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Post by easteregg on May 14, 2014 11:31:44 GMT
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j
Member of DD Central
Penguins are very misunderstood!
Posts: 2,188 
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Post by j on May 14, 2014 11:44:37 GMT
I've read/heard of some people whom pawning does work for & help out in a tight spot, provided they manage their debts to such firms but, many others fall foul of the extortionate rates & gets into even more spiraling debts. Each to their own but definitely not for me on this one
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Post by easteregg on May 14, 2014 12:10:30 GMT
I've written a small article on the topic:
blog.p2pmoney.co.uk/wonga-move-into-p2p
In summary I'm sceptical as lenders will be put off with the Wonga brand, as peer-to-peer lending is not high rate payday lending. The only UK company that tried to launch a payday P2P loans only lasted a year.
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j
Member of DD Central
Penguins are very misunderstood!
Posts: 2,188
Likes: 540
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Post by j on May 14, 2014 13:03:46 GMT
I've written a small article on the topic:
blog.p2pmoney.co.uk/wonga-move-into-p2p
In summary I'm sceptical as lenders will be put off with the Wonga brand, as peer-to-peer lending is not high rate payday lending. The only UK company that tried to launch a payday P2P loans only lasted a year. Your article succinctly outlines why I would not be interested. The Wonga business ethical issues aside, the rates they charge the borrower (75% ARP) whilst only paying investors 7.35% says it all! I shall stop commenting on the matter here as they're getting all this free advertising by us discussing them on these pages...the fiends 
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james
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Post by james on May 14, 2014 20:04:54 GMT
The FAQ states that a borrower can repay early. It also states that if a borrower repays early the lender does not receive interest for that part of the month. Which leaves me wondering whether the borrower is charged interest for that part of the month and what happens to that interest.
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Post by batchoy on May 14, 2014 22:09:15 GMT
An unusual clause in their Ts&Cs you must have a mobile phone, and if you don't have one at registration or there after they will terminate your account. Interestingly it doesn't state that the mobile phone should be have a sim card and an associated and active contract with a mobile phone provider. Also if I am reading the Ts&Cs correctly you can't lend more than £2000 total.
Reading the FAQ, in response to the question 'What can I expect may investment to earn?' they use and interesting phrase 'We will work to deliver a return of 7.23% AER' which to my mind doesn't mean anything it certainly doesn't mean that they will definitely pay 7.23%. They could pay 0% AER and still comply with their statement.
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bugs4me
Member of DD Central
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Post by bugs4me on May 14, 2014 22:18:26 GMT
The FAQ states that a borrower can repay early. It also states that if a borrower repays early the lender does not receive interest for that part of the month. <snip> Bet your bottom $ that Wonga will take whatever they can grab - will be in the ultra fine small print somewhere. That will apply to both the borrower and the lender. Surely these guys can't be serious or can they. Do they really think lenders/investors are that gullible!!!!!
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j
Member of DD Central
Penguins are very misunderstood!
Posts: 2,188
Likes: 540
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Post by j on May 14, 2014 22:30:24 GMT
The FAQ states that a borrower can repay early. It also states that if a borrower repays early the lender does not receive interest for that part of the month. <snip> Bet your bottom $ that Wonga will take whatever they can grab - will be in the ultra fine small print somewhere. That will apply to both the borrower and the lender. Surely these guys can't be serious or can they. Do they really think lenders/investors are that gullible!!!!! I think that's exactly their modus operandi. Extremely extortionate profits on the back of unsuspecting &/or desperate people over the short term
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