Antman Posted December 12, 2011 Share Posted December 12, 2011 This may sound trivial, but I have an issue with the main site advertising the loan sharking company 'Wonga' In short they run an APR of 2334% ( yes, two THOUSAND+ percent ) which isn't going to be obvious to those in a hurry to borrow money. They only serve to prey on the people who are struggling at the moment and really should be stopped. Link to comment Share on other sites More sharing options...
Monkeh Posted December 12, 2011 Share Posted December 12, 2011 This may sound trivial, but I have an issue with the main site advertising the loan sharking company 'Wonga' In short they run an APR of 2334% ( yes, two THOUSAND+ percent ) which isn't going to be obvious to those in a hurry to borrow money. They only serve to prey on the people who are struggling at the moment and really should be stopped. Nothing City can do about that, its the site provider who needs to pull it which isn't the club, I'm sure Beanhead said that the provider was changing in the new year anyway Link to comment Share on other sites More sharing options...
GrahamC Posted December 12, 2011 Share Posted December 12, 2011 This may sound trivial, but I have an issue with the main site advertising the loan sharking company 'Wonga' In short they run an APR of 2334% ( yes, two THOUSAND+ percent ) which isn't going to be obvious to those in a hurry to borrow money. They only serve to prey on the people who are struggling at the moment and really should be stopped. It isn't trivial. These type of things are morally reprehensible and no decent company should give them any publicity at all or accept their advertising revenue. I also recall those Blackpool fans who rightly refused to buy their replica shirt last season with it on. As you say they prey on the desperate and vulnerable and are the last place that you would want to borrow money from. Link to comment Share on other sites More sharing options...
Monkeh Posted December 12, 2011 Share Posted December 12, 2011 It isn't trivial. These type of things are morally reprehensible and no decent company should give them any publicity at all or accept their advertising revenue. I also recall those Blackpool fans who rightly refused to buy their replica shirt last season with it on. As you say they prey on the desperate and vulnerable and are the last place that you would want to borrow money from. oh don't get me wrong I completely agree with both of you but as far as I'm aware there is not much the club can do about it, which is a shame Link to comment Share on other sites More sharing options...
'Orns Posted December 12, 2011 Share Posted December 12, 2011 It isn't trivial. These type of things are morally reprehensible and no decent company should give them any publicity at all or accept their advertising revenue. I also recall those Blackpool fans who rightly refused to buy their replica shirt last season with it on. As you say they prey on the desperate and vulnerable and are the last place that you would want to borrow money from. How ironic that if you click on 'borrow money' it sends you to the wonga site..... Link to comment Share on other sites More sharing options...
Guest Posted December 12, 2011 Share Posted December 12, 2011 Nothing City can do about that, its the site provider who needs to pull it which isn't the club, I'm sure Beanhead said that the provider was changing in the new year anyway Not till season end that the Performa Group deal expires. Ultimately while what they do is scandalous in the eyes of many it's perfectly legal and nobody can really stop them advertising Link to comment Share on other sites More sharing options...
Murraysrightplum Posted December 12, 2011 Share Posted December 12, 2011 So you don't blame the individual who spends more than he earns then? If people were sensible with their money, companies like that wouldn't exist... Link to comment Share on other sites More sharing options...
Guest Ison Posted December 12, 2011 Share Posted December 12, 2011 Just had a quick look - it all looks fairly straight forward and honest to me? Plenty of information available and well laid-out... Link to comment Share on other sites More sharing options...
TRL Posted December 12, 2011 Share Posted December 12, 2011 So you don't blame the individual who spends more than he earns then? If people were sensible with their money, companies like that wouldn't exist... Depends on the situation, you could have a small salary then something major happens. i.e your roof falls of your car explodes, someone in your family need urgent medical treatment that need paying for etc etc. While your insurance company fannys around you need to get some cash quick to fix the problem, before the insurance money stumps up the cash. This is when places like this come into their own, unfortunately they do charge you alot , but if you are going to use it you will be only holding the money for a week or so, so theses rates have to be high for them to make any kind of profit. If you take a loan of from these guys when you know you will have no way of paying it back then you are a numpty. Link to comment Share on other sites More sharing options...
Alex_BCFC Posted December 12, 2011 Share Posted December 12, 2011 I don't see the problem myself. No one forces you to take out their loans and the (outrageous) rates are given upfront. If they are proven to be giving out false information etc (like HSBC did to the elderly recently) then I could understand the issue. Link to comment Share on other sites More sharing options...
Antman Posted December 12, 2011 Author Share Posted December 12, 2011 Just had a quick look - it all looks fairly straight forward and honest to me? Plenty of information available and well laid-out... i think describing them as 'honest' is stretching the definition as thinly as a wafer thin mint being rolled through a thinning machine. they feed off people's debt, pure and simple (look online at the hundreds of people asking for help because they are being run ragged by this company) honest? if you say so, but definitely immoral Link to comment Share on other sites More sharing options...
Antman Posted December 12, 2011 Author Share Posted December 12, 2011 So you don't blame the individual who spends more than he earns then? If people were sensible with their money, companies like that wouldn't exist... oh I agree, but how do you break the cycle? - money lenders and pawn shops are as old as time itself, but the way these people can operate should be under much stricter supervision and legislation. and some people with the best will in the world find themselves in a spiraling debt situation. The 'easy credit' mentality has been insidiously promoted by successive governments and banks who want to perpetuate the idea of the free market, by driving wages down, ordinary working types have little disposable income, hence the ready offers of easy credit to which they are encouraged to subscribe. it's interesting in these days of 'occupy everything' that old Mr Marx is coming back to the fore. http://en.wikipedia....rxian_economics (and it's the little things like when i typed borrow money it formed an automatic link to the site - THAT is wrong) Link to comment Share on other sites More sharing options...
chipdawg Posted December 12, 2011 Share Posted December 12, 2011 I actually think they provide a fair service and they're no disingenuous about what they do. The main complaint I hear about them is people saying "I borrowed £200 to get through this month, but then the next month I was £200 short". Yeah; what did you think was going to happen when you agreed to pay it back a month later? People need to take more responsibility for their credit and borroowing issues Instead of blaming others all the time Link to comment Share on other sites More sharing options...
Monkeh Posted December 12, 2011 Share Posted December 12, 2011 am I right in thinking these payda y loan companys are not regulated? To be honest though as much as I dislike companys like wonga they aren't breaking the law they make it clear at the 2k intrest rates but then again they are a better one, at least its not a shark who will "Break thumbs" if not paid back on time, I don't mind them but they need to be regulated like other loan providers (if i am correct) Link to comment Share on other sites More sharing options...
Guest Craven arms Posted December 12, 2011 Share Posted December 12, 2011 I borrowed £200 to get through this month, but then the next month I was £200 short" I'll have some of that..... Link to comment Share on other sites More sharing options...
semblar Posted December 12, 2011 Share Posted December 12, 2011 the problem is, they're not £200 short, they're £300 or so short because of the interest - and that's assuming that the shortfall is a one-off and not something structural in that family's income/expenditure balance. There is one way that these sharks are potentially useful in a semi-ethical way - if the interest they would charge you is less than (usually fixed amounts or fixed per day) bank charges that would otherwise be unavoidable... Link to comment Share on other sites More sharing options...
CiderHider Posted December 12, 2011 Share Posted December 12, 2011 Burn them! Link to comment Share on other sites More sharing options...
Guest i remember dickie rooks Posted December 12, 2011 Share Posted December 12, 2011 You can't view Apr as a good measure on short term loans. If you lend me £20 and I give it back a week later, plus buy you a pint as thanks, say £3, that is 143,000% Apr. Problem is when you don't pay it back within the 31 days, or take out another loan to pay the first one. Link to comment Share on other sites More sharing options...
Antman Posted December 12, 2011 Author Share Posted December 12, 2011 You can't view Apr as a good measure on short term loans. If you lend me £20 and I give it back a week later, plus buy you a pint as thanks, say £3, that is 143,000% Apr. Problem is when you don't pay it back within the 31 days, or take out another loan to pay the first one. to be pedantic I think your maths are wrong at the current 'wonga' rate of 2300% £20 for 7 days will cost you £ 7.26, total to pay back £27.26 making profit from peoples misery Link to comment Share on other sites More sharing options...
redsontour Posted December 12, 2011 Share Posted December 12, 2011 This may sound trivial, but I have an issue with the main site advertising the loan sharking company 'Wonga' In short they run an APR of 2334% ( yes, two THOUSAND+ percent ) which isn't going to be obvious to those in a hurry to borrow money. They only serve to prey on the people who are struggling at the moment and really should be stopped. Here's a challenge to you then. In the nasty real life world we live in, imagine you have a poor credit rating, what do you suggest as an alternative provider of a short term tide you over loan other than a company like this that holds a consumer credit licence? The answer in an ideal world is borrowing from micro lenders ( Zoopla, for example)) but at the moment the borrowing rules are still pretty tough, or credit unions which can be great but are a bit restrictive. Sadly the answer in that real world would be a proliferation of loan sharks. And I don't mean the pretty TV advertised ones, I mean the break your legs type ones. To bring your statement full circle, do you feel that adverts for Carling, them of league cup fame, should be banned? Certainly more "struggling" lives ruined by alcohol than by companies like w0nga, whatever our level of discomfort about their place in a modern society. (edited because my reference to the company turned into a link to them, and I'm certainly not encouraging people to use them! ) Link to comment Share on other sites More sharing options...
pride of the west Posted December 12, 2011 Share Posted December 12, 2011 am I right in thinking these payda y loan companys are not regulated? To be honest though as much as I dislike companys like wonga they aren't breaking the law they make it clear at the 2k intrest rates but then again they are a better one, at least its not a shark who will "Break thumbs" if not paid back on time, I don't mind them but they need to be regulated like other loan providers (if i am correct) They are regulated by the FSA like all proper lenders. The regulator doesnt have a problem with them because they are transparent and the repayments are representative for the admin costs and risk involved. Treat them for what they are then they aint a problem. Its when people who dont know what theyre doing and on benefits sign up problems start. Hence why they advertise on day time tv. Bit naughty but nothing illegal. Link to comment Share on other sites More sharing options...
Antman Posted December 12, 2011 Author Share Posted December 12, 2011 Here's a challenge to you then. In the nasty real life world we live in, imagine you have a poor credit rating, what do you suggest as an alternative provider of a short term tide you over loan other than a company like this that holds a consumer credit licence? The answer in an ideal world is borrowing from micro lenders ( Zoopla, for example)) but at the moment the borrowing rules are still pretty tough, or credit unions which can be great but are a bit restrictive. Sadly the answer in that real world would be a proliferation of loan sharks. And I don't mean the pretty TV advertised ones, I mean the break your legs type ones. To bring your statement full circle, do you feel that adverts for Carling, them of league cup fame, should be banned? Certainly more "struggling" lives ruined by alcohol than by companies like w0nga, whatever our level of discomfort about their place in a modern society. (edited because my reference to the company turned into a link to them, and I'm certainly not encouraging people to use them! ) well i'm pretty sure alcohol advertising will soon go the way of tobacco advertising, whether alcohol abuse is diminished by this remains to be seen - has smoking declined ? if you were at a point of having to borrow i'd say go here http://www.bdac.org.uk or the nearest alternative - then you can get the advice you need. the thing is agencies like this aren't advertised (or funded) in anywhere like the same way so your 'sharkers' will proliferate anyhow. i feel borrowing should be tough, but not exploitative, which companies like W*nga are. there should also be a moral imperative on these companies that means they donate to debt help agencies - if not they should be overtly taxed to that end. your arguments are of course valid and the sad reality is we get the society we deserve - ideally we should be fighting to ensure more and more people aren't driven into debt and poverty, and through a more equal and proficient education system we could start to build the structures to allow a more egalitarian society to prosper (cats and dogs could live together too!) but somehow I know we'll be stumbling along the same rocky road for generations to come, being fed a lie by those interested parties and the '1%' - you can but kick against the *****s though! Link to comment Share on other sites More sharing options...
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