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Jetta's G-string

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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.


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.


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)


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

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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.

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