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wonga.com APR?


p;3

Likes # 0

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

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bremner

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alan14

Look at the latest 30 second Wonga TV ads in my link above, none of which displays the APR.

If as you say it is illegal not to display the APR why are these ads allowed?

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Woolwell

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The ad states we will tell you much it will cost. The problem is that those looking for this type of loan rarely stop and realise just how much it will cost.

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interzone55

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bremner

According to the Office of Fair trading

if an advertisement includes an interest rate or any amount relating to the cost of the credit - this triggers a 'representative example' including a 'representative APR'.

The adverts don't give any indication of cost, so they get away with it.

I have seen Wonga ads in the past with an APR, I think they've got wise now and found a way to avoid displaying the rate

http://www.oft.gov.uk/about-the-oft/legal-powers/legal/cca/guidance

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theDarkness

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What I hate about the adverts from so many of these companies in the same money lending field, including 'wonga', is they almost always look like they are aiming at a certain type of audience, young and/or student springs to mind, as I dont think I have come across many ads that are not trying to be comedic or 'fun' in nature. They almost like to remind possible customers of how easy, fast and dead simple it is to join up and get that money straight into their account via one or two easy clicks. So easy and fast in fast that you forget about reading any small print, taking note on understanding apr or interest rates, or regarding how much you may have to pay back in full etc if everything doesnt go as well as planned, lol. I shouldnt laugh, but it just gives the impression that its a complete scam, however legal it may currently be :( I am surprised on the amount of people that dont understand APR, yet sign up anyway. They might like to read this:- http://blog.moneysavingexpert.com/2011/09/21/fact-borrowing-100-at-wongas-apr-costs-more-than-the-us-national-debt-over-14-trillion-after-7-years/

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finerty

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the apr is very very very and more very high

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