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Wonga.com


NewNiceMrMe
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Yes, Wonga are ridiculously expensive for a loan like that. Yes, that kind of rate is pure sharking. But...

Wonga isn't for that kind of loan. It's for payday loans - you need the cash today but you only get paid in a few days' time. So Wonga will lend you cash right now, which you can pay off on Thursday. Do that, and the APR on the loan looks silly, but you're not borrowing it for a year so you don't pay that. You pay a smaller amount reflecting only a few days.

So there is a place for firms like Wonga. Remove them and you could cause problems just as bad as allowing them to continue.

What needs to be regulated is the rate on longer term loans - people shouldn't use Wonga for things like that, but I'm sure they will.

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Well I for one will not be buying a shirt for the boy with that logo on and despite MrMes very dubious intentions in bringing this to the forum, I don't think it is a good tie for the club, I agree with the article in that it sends the wrong message and am disappointed.

Doent mean we're not going to win the league and start next season as Prem titel holders with a dubious sponsor.

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I love the way Ashley thinks he can con the fan base by saying the deal means they can rename the stadium "St James Park".

It's as if he thinks everyone will rejoice and run out and buy their Wonga shirt.:roflmao:

I know they're a payday loan company, the intention was to simply bring it to the forum (as was correctly guessed above).+++

I disagree that they have a place though. The APR is still the APR - and they target the financially vulnerable, plain and simple. They should be closed down. I don't believe there is any place in the market for them. Instead, teach people financial management and budgetary skills.

I posted an incorrect link in this earlier too - this is the right one - here.

Search Wonga online and look for reviews, complaints, problems etc - you'll be sat at your computer for a lifetime.

Edited by MrMe
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- and they target the financially vulnerable, plain and simple. They should be closed down. I don't believe there is any place in the market for them. Instead, teach people financial management and budgetary skills.

Totally agree - and yet, through Football and its supporters, they have the maximum potential to manifest their ends - I know you don't like me saying this but the game of Football does seem (these days) to manipulate those that can least afford.

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Without doubt and there is a reason they've sponsored Newcastle United in particular - the region is statistically one of the worst for financial management and people getting into debt.

The region has the highest rate of personal insolvency in the UK - at 0.35% of the population. The Northwest has 0.29% and London 0.17%, so it's very clear why they've done it.

They're going to get massive exposure and prey on even more people who don't know any better.

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They're going to get massive exposure and prey on even more people who don't know any better.

"They" are not alone though - I'm amazed through watching varied matches on Sky at the number of Betting Co's now sponsoring Clubs and indeed, filing Advertising slots on Sky coverage, all leeching dues out of the 'less well off' !

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For me, coming from that lovely little leafy suburb, I'm fairly certain loads of people in that area alone use these legal loan sharks and others like them, and I think something needs to be done but putting their name on a black and white shirt is not one of them.

The stadium is still St James' park and that's never going to change in most peoples minds. In my mind Ashley is cut from the same cloth as wonga.

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What I hadn't realised until reading a Guardian article yesterday is that a lot of people that use Wonga.com and other similar companies probably don't realise the devastating damage it does to their credit record.

The Guardian have reported that if credit card and finance companies see a "pay day loans" company on your records - it's just about the worst thing possible and you can say goodbye to any application you make.

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The Guardian have reported that if credit card and finance companies see a "pay day loans" company on your records - it's just about the worst thing possible and you can say goodbye to any application you make.

Didn't Booster confirm that on here a while back?

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The never ending circle is the issue, as you say.

I've been reading about how they "reserve" funds from accounts, sometimes for days and put people into real hardship.

I still think the whole school curriculum needs revisiting in order to make room for "Personal economics" that teach financial management, cover topics such as insurance, budgeting and so on. In fact I'm amazed successive governments have overlooked it.

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Its funny because when I was first unemployed about 7 years ago, I didnt apply for benefit or anything because I didnt see the need, I could live on savings for several months so whats the point. Then someone told me that I needed to sign on because if I didn't my Stamp wouldn't be paid and potentially it would impact my pension in years to come.

So I went to the job centre, signed on and made a retrospective application for the stamp - highlighting I wasn't looking for a retrospective benefits payment, just stamp - i.e. just asking them to fudge some numbers!!

IT was declined because "As a Citizen of Great Britain I should be aware of all the relevent laws pertaining to financial benefits, pensions and other government bursiaries"........ but WHY, why should I know the benefits system when I'd not used it ever. Who explained to me where, why, how the system works? I wasn't taught it in school, my parents both worked, so where would this knowledge come from?

And I think as said above the same applies to financial planning, people need education in how to do it, they need to understand a LED TV is a luxury not a right, a £500 car is acceptable if thats how far your budget stretches, they need to be educated in how this type of finance works, how it impacts your life and what your prospects are moving forward once you have succomed to the black and white shirt slogan (Can I add, that there might be some different statements here if the shirt were Red and White). I think finacially things have been far to easy for people, lending has got out of control and needs to be reigned in to regain some form of control. Without education and propper control on the sharks (Anyone see the Panorama programme on Provident Loans) it'll get worse.

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Companies like Provident have been around for decades in the background preying on the vulnerable. It's just now that these types of companies have come to the fore as more people need to use them ss the banks have stopped lending,

I totally agree on education of life skills and financial planning and budgeting.

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