Wonga Refused Loan?

Twisted_Cherry

Just wondering if anyone would know a reason why Wonga would turn down a loan for a 3rd time.


I mistakenly fell into the Payday Loan Trap last month and have used them for two loans. The first was paid off 8 days early, the second on time a few days ago. In fact the second loan which I had for just 5 days they offered me £100 more than I wanted, and I took it, with a repayment of over £500 this week.


I was hoping (God forbid) to get another smaller loan of £200 until the end of this month, but they refused it! When I phoned them to enquire why, they couldn't give me an explanation but did refer to 'It can happen if they think you are committing fraud' and apparently they sometimes think that when you pay back loans early!


To be honest they can stick there loan for £200 and any future ones (I was an idiot to go to them in the first place!), I'll just have to tighten my belt for the next month! :T

brendon

Well done Wonga! They have done you a favour by not letting you borrow money at ridiculous rates and getting yourself into financial trouble.

(By the way, Wonga don't want you to pay of their loans early. They want you to get into trouble, so you have to take out another loan, and then pay more fees and interest. Their business model is based on that.)

National_Debtline

Twisted_Cherry wrote: »

To be honest they can stick there loan for £200 and any future ones (I was an idiot to go to them in the first place!), I'll just have to tighten my belt for the next month! :T

That's the spirit

- David @ NDL.

jonesMUFCforever

I wonder if OP will now apply to anyotherpaydayloan.com for a loan and come back in a few days when brokerage fees are debited to the account?

moshoodo1

You should be thanking them for doing you a great favour. payday loan are nothing but a rip off


:beer:

opinions4u

What a peculiar thread!

HappyChapp

i'd count yourself lucky that they have cut you from falling in to a trap..

I read that you can only rollover/new loan 3 times according to the OFT? might have something to do with that?

tippingpoint_2

I agree with many of the comments on here - this is certainly a blessing.

I let myself fall into a classic payday loan trap and it took me years (and untold £) to eventually get out of it. Please don't let the fact that these businesses advertise in the mainstream and sponsor sports clubs / TV shows fool you into thinking that they are dealing in anything pleasant. They pitch themselves as helping you get out of a tight spot, but it's akin to eating your own body parts to satiate your hunger.

It's difficult to convey the years of sleepless nights, painful anxiety and hair loss I experienced as a result of letting myself think that payday loans were a quick fix.

Please take this refused loan as some form of divine intervention, and steer well clear of Wonga et al.

RobertoMoir

Twisted_Cherry wrote: »

Just wondering if anyone would know a reason why Wonga would turn down a loan for a 3rd time.

I'd go with "Some kind of palace revolution took place and they're now into vaguely responsible lending?"

RuthnJasper

Twisted_Cherry wrote: »

Just wondering if anyone would know a reason why Wonga would turn down a loan for a 3rd time.

The sharks saw Chief Brody and Quint heading towards them in an unwisely-small boat...?

Seriously though, Twisted Cherry, please (however hard it is) don't fall further into the jaws of these people. Get onto http://www.stepchange.org/ or http://www.payplan.com/ - or join a credit union - these are organisations that can help you properly without kicking you hard in the wallet to benefit themselves. I know (trust me, I know) it isn't easy - but if you don't stop the PDL spin-cycle now it'll only be worse in the longer-term.

Wishing you all the best. x

StuC75

Looks like Wonga had a LBM..