i have ment to ask this question before but always forget, but last night i saw a differant advert but meaning the same, these adverts about borrowing money over a short period and not that much either, have you seen the intrest chargers over 2000% and yesterday over 3000% am i seeing things here and who ever users them , not me for sure
Sure it's 2000%? That would mean someone who borrowed £1,000 for instance would have to pay £20,000 back, unless I've got my maths wrong.
Wonga does about 4000%. However used correctly they do supply a useful service. I know some banks charge £20 a day for certain accounts if you go overdrawn, so what % is that on £0?As long as these companies are upfront with the pricing, and I believe Wonga is, then it is not a problem, as it is up to the individual whether they use it or not.
They can also be useful to people with screwed credit scores as it can help rebuild it. The other rebuild option is the credit cards with about £200 limit and 30% APR.
Each is available for people with different needs.
Keith - Administrator
yes its good for who ever wants to use it , in my early days my limit was £100 and most weeks we was overdrawn, its a long hard road to get out of the trap you get yourself into, leasons learnt the hard way just makes you think you dont want to end up like that again,
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