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Wonga offers instant loan option on retailer websites

buy now pay later alternate credit cards usa market

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#1 Hum

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Posted 17 December 2012 - 16:31

Online loans company Wonga has begun offering "buy now, pay later" services directly on retailers' websites.

Until now, loans from Wonga, which have been highly criticised due to an annual interest rate of 4,214%, have been available only through its own site.

The company has partnered with furniture firm Cotswold Company to launch its Paylater service.

A spokesman for Wonga said it intended to roll out the service to other retailers soon.

"Essentially, Paylater is providing an alternative to credit cards," he said.

"It takes the cost of your purchase, you pay an upfront fee of 7%, then there are three payments over subsequent months that cover the outstanding costs."

It means for an item that costs £100, a buyer will pay an initial fee of £7, followed by three monthly payments of £33.33.

Wonga's move will see it come into direct competition with the likes of Visa, Mastercard and other credit card companies that have taken their services online.

The planned expansion comes ahead of speculation that Wonga has its sights set on breaking into the US market as soon as possible.


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#2 mps69

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Posted 17 December 2012 - 16:38

Sorry, but this is wrong.
Surely saving up the money and buying the item outright is the way to go.
This makes you appreciate the value of the item and teaches you how to save and spend properly.
Too many people want things, and want them NOW and can't save for their items.
IMO that's why I think the country is in the state that it's in at the moment.

#3 Detection

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Posted 17 December 2012 - 16:47

Wonga was reported and broadcast on watchdog not long ago in the UK, they were granting loans to people who were using stolen ID and Bank details to set up repayments with 0 checks to ensure they were the account holders

People who had never used Wonga were having money taken from their banks by Wonga

I hate these companies, they prey on the poor forcing them into a never ending trap of borrowing and paying back more

#4 MightyJordan

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Posted 17 December 2012 - 16:53

I hate these companies, they prey on the poor forcing them into a never ending trap of borrowing and paying back more

And that's why I signed the petition to enforce an interest limit on payday lenders, as they're just legalised loan sharks.

#5 Detection

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Posted 17 December 2012 - 16:57

And that's why I signed the petition to enforce an interest limit on payday lenders, as they're just legalised loan sharks.


Is it an online petition? I`ll sign it

#6 +MikeChipshop

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Posted 17 December 2012 - 17:05

This is terrible.

And that's why I signed the petition to enforce an interest limit on payday lenders, as they're just legalised loan sharks.


Is this petition still around? I'll be up for signing that.

#7 threetonesun

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Posted 17 December 2012 - 17:13

4,214% is 4.214% for us Americans, I assume? 4000+ % seems like it would have to be illegal.

*EDIT* - n/m, they're payday loans, and 4,214% APR is correct!

#8 MightyJordan

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Posted 17 December 2012 - 17:56

Is it an online petition? I`ll sign it

Is this petition still around? I'll be up for signing that.

Indeed it is: http://www.change.or...n-pay-day-loans

#9 Detection

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Posted 17 December 2012 - 18:12

Indeed it is: http://www.change.or...n-pay-day-loans


Nice thanks

#10 TheLegendOfMart

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Posted 17 December 2012 - 18:19

Also signed, hate these kind of people preying on the poor.

#11 Lord Method Man

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Posted 17 December 2012 - 18:21

Also signed, hate these kind of people praying on the poor.


Preying.

#12 +MikeChipshop

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Posted 17 December 2012 - 18:30

Indeed it is: http://www.change.or...n-pay-day-loans


Cheers mate, signed.

#13 TheLegendOfMart

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Posted 17 December 2012 - 18:33

Preying.

Oops, wasn't peying attention.

#14 +ChuckFinley

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Posted 17 December 2012 - 18:38

I think alot more people are going to sign that petition!

#15 OP Hum

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Posted 17 December 2012 - 23:13

I hate these companies, they prey on the poor forcing them into a never ending trap of borrowing and paying back more


Kind of like the boat the USA government is in ...