Wonga

[MrMister]

How good are they ?

[cazzz1975]

well I wouldnt use them

http://talkingbollock...rresponsible-lending/

[MrMister]

Any one tried and tested ?

[merciasounds]

Borrowing money costs. You'd be better off sitting down with a piece of paper and a pen and re-working your budget. Food is an easy thing to save on, take a packed lunch, for instance. My nephew was moaning there was 'too much week left after his money had gone' I pointed out if he didn't buy that morning latte at £1.75, the afternoon Coca-Cola at 70p and a sandwich for anything from £1.50 - £2.25, he could save himself £20 at least, walk /take the bus/train or car share turn down the central heating a few notches, take showers instead of baths and if all this can't help you save, then you are living beyond your means and need to reel yourself in before you get into serious debt problems.

[dasherman]

They charge (according to their TV ads) 4,214% APR so if you want to pay extortionate interest rates they're great.

[Mosaic]

Dasher - many young people I have come across believe that high APR = status. So the bigger the APR, the more you can boast about it.
Which shows the extent of financial and mathematical illiteracy in our society.

[gingejbee]

"How good are they?" Well, you want quick money and they let you have it - so far, so good. It's the criminal rate of interest that takes the shine off it. (Opinion - not personal experience,btw.)

[snags]

I've never used or recommend Wonga to anyone, but reading from cazzz's link above, if, for example, you need £100 urgently 'today', have no alternative means of getting it, and can pay it back in a few days, Wonga will lend you it and after 5 days you'll pay them £110.70.

A fee of £10.70 over 5 days to get you out of a temporary hole if you have no other option, doesn't seem that bad imo. It's only if you don't pay back what you owe, when required (and previously agreed) that you get stung big time...