wonga.com
Representative APR 4214%

No, I did not forget a decimal point.
( bierbelly, Tue 17 Apr 2012, 19:08, 7 replies)

Banks
Penalty fees work out as a worse deal than using Wonga.
( Ungersven would support SpankyHanky's patreon, Tue 17 Apr 2012, 22:04, closed)

Nice reply! The only people who complain about these loans are the people who abuse them..... they do have a place in modern society especially in this time. Its Provident who should be closely monitored as they target non workers and charge phenomenal rates and 'have a friendly doorstop collection service'

And regarding the interest rates being so high, this is because it is based over a 2-3week period and not over a year as APRs normally show.
(the_icks has the sweet essence of giraffe, Wed 18 Apr 2012, 6:41, closed)

I'm never sure if it's a good thing.
On the one hand, they do away with the big fat man banging on peoples doors threatening to beat them up, and as someone said, banks aren't actually much better in some ways.

But . . . Isn;t it obvious that someone in such trouble as to need 300 quid a week before payday, is going to be worse off immediately. Even if it only costs £25, they're also behind the ball even further when they get paid.

They fill a need that it's a little depressing to know exists.
(username failed moderation, Wed 18 Apr 2012, 8:59, closed)

Indeed
The example I like is borrowing £20 off a friend, then giving it back the next week and buying him a drink to say thank you.

Let's say £20 for the loan and £4 for the drink. 20% interest in a week. That's going to come in with an APR of about 13,000
( Ghoti Fingers, Wed 18 Apr 2012, 9:01, closed)

£4 for a drink?
fuck that.
(magic the cat will someone please think of the kittens, Wed 18 Apr 2012, 10:20, closed)

100 teabags for a quid if you shop around
( enoughblueskyforsailorstrousers, Wed 18 Apr 2012, 10:41, closed)

And that Earl cunt?
What's that about??
(username failed moderation, Wed 18 Apr 2012, 11:27, closed)