Well done wonga.com

[Iceni]

Wonga.com has won 3 awards recently. And anyone able to lend money at 2689% APR (or thereabouts) is a fully deserving cause.

Why didn't George Osborne or Vince Cable think of this ?

John

[Quillan]

Oh I don't know, this lot that sell you magazines that come with bits to construct something don't do too bad. The latest offering, a two foot long model of James Bond's Aston Martin DB5 comes to mind. Even by freezing the picture (if your that lucky to do it in time) you can't read the small print that tells you how much it will really cost to make the model, probably about £600 in total at the end of the day. Makes you wonder how many half built models from these magazines are laying around in peoples loft.

The best one I heard of years ago when Ebay first started was the guy selling you a tip on how to over half your telephone bill. Once you handed over your money he simply sent you a card telling you not to use it so much. [:)] Another more recent that was sold on Ebay was how to make a kite with a carrier bag.

[Théière]

[quote user="Iceni"]

Wonga.com has won 3 awards recently. And anyone able to lend money at 2689% APR (or thereabouts) is a fully deserving cause.

Why didn't George Osborne or Vince Cable think of this ?

John

[/quote]

Amazingly so I was told, even with a stupid amount of APR it can actually work out less than an overdraft and certainly less than an unauthorised overdraft.

[dave21478]

These places offer small amounts over short terms, so the APR (ANNUAL, remember) always looks outrageus but is not too unreasonable for what they offer. No, you would not borrow 10k for a new car and pay it back over 5 years from them, but borrowing £100 to see you over the next fortnight till payday is a more sensible scenario.

If I loaned a mate £100 for a couple of weeks, I would think that a few pints and maybe a fish supper as a thankyou would not be unreasonable when they could afford it, which probably works out at a few thousand percent APR.