Thursday, 30 September 2010

2689% APR! HOW DO THEY GET AWAY WITH THAT!

Get up to £400 @ Wonga.com - Little loans, lots of control
Get up to £400
tickCash put directly into bank accounts within 15 mins of approval
tickSimple online application
tickNo fixed terms
tickRepay early & pay less
tickAwarding winning service
Border

Typical
2689% APR




Can anyone tell me why the Government or the bank of England or whoever lets them get away with charging 2689% APR, when the Bank of England charges 1%.  Unbelievable! 

8 comments:

legal loan sharks said...

These are sometimes called 'pay day loans'.
It's fine as long as you pay back on time and the alternative is to starve to death.
They're mainly used by people who have no credit rating / job / securities.
The interest charged on a £100 loan over a year would be £2,689.
They're not doing anything worse than pawn shops etc and have been going for a few years now.
It's the future unfortunately.
As jobs go and access to cash from banks dries up these type of companies will be the only alternative for millions of people.

Dark Lochnagar said...

Sharkers, it's still a fucking disgrace. I have brought the matter to the attention of my MP, whose responsibility it is and also my MSP. It shows you what kind of fucking mess Labour left. There won't be any MPs applying with them anyway.

RantinRab said...

Provident and other doorstep lenders are just as bad.

I was approached in Killie town centre a while ago by Provident and I told them to fuck off as I considered them loan sharks.

sharkers said...

They're funded by 4 Venture Capitalist companies. Didn't recognise any names.

http://www.balderton.com/

http://www.greylock.com/

http://www.accel.com/

http://www.dawncapital.co.uk/welcome/our-investments/our-portfolio-companies.aspx

Dark Lochnagar said...

Roberto, fuck 'em is right. It's legalised loan sharkery!

Dark Lochnagar said...

Sharkers, just robbing bastards. I'll see what this useles fucker of an MP of mine, Brian Donohoe, makes of it. Probably more than he would have 6 months ago.

banned said...

Repost from 28/09/10
Re major High Street bank owned by us.

My neighbours lad was being 'charged' £5 A DAY for being £96.00 over his approved overdraft limit (which was itself caused by their own fucking charges).

£5 a day = £1,825 pa + compound interest which some clever cunt will work out = gazzillions % interest.

If, on his minimum wage income, he managed to pay off say £50 one week he would effectivley only be £15.00 less in debt (+ interest) because they would have slapped on another £35.00 in charges (+ interest).

I lent him a hundred to pay it the fuck off which he repaid £25.00 a week, interest free.

High Street banks = loan sharks.

Dark Lochnagar said...

Banned, the whole system needs a shake up. It's time we in Scotland had a Nationalised Bank and the same for you in England. They could then give loans at reasonable rates and not screw every bastard that wants to deal with them.