2689% apr

[Gemmel]

Just watching TV and some random advert came on.....http://www.wonga.com

They show (Which I imagine is for legal reasons) their typical APR , which comes out at 2689%. Thought I was pssied so being sad I rewound it and that's what it is.... a very reasonable 2689% . Now a couple of skint arabs might want to take it up, but this is geared towards, "have a hundred quid before pay day" and all that stuff, but essentially this is just abusing people in bad situations.

 

Really can't believe after everything that has gone on companies like this are allowed to trade.

[bug187]

I saw that too. It's ****ing terrible.

[Joensuu]

That even trumps Quick quid's 2356% APR! I don't get how it can be legal.

 

At Wonga's rate, borrowing a single pound for a single day will mean the following day you owe them £7.30 in interest.... After a week your £1 loan would have accumulated £51 interest

 

if you borrowed a realistic sum of cash, say £150, just for a week to tide you over until payday, you'd owe Wonga £7,735 in interest alone by the end of the week. How can that be legal?

[Guy]

I think Joensuu may need a new calculator.

[StuRomseySaint]

That even trumps Quick quid's 2356% APR! I don't get how it can be legal.

 

At Wonga's rate, borrowing a single pound for a single day will mean the following day you owe them £7.30 in interest.... After a week your £1 loan would have accumulated £51 interest

 

if you borrowed a realistic sum of cash, say £150, just for a week to tide you over until payday, you'd owe Wonga £7,735 in interest alone by the end of the week. How can that be legal?

 

Did you go to University?

[Red Alert]

That even trumps Quick quid's 2356% APR! I don't get how it can be legal.

 

At Wonga's rate, borrowing a single pound for a single day will mean the following day you owe them £7.30 in interest.... After a week your £1 loan would have accumulated £51 interest

 

if you borrowed a realistic sum of cash, say £150, just for a week to tide you over until payday, you'd owe Wonga £7,735 in interest alone by the end of the week. How can that be legal?

 

If you borrow £100, you owe them £125 at the end of the month. Thats why apr% isn't ever going to look good on short term loans like this.

[mynameisthehulk]

If you borrow £100, you owe them £125 at the end of the month. Thats why apr% isn't ever going to look good on short term loans like this.

 

It doesn't work out too bad if you are broke and need some cash to tide you over to payday, I have had to do it a couple of times in the past. Problem starts if you don't pay it back first time, which the actively encourage you to do, the interest would really start to mount up then.

[benjii]

That even trumps Quick quid's 2356% APR! I don't get how it can be legal.

 

At Wonga's rate, borrowing a single pound for a single day will mean the following day you owe them £7.30 in interest.... After a week your £1 loan would have accumulated £51 interest

 

if you borrowed a realistic sum of cash, say £150, just for a week to tide you over until payday, you'd owe Wonga £7,735 in interest alone by the end of the week. How can that be legal?

 

lol.

[JustMike]

Did you go to University?

 

clearly not

[hamster]

Jonesuu, you misplaced the decimal point, it actually comes to an amazing £77,350.

 

Have you reported them to the FSA yet? Here's their website:

 

www.iamanidiot.gov