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View Full Version : Wonga APR is 5,853%



ZenOps
08-17-2013, 08:09 PM
http://www.theguardian.com/money/2013/aug/12/pawnbroker-payday-loans-wonga-rates

And you thought your credit card rate of 28.8% or loan sharks (at around 70% APR) were bad.

And yet, people in England are running to Wonga in droves, desperate to get someone to lend them money to pay the electrical bills for another month.

There is a ton of risk for Wonga on these payday loans, many are bounced cheques from unreputable or complete sham employers giving money out to people with non-existant or bottom barrel credit ratings.

ExtraSlow
08-23-2013, 06:53 AM
Payday loans everywhere are the most expensive type of loan a person can get. We make fun of certain members on beyond for using the HELOC, but at rates around 5% these days, that's practically free compared to these places.