Wonga offers instant loan option on retailer websites

By Hum
in Back Page News

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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.

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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.

  • SteveMackinnon, MightyJordan, Tuishimi 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.

  • mps69, Detection and MikeChipshop
  • 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.

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