Is Wonga justified in charging 2698% APR?
5 Comments

  • P mcveigh - 8 years ago

    At the time of christ moneylending rates were 45%. do you know of any other commodity or industry that has gone down in price over the last 2000 years?
    Ask what the mark up is next time you buy an item of clothing (in excess of 100%) and you dont get time to pay.

  • Anon - 9 years ago

    I have used Wonga many times. They're are completely transparent.

    If I want to borrow, £300 for 3 days - it costs me £14. I repay £314 when I receive my salary. To me that's completely viable.

    Providing you're not a moron, and know how much you can afford to borrow. It's a great service to have available.

  • Kev - 10 years ago

    Hi, i feel your comments are more than justified, however the company who provide the add's on your site have wonga advertising on there. Just so you know

  • Realist - 10 years ago

    This is cheaper than an unauthorised overdraft. It has clear terms. It's short-term by nature. It's cheaper than a pawnbroker.
    Your problem is that it is quick?
    You want to see exploitative credit, check out car finance deals at 30% or higher, long term. Go look at BrightHouse, where your sofa costs an extra thousand pounds because it's the only place that will give you credit. Look at Provident loans available on Argos cards.
    This costs me less than £15 to borrow £100 for a week. Real terms, that's acceptable to me.
    I know what I have to pay and when, and it offers me the chance to only borrow what I need (unlike other payday lenders who start at £100.)
    It's expensive compared to a free overdraft, but it serves a purpose. I have no idea how many drunken nights out are financed by Wonga, but I suspect it causes far less misery than overpriced long-term HP agreements do.
    I don't work for them and I doubt I match your idea of what one of their customers looks like. Anyway, I thought it worthwhile posting an opposing view.

  • benlewismiller - 10 years ago

    Shallow Cameron talks tough about store-cards, and obscene remunerations, about which he'll do nothing, while at the same time taking any amount of donations from operators of scams such as this. Plus ca change...

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