Leaked letter reveals Wonga thought it was worth £15bn

[OwlHoot]

Speaking of mortgages, super-high rate very short-term loans are often used here aren't they (bridging loans)?

Also, most respectable high street banks and building societies run less reputable high-interest loan outfits on the quiet, along the lines of Wonga (or I'm sure they did).

[Martin@AS Financial]

Latest update - Wonga records pre-tax loss following £35m customer redress hit:

Wonga records pre-tax loss following £35m customer redress hit | News | Mortgage Strategy

[vetran]

Latest update - Wonga records pre-tax loss following £35m customer redress hit:

Wonga records pre-tax loss following £35m customer redress hit | News | Mortgage Strategy

just joking

couldn't happen to a nicer bunch!

[ZARDOZ]

I dont see the issue with Wonga et al. They are lending to people who cannot get traditional loans as they are such a bad risk CCJs multiple defaults Etc. Usually pretty feckless types. The high rates offset the defaults and if the loan were paid back on time the cost isn't that high. Of course the type of customer is usually going to not pay back on time. A tax on idiots maybe but is it the job of government to protect fools?

[SimonMac]

I dont see the issue with Wonga et al. They are lending to people who cannot get traditional loans as they are such a bad risk CCJs multiple defaults Etc. Usually pretty feckless types. The high rates offset the defaults and if the loan were paid back on time the cost isn't that high. Of course the type of customer is usually going to not pay back on time. A tax on idiots maybe but is it the job of government to protect fools?

Its 6 of one in essence, not everyone who used PDL have bad credit, they can't get credit and there is a slight difference, but yes basically Wonga are taking a bigger risk so they can demand a bigger fee

[slice16]

Wonga are also strict on their own borrowing!

Wonga declares £37.3m loss after accidentally borrowing a fiver from itself

[BrilloPad]

I dont see the issue with Wonga et al. They are lending to people who cannot get traditional loans as they are such a bad risk CCJs multiple defaults Etc. Usually pretty feckless types. The high rates offset the defaults and if the loan were paid back on time the cost isn't that high. Of course the type of customer is usually going to not pay back on time. A tax on idiots maybe but is it the job of government to protect fools?

Government wants people to borrow loads of money! Else the economy would sink.

It will all end in tears. The question is when.

[vetran]

I dont see the issue with Wonga et al. They are lending to people who cannot get traditional loans as they are such a bad risk CCJs multiple defaults Etc. Usually pretty feckless types. The high rates offset the defaults and if the loan were paid back on time the cost isn't that high. Of course the type of customer is usually going to not pay back on time. A tax on idiots maybe but is it the job of government to protect fools?

the payday loan companies falsified solicitors letters loaded the charges etc.Hardly nice.

the people that borrow as you point out aren't the best with money.

Its a bit like putting a Ben & Jerrys outlet in slimming world or free cigarette samples in a cancer ward.

[SueEllen]

the payday loan companies falsified solicitors letters loaded the charges etc.Hardly nice.

the people that borrow as you point out aren't the best with money.

Its a bit like putting a Ben & Jerrys outlet in slimming world or free cigarette samples in a cancer ward.

But hospitals have Burger King outlets downstairs.....

[ZARDOZ]

the payday loan companies falsified solicitors letters loaded the charges etc.Hardly nice.

the people that borrow as you point out aren't the best with money.

Its a bit like putting a Ben & Jerrys outlet in slimming world or free cigarette samples in a cancer ward.

United utilities send out fake solicitors letters if you pay late and they are allegedly a reputable company.