Wonga offers instant loan option on retailer websites

By Hum
in Back Page News

 Share

Recommended Posts

Grand Master

Hum

Posted
Posted

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

Experienced

mps69

Posted
Posted

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, SteveMackinnon, MightyJordan and 1 other
  • Like 4
Grand Master

Detection

Posted
Posted

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

Grand Master

MightyJordan

Posted
Posted

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.

  • MikeChipshop, mps69 and Detection
  • Like 3
Grand Master

MikeChipshop Member

Posted
  • Member
Posted

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.

Grand Master

MightyJordan

Posted
Posted

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

Mentor

DeadEndAccount

Posted
Posted

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.

This topic is now closed to further replies.
 Share
Go to topic listing

  • Posts

    • The Trump administration doesn't want you to use OpenAI's GPT-5.6 without its approval

      By ad47uk · Posted

      The only reason I want to know where you from is because if you are not from the U.K, then why should you care what we in the U.K do or don't do? Racist I am not, I am fed up with the amount coming over here and feel they can come over here and think we need to support them. Do you know how much it costs this country to support these people coming over here? Even when we give them a place to live it is not good enough. We had a barge that was being used to house immigrants, oh but that was not good enough. A mate said to me at the time, when he was homeless, he would have been happy to live on the barge, instead of ending up sleeping on a bench on the beach. I am not scared to say what my family heritage is, unlike you who is scared to say where they are from or where they live. Father side U.S, mother side Wales, still have family living in the U.S. A mate who sadly died a few years ago, had a load of people from different races recording in his studio, I got on with all of them. Skin colour don't bother me, where they are from don't bother me. Religion don't bother me as long as they don't push it onto me and it is not crazy stuff. I am not religious. But if you are not living in the U.K, then why should you care if we are in the E.U or not? This the problem, too many people poking their noses into where it don't belong. But you believe what you believe, if you think I am racist, then be it, I really do not care. Just grow a pair
    • Why it's almost impossible to produce a smartphone in the United States

      By dismuter · Posted

      If he hasn't been able to figure that out, then why is he obsessed with tariffs? Because that's one of the most prominent tools to level the playing field when you have high cost of labor.
    • Microsoft released Windows 11 KB5102558, KB5095615 Setup and Recovery updates

      By hellowalkman · Posted

      Microsoft released Windows 11 KB5102558, KB5095615 Setup and Recovery updates by Sayan Sen This past week Microsoft released the newest preview update (C-release) under KB5095093. Alongside those, Microsoft also released new dynamic updates. For those who may not know, dynamic updates bring improvements to the Windows Recovery process in the form of Windows Recovery Environment (WinRE) updates, which are also called Safe OS updates. The dynamic updates also affect the Setup file binaries in the form of Setup updates. These Dynamic Update packages are meant to be applied to existing Windows images prior to their deployment. Dynamic Updates also help preserve Language Pack (LP) and Features on Demand (FODs) content during the upgrade process. VBScript, for example, is currently an FOD on Windows 11 24H2. This time both recovery and setup updates were released for Windows 11. The company writes: "KB5095186: Safe OS Dynamic Update for Windows 11, version 26H1: June 23, 2026 This update makes improvements to the Windows recovery environment (WinRE). After installing this update, the WinRE version installed on the device should be 10.0.28000.2335. KB5102558: Setup Dynamic Update for Windows 11, versions 24H2 and 25H2: June 23, 2026 This update makes improvements to Windows setup binaries or any files that setup uses for feature updates in Windows 11, version 24H2 and Windows 11, version 25H2. KB5095615: Safe OS Dynamic Update for Windows 11, versions 24H2 and 25H2: June 23, 2026 This update makes improvements to the Windows recovery environment (WinRE). After installing this update, the WinRE version installed on the device should be 10.0.26100.8737." Microsoft notes that both the Recovery and Setup updates will be downloaded and installed automatically via the Windows Update channel.
    • Politically funny images of the World

      By +Edouard · Posted

    • Why it's almost impossible to produce a smartphone in the United States

      By TsarNikky · Posted

      The high cost of labor and operating within the US. Donald hasn't been able to figure that out--pathetic.

  • Recent Achievements

    • Conversation Starter
      jessse3334 earned a badge
      Conversation Starter
    • Reacting Well
      JuvenileDelinquent earned a badge
      Reacting Well
    • One Month Later
      Excellence2025 earned a badge
      One Month Later
    • Week One Done
      Excellence2025 earned a badge
      Week One Done
    • Week One Done
      flexorcist earned a badge
      Week One Done

  • Popular Contributors

    1. 1
      +primortal
      508
    2. 2
      +Edouard
      200
    3. 3
      PsYcHoKiLLa
      151
    4. 4
      Steven P.
      73
    5. 5
      macoman
      62
    Show More

  • Tell a friend

    Love Neowin? Tell a friend!