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I note that Wonga.com
cleverly do not state in their ads the APR of the Loan which I understand, from researching on line is 4214%
I am told that it is on the TV ad but is very clevery 'hidden' ; I ask if anyone has seen it on the ad and if so have they the ability to take a photo of it please?
I note that other on line lenders do give their APR on screan but with Wonga I have closely studied the ad with no success and cannot see it anywhere
That is a rather old add and not the one currently on display
I am told that the APR is 'well- hidden 'in the text
I have searched You tube and the current add is not there!!
Perhaps you should be complaining to Ofcom.
No sign of the APR
It cannot be legal requirement for it to be displayed
Not everyone understands "APR".Many moons ago i asked a dealer if he knew what "APR" stood for he said "Our Preferred rate!".
With a short period - and a small sum - you can best see the cost by looking at how much in money it will cost you.
Hands up how many on this group can work out "APR".
I am not pro these short term loans - the cash flow problem can always be overcome by other means but usually these have already been used and the short term loans are a last resort - just before the borrower goes down the pan!!
If you are having a problem with this or any other high interest rate company, then it might pay to have a look at the Office of Fair Trading, because I believe that they have recently started an investigation on this very subject.
I am not currently having any 'problems' with any 'money-lenders' but my 'curiosity' about them was arroused when I started to 'become aware' of their APR's ; so far most of the ads of the money lenders do quite clearly give the APR ...except wonga .com
I got into a discussion with someone during rehearsals for a concert I was participating in and she told me the APR is on the ad on Wonga .com but is very cleverly 'hidden ' in the blue box ; since that' knowledge came my way I have looked very closely at the ad and still cannot see the APR on it
If you start to compare the APR's of the lenders you start to get some surprises; the worst so far is that of Wonga....
I also noted a comment that the on- line lenders will not allow you to combine their loan with any other but I read a newspaper article that said that many people do combine the loans and get themselves in to even greater debt!!
If an ad is selling a loan it has to display the typical APR clearly, and the Wonga loan ads do print the number in quite big type, and it's on screen for a good few seconds (there's rules about type size and duration, but I can't find them at the moment)
The short ads that book-end the US cop dramas on Channel 5 are selling the brand, rather than a specific product, so don't need to display the APR
The sort of people that need to use someone like Wonga aren't the least bit interested in APR and, like most people, don't really understand it anyway.
They are short of money and want to know what it will cost them in £s to borrow £xx till pay day next week.
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