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Are Wonga for real?

zannaz82 Avatar
5y, 5m agoPosted 5 years, 5 months ago
I was watching something earlier on and the adverts came on. I was abolutely horrified when the Wonga.com fresh way of thinking, blah dee blah bull**** ad came on with small print of average APR is......



wait for it......



.....4214%

Surely a misprint? I am still slightly in shock that people are allowed to not only get away with it but also advertise. How can someone that desperate for cash be allowed a loan? Am I just too naive for words?
Other Links From Wonga:
zannaz82 Avatar
5y, 5m agoPosted 5 years, 5 months ago
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banned 2 Likes #1
Short term loans need very high apr to be a feasible business option to the lender.
#2
master_chief
Short term loans need very high apr to be a feasible business option to the lender.

Agreed, very high but to me that'd be maximum of 100% APR, this seems like daylight robbery to me :/
banned#3
zannaz82
master_chief
Short term loans need very high apr to be a feasible business option to the lender.
Agreed, very high but to me that'd be maximum of 100% APR, this seems like daylight robbery to me :/

Not really. You want a quick easy loan for a few days, you pay the rates.
8 Likes #4
dont think there is a regulation in place for high APR hence why it can happen.

OH I NEEDZ NEW TV LET ME BORROW SOME MONEEES I CANT AFFORZ TO PAY BACK

OH I HAZ SPUNKED ALL MA BENEEFITS MONEES ON HEROIN AND BOOZE LET ME BORROW SOME MONEES I CANT AFFORZ TO PAY BACK

Edited By: numptyj on Jun 07, 2011 14:01
2 Likes #5
they are designed for thick people who most likely wont/can't pay the money back.

I cant discribe either the lender or the loanee as anything else

and wonga arent the highest apr%, if you really want a laugh read the justification to why you should totally disregard the APR as some weird maths nonsense
banned#6
Brighthouse - your weekly payment store.

Just be happy knowing you'll never have to use them OP. Seriously, I'd rather clean toilets than be a scummy poor person.
#7
It drives me nuts. I've had jobs when I've made a fair bit of cash and also times when money has been really tight, but the idea that they're allowed to scam stupid people into a deepening poverty trap REALLY infuriates me. I want to go to the guys that run these companies and crack their heads together!!!
3 Likes #8
zannaz82
It drives me nuts. I've had jobs when I've made a fair bit of cash and also times when money has been really tight, but the idea that they're allowed to scam stupid people into a deepening poverty trap REALLY infuriates me. I want to go to the guys that run these companies and crack their heads together!!!


How exactly are they scamming? They tell you exactly how much you pay back. If you don't like. then don't borrow!
#9
zannaz82
It drives me nuts. I've had jobs when I've made a fair bit of cash and also times when money has been really tight, but the idea that they're allowed to scam stupid people into a deepening poverty trap REALLY infuriates me. I want to go to the guys that run these companies and crack their heads together!!!

how else do you think honest crackheads buy crack ?
#10
vibeone
Brighthouse - your weekly payment store.

Just be happy knowing you'll never have to use them OP. Seriously, I'd rather clean toilets than be a scummy poor person.

Brighthouse when they cut off the electricity for arrears
#11
thegazman
zannaz82
It drives me nuts. I've had jobs when I've made a fair bit of cash and also times when money has been really tight, but the idea that they're allowed to scam stupid people into a deepening poverty trap REALLY infuriates me. I want to go to the guys that run these companies and crack their heads together!!!


How exactly are they scamming? They tell you exactly how much you pay back. If you don't like. then don't borrow!

It's in their small print, and those kind of numbers mean very little to dumb/desperate people. It's advertised as being affordable. My **** is it affordable.
banned#12
How about not using them?
banned#13
zannaz82
thegazman
zannaz82
It drives me nuts. I've had jobs when I've made a fair bit of cash and also times when money has been really tight, but the idea that they're allowed to scam stupid people into a deepening poverty trap REALLY infuriates me. I want to go to the guys that run these companies and crack their heads together!!!


How exactly are they scamming? They tell you exactly how much you pay back. If you don't like. then don't borrow!

It's in their small print, and those kind of numbers mean very little to dumb/desperate people. It's advertised as being affordable. My **** is it affordable.


If people are dumb enough to sign contracts without reading the small print then they deserve to be scammed.
11 Likes #14
The only regulation regarding these type of "pay day" loans is that the APR must be clear.

In this case, it is!!.

What is also the fact, is that most people who have to take these out, don't understand what APR or interest means..

The normal conversation goes...

Do you want £500 now to spend NOW!.
All you will be paying back is £9.72 a week for 120 months.
Chantelle then says to her 4 all under age 5 children.. Wow, only £9.72 a week, that is nothing compared to the Income Support, Child allowance, Tax Credit, Housing Benefit and council tax benefit I get. I won't even notice it, and I will be able to buy that "faux" leather couch we have always dreamed of....


That's kind of how it works...


Edited By: Chiptivo on Jun 07, 2011 14:15
1 Like #15
JonnyTwoToes
zannaz82
thegazman
zannaz82
It drives me nuts. I've had jobs when I've made a fair bit of cash and also times when money has been really tight, but the idea that they're allowed to scam stupid people into a deepening poverty trap REALLY infuriates me. I want to go to the guys that run these companies and crack their heads together!!!


How exactly are they scamming? They tell you exactly how much you pay back. If you don't like. then don't borrow!

It's in their small print, and those kind of numbers mean very little to dumb/desperate people. It's advertised as being affordable. My **** is it affordable.


If people are dumb enough to sign contracts without reading the small print then they deserve to be scammed.

you agreed the terms and conditions of this site , did you read them ?
banned#16
effingandjeffing
JonnyTwoToes
zannaz82
thegazman
zannaz82
It drives me nuts. I've had jobs when I've made a fair bit of cash and also times when money has been really tight, but the idea that they're allowed to scam stupid people into a deepening poverty trap REALLY infuriates me. I want to go to the guys that run these companies and crack their heads together!!!


How exactly are they scamming? They tell you exactly how much you pay back. If you don't like. then don't borrow!

It's in their small print, and those kind of numbers mean very little to dumb/desperate people. It's advertised as being affordable. My **** is it affordable.


If people are dumb enough to sign contracts without reading the small print then they deserve to be scammed.

you agreed the terms and conditions of this site , did you read them ?


Not sure I had to give my bank details to get on this site?
#17
Chiptivo
The only regulation regarding these type of "pay day" loans is that the APR must be clear.

In this case, it is!!.

What is also the fact, is that most people who have to take these out, don't understand what APR or interest means..

The normal conversation goes...

Do you want £500 now to spend NOW!.
All you will be paying back is £9.72 a week for 120 months.
Chantelle then says to her 4 all under age 5 children.. Wow, only £9.72 a week, that is nothing compared to the Income Support, Child allowance, Tax Credit, Housing Benefit and council tax benefit I get. I won't even notice it, and I will be able to buy that "faux" leather couch we have always dreamed of....


That's kind of how it works...


Do you write for the BBC I love that story
#18
zannaz82
thegazman
zannaz82
It drives me nuts. I've had jobs when I've made a fair bit of cash and also times when money has been really tight, but the idea that they're allowed to scam stupid people into a deepening poverty trap REALLY infuriates me. I want to go to the guys that run these companies and crack their heads together!!!


How exactly are they scamming? They tell you exactly how much you pay back. If you don't like. then don't borrow!

It's in their small print, and those kind of numbers mean very little to dumb/desperate people. It's advertised as being affordable. My **** is it affordable.


Small print? The APR is clearly advertised, as is how much you pay back. Just because it's not affordable in your case doesn't make it a scam. Some people might just need a few hundred quid for a few days to pay a credit card or bill to save them from being charged late fees, etc.
#19
I saw an ad on sky recently and the APR was over 2100 %
#20
JonnyTwoToes
effingandjeffing
JonnyTwoToes
zannaz82
thegazman
zannaz82
It drives me nuts. I've had jobs when I've made a fair bit of cash and also times when money has been really tight, but the idea that they're allowed to scam stupid people into a deepening poverty trap REALLY infuriates me. I want to go to the guys that run these companies and crack their heads together!!!


How exactly are they scamming? They tell you exactly how much you pay back. If you don't like. then don't borrow!

It's in their small print, and those kind of numbers mean very little to dumb/desperate people. It's advertised as being affordable. My **** is it affordable.


If people are dumb enough to sign contracts without reading the small print then they deserve to be scammed.

you agreed the terms and conditions of this site , did you read them ?


Not sure I had to give my bank details to get on this site?


but this site is costing you at least £4.99 a week
banned#21
effingandjeffing

but this site is costing you at least £4.99 a week


Now you're just being weird.
banned#22
I really don't see what the issue is. Use the service as intended, for a couple of weeks or so, and the interest won't be that much.
1 Like #23
thegazman
zannaz82
thegazman
zannaz82
It drives me nuts. I've had jobs when I've made a fair bit of cash and also times when money has been really tight, but the idea that they're allowed to scam stupid people into a deepening poverty trap REALLY infuriates me. I want to go to the guys that run these companies and crack their heads together!!!


How exactly are they scamming? They tell you exactly how much you pay back. If you don't like. then don't borrow!

It's in their small print, and those kind of numbers mean very little to dumb/desperate people. It's advertised as being affordable. My **** is it affordable.


Small print? The APR is clearly advertised, as is how much you pay back. Just because it's not affordable in your case doesn't make it a scam. Some people might just need a few hundred quid for a few days to pay a credit card or bill to save them from being charged late fees, etc.


Seriously, you think that those are the people that use these services? IMO Chiptivo pretty much knocked the nail on the head with the type of people taking out the loans.
#24
master_chief
I really don't see what the issue is. Use the service as intended, for a couple of weeks or so, and the interest won't be that much.


YOU DISGUST ME

You must be a council estate benefit basher :p
#25
master_chief
I really don't see what the issue is. Use the service as intended, for a couple of weeks or so, and the interest won't be that much.


This ^ . I wouldn't get one personally but the idea is that you're borrowing it short term.. hence the high interest (which isn't much if you use it as intended)
banned#26
numptyj
master_chief
I really don't see what the issue is. Use the service as intended, for a couple of weeks or so, and the interest won't be that much.

YOU DISGUST ME

You must be a council estate benefit basher :p

Sometimes I wish I could be. Seems so much easier that side of the tracks.
1 Like #27
i personally wouldnt pay for anything on finance etc. hate the thought of being someones b****h having to constanctly give them money.

i paid for both my houses without the need for any mortgage but then again thats just my line of work i guess
#28
The APR is represented over a year which is why it is high.

Some High Street banks charge £1 per day on an overdraft. Work out the APR% on that. Much more than a payday loan company.
banned#29
Looks like we got a new tag master - "Fresh way of thinking"

Awesome! :D
2 Likes #30
Rupz
i personally wouldnt pay for anything on finance etc. hate the thought of being someones b****h having to constanctly give them money.

i paid for both my houses without the need for any mortgage but then again thats just my line of work i guess


rent boy is obviously a lucrative business :p
#31
Was just browsing MSE and came across this thread, apparently with ‘just’ an APR of 600%! oO

According to what you have posted you borrowed £2,000 and will have to pay back £12,600
http://forums.moneysavingexpert.com/showthread.php?t=3278078
2 Likes #32
chester123
The APR is represented over a year which is why it is high.



The A of "APR" may have something to do with this??
#33
Rupz
i personally wouldnt pay for anything on finance etc. hate the thought of being someones b****h having to constanctly give them money.

i paid for both my houses without the need for any mortgage but then again thats just my line of work i guess


Need a mistress?
#34
chester123
The APR is represented over a year which is why it is high.

Some High Street banks charge £1 per day on an overdraft. Work out the APR% on that. Much more than a payday loan company.

Somewhat lower than 4214%.

Incidentally I'm an accountant so I'm fairly familiar with the idea that APR is calculated over a year.
banned#35
Chiptivo
chester123
The APR is represented over a year which is why it is high.



The A of "APR" may have something to do with this??


Beat me to it. :D
#36
Wonga are for real, they provide a service, but.....nobody is forced to use their service.
banned 1 Like #37
Inactive
Wonga are for real, they provide a service, but.....nobody is forced to use their service.


Good job you're here.
1 Like #38
zannaz82
chester123
The APR is represented over a year which is why it is high.

Some High Street banks charge £1 per day on an overdraft. Work out the APR% on that. Much more than a payday loan company.
Somewhat lower than 4214%.

Incidentally I'm an accountant so I'm fairly familiar with the idea that APR is calculated over a year.

As am I.

£10 overdrawn at the Halifax equals £1 per day charge. So £10 costs you £30 in charges. Can you do the math?

Less that the 4k but they charge the same on much smaller balances which makes the 4k look like chump change.

Edited By: chester123 on Jun 07, 2011 15:15
#39
365 days in a year, leaves you at 3650%, still lower than Wonga who are advertising a loan. Is that an unauthorised overdraft charge?
#40
God knows what the charge is for but numerous banks implement this £1 per day charge on top of the annual rate. So it dwarfs Wonga.

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