To think that Wonga should not be allowed to target students?

[HedleyLamarr]

Their take on student loans. Apparently it's better to take out a series of high interest short term loans rather than a long term low interest loan you don't have to pay back unless you earn over a certain amount. Cunts

And breathe...

ginmakesitallok is spot on - If you payback on time its very often cheaper than the £5 a day plus that a lot of banks charge for unauthorised overdraughts or taking cash out on a credit card. Cheaper than the fees some catalogues charge in late fees and reconnection charges for some utility services.
We need to teach kids about finance/consumer rights in school - we spend all our adult lives as consumers.

Unfortunately, there are some people whose credit histories are so poor that when they need credit, their only options are Wonga et al or loan sharks. I think credit unions have actually said that even they would have to charge incredibly high rates of interest to people in that position. I absolutely abhor the payday lenders and the tactics they use. But the one thing I will say for them is that they don't fuck people over quite as badly as loan sharks do. So I think the idea is that they're the lesser of the two evils.

However, there are limits on the annual amount of interest that loan companies are allowed to charge in some other countries, France for example. And I'm not aware of them having a bigger loan shark problem than we do. I understand that the options are either letting lenders charge high rates to the particularly risky, or them not existing. But I do think we could look at limits on interest rates and on targeting the particularly vulnerable, without driving Wonga etc totally out of business.

I agree wrt hidden bank charges. Like Kayano and MyFirstSpanishHoliday I don't use credit. I don't have an overdraft despite my bank trying to arrange one for me. They've given up asking now.

Looks like they've now removed it from their website!

yep Vicbic - was just about to say that. I clicked the link and there is now a spiel about not targetting students (but also not discriminating against them for loans if they have an income)

These companies scare the crap out of me too!

They've taken the page down. Article in The Grauniad

terryfinder, I have reported your First post

Oh yes let's all go and run up stupid debt. Come on girls. Free money!! Fuck e why didn't someone tell us all sooner???

Wonga is seriously irresponsible. I look forward to the day they get shut down over their marketing ploys.

YABU to think that a company shouldn't be allowed to direct their advertising at a particular section of the adult population.

YANBU to think they are being misleading.

Wonga is an abhorrent vile shit of a company that seems to have no morals. I can't believe in this day and age that it's allowed to function as a legal company. Even the name "wonga" just shows it's flippant attitude towards money. Utter disgrace and the vulnerable are picked out by it's "humorous" and light hearted tv advertising campaign.

Bingo, No win no fee, and money shop adverts should all be banned. They are fuelled by greed and target those who can afford the least.

Far worse and more harmful long term than adverts aimed at children and promoting baby formula which are already banned!