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Wonga's profits exceed all expectations
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Posted September 17, 2012 at 3:48PM
Well, would you credit it! Well no I wouldn't, as tighter financial constraints lead some hard-pressed consumers to take out loans with this and other cash loan companies. Hoping desperately to pay back this short-term loan in time to avoid, as in this case, an eye-boggling typical annual percentage rate (APR) of 4,214 per cent! money lenders
I remember my daughter years ago getting into problems with credit cards. She was using each card alternatively to pay off the other but her debt figures always increased month on month. We were obliged to settle up her debts with the stern proviso that she tore up her cards and would pay us back as she could afford. Taught her a severe lesson in the pitfalls of getting into unaffordable debt.
What is happening to some now far exceeds the situation my daughter was in all those years ago. I do hope the vast majority manage to pay back their loans on time, possibly with the help of family. I hope too that their circumstances change where they become financially self-supporting again. TC.
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Posted September 18, 2012 at 8:43AM
I'm not a user, or a fan, of Wonga, but to be fair every advert of theirs I've seen is entirely up front about the interest rate and show it in large figures, unlike many others who tuck extortionate rates down at the bottom of the small print, or gabble it so fast you can't comprehend it.
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