mortgages.

Problem with that argument is that they play in the Barclays Premier League (a lender). The league cup is sponsored by Capital One (a lender). Newcastle have been sponsored by Northern Rock (a lender) Virgin Money (a lender). So, how is Wonga (a lender), any different.


http://www.dailymail.co.uk/sport/football/article-2215513/Newcastles-Muslim-players-boycott-Wonga-sponsor-shirt.html?ito=feeds-newsxml

Theblueone

Regardless of the right or wrong of pay day loan companies sponsoring football teams, why was no one kicking up a fuss when wonga were sponsoring Blackpool?

OneLife_OneShot

Theblueone wrote: »

Regardless of the right or wrong of pay day loan companies sponsoring football teams, why was no one kicking up a fuss when wonga were sponsoring Blackpool?

Or Hearts in the Scottish Premier League?

Theblueone

conisme wrote: »

Or Hearts in the Scottish Premier League?

Didn't know that about hearts (learn something new everyday:))

No fuss there either I assume?:p

DevCoder

Maybe Wonga just need to extend into murabahah deposits?

Could sell seats, shirts, changing room showers etc and then receive the same back with extra shower heads etc.

DevCoder

Murabahah deposit's are basically purchases of non precious metals (so no gold but zinc is fine) by the bank, the price of the deposit is then reflected against the market price of this metal and then is repaid at maturity by the customer. So basically "buy" "Zinc" from the customer then "sell" "zinc" making the bank a profit.

Granted that this form is borderline for true sharia law and bank seek clerics to grant their acceptance for such transactions to happen but this tends to be the most popular.

HoofeHearted

Alan Pardew has spoken to his team and said " Don't worry about the sponsorship, just go out there and give 4017%.":D