Tiresias Posted October 9, 2012 Share Posted October 9, 2012 Wonga charge more than other pay day lenders though, their advantage is the speed in which they get you the money (and as a result the lack of research they do into if you can pay it back) Link to post Share on other sites More sharing options...
Guest bimpy474 Posted October 9, 2012 Share Posted October 9, 2012 Wigan, West Ham, Stoke all sponsored by Gambling website, as were Sunderland till last year, now sponsored by an Oil company via something dressed up social responsibility programme, Villa sponsored by a casino chain, Everton by beer, and Liverpool by alleged money launderers. This is a great post this like, you could pick apart every sponsor in some way or another. Lets just say, it is what it is and fuck it. Why stop at vermin when we can get head lice? Serioulsy let's find out how much arms manufacturers are offering...Fyck that let's get Blackwater and cut out the middle man. Only Lambyarse and Mashley could dream this shit up. Still wont change nowt though. Not happy about it but what if they put millions into the local community, what then ?. Cut off the arms of every person who handled their money. [/vietcong]. Hey, i'm off for a poo, probably made the toilet paper in a sweatshop in taiwan by kids aged 4, bastards but its so soft on my bumhole Seriously though, not the best sponsor. This club is never straight forward is it. Link to post Share on other sites More sharing options...
Parky Posted October 9, 2012 Share Posted October 9, 2012 They prey on people betting they won't stick to the payments and as many in serious jeapordy often play one lender off against another that is where the profit is. There wouldn't really be much money in the model if people didn't roll over payments and so on.. Link to post Share on other sites More sharing options...
Parky Posted October 9, 2012 Share Posted October 9, 2012 Wigan, West Ham, Stoke all sponsored by Gambling website, as were Sunderland till last year, now sponsored by an Oil company via something dressed up social responsibility programme, Villa sponsored by a casino chain, Everton by beer, and Liverpool by alleged money launderers. This is a great post this like, you could pick apart every sponsor in some way or another. Lets just say, it is what it is and fuck it. Why stop at vermin when we can get head lice? Serioulsy let's find out how much arms manufacturers are offering...Fyck that let's get Blackwater and cut out the middle man. Only Lambyarse and Mashley could dream this shit up. Still wont change nowt though. Not happy about it but what if they put millions into the local community, what then ?. Cut off the arms of every person who handled their money. [/vietcong]. Hey, i'm off for a poo, probably made the toilet paper in a sweatshop in taiwan by kids aged 4, bastards but its so soft on my bumhole Seriously though, not the best sponsor. This club is never straight forward is it. Sad day. Link to post Share on other sites More sharing options...
Dave Posted October 9, 2012 Share Posted October 9, 2012 They prey on people betting they won't stick to the payments and as many in serious jeapordy often play one lender off against another that is where the profit is. There wouldn't really be much money in the model if people didn't roll over payments and so on.. How do they prey on people? Genuine question, I've seen it mentioned a lot. Link to post Share on other sites More sharing options...
Mattoon Posted October 9, 2012 Share Posted October 9, 2012 Because APR denotes the % paid over a year. Like I said, I don't agree with the way they run their business, but it's these APR rates that are being branded around like a stick to beat with. And also to just be a little pedantic, why would someone who only earns £56.25 a week take out a £100 loan with a view to paying it back in a week when their income doesn't cover that? People have needs, no matter how much they get paid. And until someone steps in and regulates the payday "legal lone sharks" this will continue. My argument is not about what they do but the hypocrisy of all the media hype, I'm not condoning or supporting what they do, I'm merely dismantling the media soap box that's been erected outside SJP. Link to post Share on other sites More sharing options...
WarrenBartonCentrePartin Posted October 9, 2012 Share Posted October 9, 2012 They prey on people betting they won't stick to the payments and as many in serious jeapordy often play one lender off against another that is where the profit is. There wouldn't really be much money in the model if people didn't roll over payments and so on.. How do they prey on people? Genuine question, I've seen it mentioned a lot. this. Nee ones forcing you to take out the loan. They're not pressuring you into doing so. In all honesty, people that work in Phones4U "prey" on people more than Wonga.com do. Link to post Share on other sites More sharing options...
Mole_Toonfan Posted October 9, 2012 Share Posted October 9, 2012 Wigan, West Ham, Stoke all sponsored by Gambling website, as were Sunderland till last year, now sponsored by an Oil company via something dressed up social responsibility programme, Villa sponsored by a casino chain, Everton by beer, and Liverpool by alleged money launderers. Exactly why i don't give a shit, perhaps we should be looking for a less controversial sponsor but you can pick any sponsor apart and say it sets a bad example. All i care about is the financial implications and how it will effect this club. Link to post Share on other sites More sharing options...
SEMTEX Posted October 9, 2012 Share Posted October 9, 2012 So, wonga made record profits last year, they're obviously doing very well as a company. Surely that level of profit is not solely achieved through the most destitute of folk getting £20 Wonga loans to pay for rice & beans? IMO the vast majority of Wonga customers have to be people who have decided they'd like to have X item 10 days earlier than they would otherwise be able to get it, and they're happy to take the financial hit. Perhaps they need their approval process investigated/improved, but there is nothing wrong with the notion of a short term loan company IMO. Link to post Share on other sites More sharing options...
Tiresias Posted October 9, 2012 Share Posted October 9, 2012 whereas other lenders would not give out a loan as they know they won't get it back Wonga can't really do that with their promise of super fast getting you the money to clarify in principle fine, responsible lending is nothing wrong really, from the guardian The Office of Fair Trading told Wonga in May it must improve its debt collection practices, and threatened to fine the firm. The warning came after the lender sent letters in 2010 to borrowers who were struggling with repayments suggesting they might be guilty of fraud. In the letter Wonga said it would consider contacting the police if the customers did not act as Wonga requested. Link to post Share on other sites More sharing options...
joeyt Posted October 9, 2012 Share Posted October 9, 2012 Wonga trending worldwide Good publicity Link to post Share on other sites More sharing options...
SEMTEX Posted October 9, 2012 Share Posted October 9, 2012 whereas other lenders would not give out a loan as they know they won't get it back Wonga can't really do that with their promise of super fast getting you the money They could pre-approve you on sign-up, and then from that point on offer a QUICK loan of X amount, within your limitations. Link to post Share on other sites More sharing options...
Parky Posted October 9, 2012 Share Posted October 9, 2012 They prey on people betting they won't stick to the payments and as many in serious jeapordy often play one lender off against another that is where the profit is. There wouldn't really be much money in the model if people didn't roll over payments and so on.. How do they prey on people? Genuine question, I've seen it mentioned a lot. Because their target audience are families (single mothers etc) in serious jeapordy combined with financial illiteracy and often just surviving week to week. The most vulernable in society as it were. It's wildly disengenous to take the 'they deserve it' cause they're idiots etc...stance (not saying you are). I understand there isn't much we can do about it other than moaning about it. But I fancy the gut feeling of most on here is that this is a highly distasteful situation and not one a football club with any real concern for the host community should be going anyway near for it legitamises the operation. Link to post Share on other sites More sharing options...
Tiresias Posted October 9, 2012 Share Posted October 9, 2012 whereas other lenders would not give out a loan as they know they won't get it back Wonga can't really do that with their promise of super fast getting you the money They could pre-approve you on sign-up, and then from that point on offer a QUICK loan of X amount, within your limitations. they could, but they don't if they were responsible i'd have less issue Link to post Share on other sites More sharing options...
Numbers Posted October 9, 2012 Share Posted October 9, 2012 They prey on people betting they won't stick to the payments and as many in serious jeapordy often play one lender off against another that is where the profit is. There wouldn't really be much money in the model if people didn't roll over payments and so on.. How do they prey on people? Genuine question, I've seen it mentioned a lot. I am curious how they prey on people too like, do they come round your house with the heavies like? Really anyone taking out a loan they can't afford to pay back are doing a naughty anyway. Link to post Share on other sites More sharing options...
cp40 Posted October 9, 2012 Share Posted October 9, 2012 These APR rates being banded about are utterly irrelevant as they don't lend money over a year, if you were to borrow 100 from them, in a weeks time you would need to pay back 110, that's equivalent of 14,000% APR, but you would never pay that interest because it is a short term loan. How is the APR irrelevant? Somebody under 25 gets £56.25 a week and would have to pay almost 20% of his/her weekly benefit in interest alone using the figures you use. It's not irrelevant but it's a pretty misleading way to compare them to other lenders, because it's the representative rate as extended over a year. Which payday lenders don't do. Saw an analogy elsewhere that said if you borrowed £20 from a mate and paid them it back a week later and also bought them a pint for £3.50 to say thanks, you probably wouldn't think anything of it. But calculated as an APR it would be horrendous. According to their website Wonga would charge you £7.26 for the same example, so maybe two pints. Wonga charge £7 on a £20 loan for a week? that is fucking ridiculous. Link to post Share on other sites More sharing options...
colinmk Posted October 9, 2012 Share Posted October 9, 2012 These APR rates being banded about are utterly irrelevant as they don't lend money over a year, if you were to borrow 100 from them, in a weeks time you would need to pay back 110, that's equivalent of 14,000% APR, but you would never pay that interest because it is a short term loan. How is the APR irrelevant? Somebody under 25 gets £56.25 a week and would have to pay almost 20% of his/her weekly benefit in interest alone using the figures you use. It's not irrelevant but it's a pretty misleading way to compare them to other lenders, because it's the representative rate as extended over a year. Which payday lenders don't do. Saw an analogy elsewhere that said if you borrowed £20 from a mate and paid them it back a week later and also bought them a pint for £3.50 to say thanks, you probably wouldn't think anything of it. But calculated as an APR it would be horrendous. According to their website Wonga would charge you £7.26 for the same example, so maybe two pints. Wonga charge £7 on a £20 loan for a week? that is fucking ridiculous. Haha no way?! Link to post Share on other sites More sharing options...
Numbers Posted October 9, 2012 Share Posted October 9, 2012 These APR rates being banded about are utterly irrelevant as they don't lend money over a year, if you were to borrow 100 from them, in a weeks time you would need to pay back 110, that's equivalent of 14,000% APR, but you would never pay that interest because it is a short term loan. How is the APR irrelevant? Somebody under 25 gets £56.25 a week and would have to pay almost 20% of his/her weekly benefit in interest alone using the figures you use. It's not irrelevant but it's a pretty misleading way to compare them to other lenders, because it's the representative rate as extended over a year. Which payday lenders don't do. Saw an analogy elsewhere that said if you borrowed £20 from a mate and paid them it back a week later and also bought them a pint for £3.50 to say thanks, you probably wouldn't think anything of it. But calculated as an APR it would be horrendous. According to their website Wonga would charge you £7.26 for the same example, so maybe two pints. Wonga charge £7 on a £20 loan for a week? that is f***ing ridiculous. I would want 3 pints like Link to post Share on other sites More sharing options...
BlueStar Posted October 9, 2012 Share Posted October 9, 2012 Using some of the logic on this thread, is it possible for anyone to prey on the desperate and vulnerable? Illegal loan sharks? Dodgy door-to-door double glazers knocking on old folks doors? Confidence tricksters? Drug dealers? Protection rackets? Gang masters? People traffickers? Crooked landlords? Pimps? It's easy to say "Oh, well, they shouldn't have got involved in it", not so much when you're desperate, have mental health problems or are semi-literate. Link to post Share on other sites More sharing options...
colinmk Posted October 9, 2012 Share Posted October 9, 2012 Using some of the logic on this thread, is it possible for anyone to prey on the desperate and vulnerable? Illegal loan sharks? Dodgy door-to-door double glazers knocking on old folks doors? Confidence tricksters? Drug dealers? Protection rackets? Gang masters? People traffickers? Crooked landlords? Pimps? It's easy to say "Oh, well, they shouldn't have got involved in it", not so much when you're desperate, have mental health problems or are semi-literate. Link to post Share on other sites More sharing options...
Parky Posted October 9, 2012 Share Posted October 9, 2012 What Wonga do is illegal in France, Germany and most of the U.S. In germany ursuary is a prisonable offence. Just to bring some context to the discussion. Link to post Share on other sites More sharing options...
cp40 Posted October 9, 2012 Share Posted October 9, 2012 Using some of the logic on this thread, is it possible for anyone to prey on the desperate and vulnerable? Illegal loan sharks? Dodgy door-to-door double glazers knocking on old folks doors? Confidence tricksters? Drug dealers? Protection rackets? Gang masters? People traffickers? Crooked landlords? Pimps? It's easy to say "Oh, well, they shouldn't have got involved in it", not so much when you're desperate, have mental health problems or are semi-literate. I know its the derby next week but did you have to bring Sunderland into it? Link to post Share on other sites More sharing options...
WarrenBartonCentrePartin Posted October 9, 2012 Share Posted October 9, 2012 The government could set up some form of alternative, more ethical scheme but of course Gideon wouldn't allow funding for that. The government could introduce or change any laws in place which would make it harder for the likes of Wonga to get away with such a thing but of course they don't actually give a shit. Link to post Share on other sites More sharing options...
Parky Posted October 9, 2012 Share Posted October 9, 2012 Using some of the logic on this thread, is it possible for anyone to prey on the desperate and vulnerable? Illegal loan sharks? Dodgy door-to-door double glazers knocking on old folks doors? Confidence tricksters? Drug dealers? Protection rackets? Gang masters? People traffickers? Crooked landlords? Pimps? It's easy to say "Oh, well, they shouldn't have got involved in it", not so much when you're desperate, have mental health problems or are semi-literate. Totally agree. Link to post Share on other sites More sharing options...
cp40 Posted October 9, 2012 Share Posted October 9, 2012 tbh I think this thread is getting a bit carried away- I think thier target is peopel who want an overdraft, but have been fucked over too many times by thier banks charges, and dirty tricks. Link to post Share on other sites More sharing options...
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