Wonga are now asking for online banking login details "to verify" applications

Apples2

matttye wrote: »

http://www.decisionlogic.com/ServiceInfo.aspx

"Service Overview
This service provides lenders the ability to verify a borrower’s identity, account number and balance in real-time. It also provides access to up to 90 days of the borrowers account transaction history. This automated real-time process removes many of the problems encountered with traditional methods of loan decision making. IAV empowers lenders to make as many withdrawals from the applicants account as they feel fit directly into any wonga employees account

This sounds horrific!

Typical payday loan companies poor wording,...fixed it for them...

matttye

Apples2 wrote: »

Typical payday loan companies poor wording,...fixed it for them...

Could be a new tactic for getting the monies owed to the company.

I.e. if you cancel a CPA, they can now just login to your account and do a transfer themselves.

Surely they wouldn't be that stupid, but the cynic in me thinks they might be.

gazman100

Not defending the practice (or PDLs at all), but surely you would just go to your online bank account afterwards and change the password?

cod3

Shocker if it's true. I was hoping this was just a creative wind-up thread, given the OP's interest in photoshopping and bunny animation on photobucket.

matttye

gazman100 wrote: »

Not defending the practice (or PDLs at all), but surely you would just go to your online bank account afterwards and change the password?

If they don't change it first you mean?

pentia

I promise this is real! This really happened today. It must be new, because previously wonga just bounced a pound in and out of your account. I could not find anything about it using google either, hence this thread and the other one on the comedy website for depressives.

It seems very dodgy to type the least. I could not believe the chatbot attitude of "well, you can chose to do this or not", like it's a simple consumer choice to give someone your bank login data.

rizla_king

Thread on the other forum http://www.cookdandbombd.co.uk/forums/index.php/topic,37759.0.html

gazman100

The decision logic is definitely genuine, but given that most banks don't ask for full information, or use a special keypad thing, I doubt they'll "have" your information.

The decision logic website describes as a live check of account transactions for the last 90 days as quoted by matttye, which means they will know exactly when you get paid and how much....

matttye

gazman100 wrote: »

The decision logic is definitely genuine, but given that most banks don't ask for full information, or use a special keypad thing, I doubt they'll "have" your information.

The decision logic website describes as a live check of account transactions for the last 90 days as quoted by matttye, which means they will know exactly when you get paid and how much....

The banks don't ask for full information, but Wonga does. See the screenshot in post #2!

Very alarming that they're doing this..

gazman100

But how would that work with keypads? I have to generate a 6 digit number everytime I go on line, and I'm sure I'm not alone in that.

Either way I agree it's alarming, simply knowing when you paid and how much is not good, given their fondness for dipping bank accounts.