Hum Posted December 17, 2012 Share Posted December 17, 2012 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. more Link to comment Share on other sites More sharing options...
mps69 Posted December 17, 2012 Share Posted December 17, 2012 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. Tuishimi, jren207, MightyJordan and 1 other 4 Share Link to comment Share on other sites More sharing options...
Detection Posted December 17, 2012 Share Posted December 17, 2012 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 Link to comment Share on other sites More sharing options...
MightyJordan Posted December 17, 2012 Share Posted December 17, 2012 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. mps69, Detection and MikeChipshop 3 Share Link to comment Share on other sites More sharing options...
Detection Posted December 17, 2012 Share Posted December 17, 2012 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 Link to comment Share on other sites More sharing options...
MikeChipshop Member Posted December 17, 2012 Member Share Posted December 17, 2012 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. Link to comment Share on other sites More sharing options...
threetonesun Posted December 17, 2012 Share Posted December 17, 2012 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! Link to comment Share on other sites More sharing options...
MightyJordan Posted December 17, 2012 Share Posted December 17, 2012 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.org/en-GB/petitions/members-of-the-house-of-lords-support-an-interest-cap-on-pay-day-loans mps69 1 Share Link to comment Share on other sites More sharing options...
Detection Posted December 17, 2012 Share Posted December 17, 2012 Indeed it is: http://www.change.or...n-pay-day-loans Nice thanks Link to comment Share on other sites More sharing options...
TheLegendOfMart Posted December 17, 2012 Share Posted December 17, 2012 Also signed, hate these kind of people preying on the poor. TPreston 1 Share Link to comment Share on other sites More sharing options...
Lord Method Man Posted December 17, 2012 Share Posted December 17, 2012 Also signed, hate these kind of people praying on the poor. Preying. Link to comment Share on other sites More sharing options...
MikeChipshop Member Posted December 17, 2012 Member Share Posted December 17, 2012 Indeed it is: http://www.change.or...n-pay-day-loans Cheers mate, signed. Link to comment Share on other sites More sharing options...
TheLegendOfMart Posted December 17, 2012 Share Posted December 17, 2012 Preying. Oops, wasn't peying attention. Link to comment Share on other sites More sharing options...
+John Teacake MVC Posted December 17, 2012 MVC Share Posted December 17, 2012 I think alot more people are going to sign that petition! Link to comment Share on other sites More sharing options...
Hum Posted December 17, 2012 Author Share Posted December 17, 2012 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 ... Detection 1 Share Link to comment Share on other sites More sharing options...
DeadEndAccount Posted December 24, 2012 Share Posted December 24, 2012 I wish people would learn the fact that Visa/MasterCard only provide the processing facilities - the credit is provided by the bank or what ever institution is providing the money. What they're doing is no different than what credit unions do with a revolving personal loan via an EFTPOS card. Link to comment Share on other sites More sharing options...
Dapen Posted December 28, 2012 Share Posted December 28, 2012 /signed I hate these kinda things, this is one reason our economy is in such a bad state surely. Link to comment Share on other sites More sharing options...
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