The man in charge of Wonga has defended the payday loan industry in the wake of being grilled by politicians.
Younger borrowers are more financially savvy than their baby boomer counterparts, according to the Consumer Finance Association (CFA).
Access to payday loan websites on Cheshire West and Chester Council-owned (CWCC) computers will be blocked, according to new plans released by the local authority.
While the contents of Wonga's annual payday loan report has been circulated within the press since the start of the week (September 2nd), an official version has now been released.
Wonga payday loans, find out more information about Wonga and decide if you want to apply for a cash loan from them.
WHAT’S THE COMPANY ABOUT?
A ground-breaking company based in London offering a uniquely flexible payday loan service. Use the slider on their website to decide how much to borrow and for how long.You will see the full cost of repayment, plus the £5.50 transmission fee, so if you’re happy you can apply at the click of a button. You can borrow up to £1,000 (£400 maximum for new customers). The decision is instant you are guaranteed to have your money within 15 minutes. Wonga is a genuine 24/7 payday loan service. You only pay interest on the amount of time you borrow from Wonga, not a full month like some other payday loan companies - so the overall cost of the loan can work out cheaper. Plus, if you pay back the loan early, you pay less. In some cases, Wonga may ask for you to provide a guarantor in order to have your loan application approved.
With Wonga you can borrow up to £1,000 (£400 maximum for new customers).
An instant decision following a quick online application form - and if approved, your money transferred within 15 minutes.
•Uniquely flexible payday loans
•You choose how to borrow and for how long using website slider
•Borrow up to £1,000 (£400 maximum for new customers)
•Simple online application form
•A decision in an instant and your money within 15 minutes
•A genuine 24/7 payday service
•You don’t need to be employed but you must have a regular income
•You only pay interest on the amount of time you have the loan, not a full one month period automatically.
•If you pay back the loan early, you pay less.
•A payday loan is designed to cover short term cash flow problems only
•A payday loan is not a cost effective way to borrow in the longer term.
•If you require a payday loan for longer than the repayment limit shown, please seek professional advice to consider alternative, more suitable, solutions.
Address: Wonga.com 88 Crawford Street, London W1H 2EJ
Uniquely flexible loans - apply and have your cash within 15 minutes.
To apply with Wonga, you need to be over 18, living in the UK and have a regular income.
Borrow: £207 for 20 days
Total amount payable: £254.42
Representative APR: 4214%
Wonga Payday Loans
Payday loans have been in the news a lot lately due to their increase in people seeking out this form of lending, and also due to the high interest rates that can be charged.
Now Wonga, a payday loan company, have found themselves a new bit of advertising, and not like their TV adverts, which feature elderly puppets granting loans, it isn’t as cute.
Wonga has removed pages from its web site after they were accused of being irresponsible for targeting students.
In my trying to view their web site, it was down, or completely swamped and the server could not keep up.
Payday loans are a short-term easy way for people who are working and have a bank account to get access to cash. Wonga has stated they will continue to accept applications from working students, and that the article on their web site was out of date and ‘gave rise to misunderstanding’.
The NUS (National Union of Students) criticised the marketing technique that Wonga had on their web site, and felt it encouraged students to live beyond their means.
Anyway, that page on the site has been changed or removed.
Students have long been a target, for lack of a better term, for banks and lenders. I remember doing some research into the number of credit card companies that offered credit cards to students, and the number of students that graduate not only with student loan debt, but also with credit card and various other loans.
While payday loans can be a useful financial tool for some people, they need to be reviewed and looked at throughly before being entered into.
The Use Of Payday Loans
As more and more of us struggle to get by each month, we find new and creative ways to make our money stretch to the end of the month. Of course there are times when it just isn’t going to happen, and more and more people are using payday loans to help them get through till their next payday.
The loans themselves are easy to apply for, the basic criteria to obtain a loan is that you are working and have a bank account.