Wonga Loans

Discussion in Loans started by tasha • Jun 11, 2015.

  1. tasha

    tashaActive Member

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    I found a thing online that offers an instant loan which gave me R2500 and I had to pay it back in a month for R500 interest which is crazy expensive but good when you really urgently need it. I paid it back as soon as I got the money and later tried to apply for another one only to be turned down as they required bank statements etc like the bank. Now why would you do that if it is easier at the bank with lower interest?
     
  2. MyDigitalpoint

    MyDigitalpointActive Member

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    wonga loans sound like your country's version of US-payday loans, which are small amounts of money you can borrow against your payday check, and therefore are meant to be repay in the next 30 days.

    Payday loans are certainly the most expensive money you can borrow due to high interest rates, but the advantage they have is that your credit history doesn't count when it comes to approve the loan, as opposed to get a loan from the bank or other lending institutions, which interest rate is lower, but requires a good credit history backing you up, besides other requisites.

    With payday loans you only need to have an employment that guarantees the repayment of the loan, if you have none, the Wonga instant loan that you are describing will likely be declined.
     
  3. tasha

    tashaActive Member

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    I think that was the initial plan for the Wonga loan here but it changed probably because they were giving loans to people who lied about employment and couldn't pay it back. I think they did us a favour because the interest was ridiculous and cheaper to have swallowed pride and borrowed from family.
     
  4. Onionman

    OnionmanActive Member

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    Wonga loans are the scourge of society. People don't seem to realise what kind of APR they are actually paying back on their debt. And even those that do have a sense of it will still sometimes take them out - admittedly sometimes when they genuinely need them but also sometimes when they could and should look for alternatives. People need to appreciate that these should only be used in proper emergencies, not situations where they could get round it.
     
  5. tasha

    tashaActive Member

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    It is nice to know that you can borrow when you really need it but at that interest rate it is crazy and everyone should have a backup plan and save where they can for an emergency that is not going to cost them double what it should,.
     
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