WONGA WONGA

[dicktimber]

Get this add on TV

short term loan

Wonga.com
borrow £70 for 5 days
payed back £79.22p

APR 2689%

Now tell me WHO borrows at these rates even for 1 day?????
But someone does to have adds on TV

 

[9fingers]

Some people do find themselves in desperate situations and these 'payday' type loans prey on them.

Bob

 

[big soft moose]

Some people do find themselves in desperate situations and these 'payday' type loans prey on them.

Bob

thing is that tho borrow 70 pay 80 on pay day doesnt look too bad if you are desperate, the interest is compounded daily so if you miss the payment pretty soon you will owe thousands with no realistic chance of paying it back

be easier to turn to go shoplifting, or twocking - because thats where you are going to wind up if you start borrowing money at 2000% apr

 

[9fingers]

The loans really ought to be banned but as the law stands they are legal. They state the rates in the small print.

Bob

 

[big soft moose]

The loans really ought to be banned but as the law stands they are legal. They state the rates in the small print.

Bob

very true - its like log book loans where you can borrow against the equity in your car - at about 600%apr - wouldnt it be easier to sell the car and buy a cheaper one

 

[dicktimber]

Imagine getting a 25 year mortgage loan from them :lol: :lol: :lol:
and I bet some poor person has?

 

[Hitch]

I'm not worried about the loans themselves. If anyone is foolish enough to get one, thats theire own problem imo.
However, the add should be banned, especially the bloke who shouts 'Wonga' He should be shot infact :lol: