Jetta's G-string Posted March 10, 2011 Share Posted March 10, 2011 Anyone use the online money lender Wonga? If so, whats your opinion on it? My mate uses it, he says its good for short term loans between pay days. Link to comment Share on other sites More sharing options...
Magnum Posted March 10, 2011 Share Posted March 10, 2011 Wouldn't touch companies like that with a shitty stick. The risks are too high. Link to comment Share on other sites More sharing options...
Harvey Dent Posted March 10, 2011 Share Posted March 10, 2011 I've never used it, but anything where the APR is four figures just screams of bad idea. A friend of mine was using something similar on a monthly basis, turned into a nightmare. Link to comment Share on other sites More sharing options...
Paid Members Foale Posted March 10, 2011 Paid Members Share Posted March 10, 2011 I'd never use a site like it although I heard somewhere it was voted best new starter online company of 2010, so I guess it's more reputable than some of the others out there.. Link to comment Share on other sites More sharing options...
Moderators Chest Rockwell Posted March 10, 2011 Moderators Share Posted March 10, 2011 Surely the adverts alone are enough to convince you not to use them? Link to comment Share on other sites More sharing options...
Paid Members ReturnOfTheMack Posted March 10, 2011 Paid Members Share Posted March 10, 2011 I've used them twice when I was in dire need. Sure the APR is massive, but when you look at for how long you have the loan for then its no real shock, they need to make some money after all. Link to comment Share on other sites More sharing options...
Paid Members Devon Malcolm Posted March 10, 2011 Paid Members Share Posted March 10, 2011 http://www.youtube.com/watch?v=dHMwJIXDTAY Link to comment Share on other sites More sharing options...
simonworden Posted March 10, 2011 Share Posted March 10, 2011 Interesting topic. I own a Debt Management Company and have seen the worst cases in my time in the industry of people screwed over by companies by Wonga. Â Firstly the massive apr is because the loans are so short term so its not quite as bad when you look at it in real terms of what you pay back. Really these loans should only be used responsibly and when you know y ou will have the power to repay in 1 to 2 months. The problem is a lot of people dont think like that. Â A good example of when they work well - Mr Smith's car breaks down in week 3 or a 4 week (pay wise) month. He needs to get it repaired and sorted urgently as well as hire a car in the meantime to keep working. As its so close to payday he hasnt got the cash readily available to pay for this and the repairs. However he could use a company like Wonga to cover the cost and then budget next month. (Really they are only needed when you dont own a credit card) Â A Bad Example is - Mr Jones is fairly frivilous and tends to go out every weekend to the point he has maxed out his credit cards etc and not got enought money to pay loans etc. He gets a payday loan as he has bad credit and then keeps holding off repaying more than the min (usually about Link to comment Share on other sites More sharing options...
insert_name_here Posted March 10, 2011 Share Posted March 10, 2011 I've used Wonga a few times and i've never had any bother with it. I've only ever used them as a last resort and I know this sounds like i'm stating the obvious but as long as you only borrow what you absolutely need and you can pay it back(plus the interest) then they'll never give you any problems. The flip side to this is a friend of mine who i used to work with who wound up taking loans out from Wonga on an almost monthly basis cos he owed money for various other things and although he was never late with a payment it got to the point where as soon as he'd pay'd them back he'd take out another loan cos he had no money left to live on. I will say that this was a while ago now and he's all sorted out money-wise but IMO he was lucky. Link to comment Share on other sites More sharing options...
Shovanist Pig Posted March 19, 2011 Share Posted March 19, 2011 So how does this work? Say I wanted to borrow Link to comment Share on other sites More sharing options...
Paid Members JNLister Posted March 19, 2011 Paid Members Share Posted March 19, 2011 There's a slider thingy on the site that will do that for you. In your example, it would cost you Link to comment Share on other sites More sharing options...
Chris_Stone Posted March 20, 2011 Share Posted March 20, 2011 There's a slider thingy on the site that will do that for you. In your example, it would cost you Link to comment Share on other sites More sharing options...
Paid Members eugenespeed Posted March 21, 2011 Paid Members Share Posted March 21, 2011 Only ever attempted to use these once. Â I say attempted, it was Friday, I was due to get paid on Monday, but was invited out that weekend, so I tried to borrow Link to comment Share on other sites More sharing options...
jobberinho Posted March 21, 2011 Share Posted March 21, 2011 There's a coke dealer cum loan shark in my town that brags about offering cheaper interest than wonga.com. Mind you, I'd be surprised if wonga.com threatened to break your legs if you fall behind. Link to comment Share on other sites More sharing options...
Paid Members Halitosis Romantic Posted March 21, 2011 Paid Members Share Posted March 21, 2011 Fucking hell... really, people here use these sites? That's really a shame. I think some of the more economically viable UKFFers should set up a short term loan fund for our borassic brethren... Link to comment Share on other sites More sharing options...
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