Wonga-Wong-Doing again.......

[5corpio]

Wonga student loans criticised by NUS

Payday loan company Wonga has been branded as "incredibly irresponsible" for targeting students in pages on its website. The National Union of Students (NUS) said it was wrong for the company to push the short-term loans - with a typical APR of 4,214% - as part of a student's everyday financial planning. But the company said applications would undergo rigorous checks. An official study said that these loans could prove useful for some people. 'Struggling' Typically someone will borrow a few hundred pounds from a payday loan firm for a short time, then pay it back when they....Read more here 'about Wonga Wong-doing'

Other Wonga-Wong-Doing Links:

Wonga targeting the 'elderly' market Linky: Wonga targeting the 'elderly' market - allaboutFORUMS

To name a View:
Wonga boss fights back against critics:
Wonga boss fights back against critics - allaboutFORUMS

[pompeyfaith]

Re: Wonga-Wong-Doing again.......

FP,

The trouble is Governments are massively into capitalisam and with that comes rip-off merchants and masses of unhappy customers.

Nothing will change until the government changes it's course because right now their is no such thing as true damocracy

[BBoo]

Re: Wonga-Wong-Doing again.......

"The Office of Fair Trading (OFT) is clear that lending money to people who will clearly struggle to repay it, or where that product is clearly unsuitable for that individual is irresponsible," a spokesman said.

Surely this is classic CPUTR territory? Why oh why do they not use this legislation?

[pompeyfaith]

Re: Wonga-Wong-Doing again.......

Regardless of political affiliation, everyone in government is just too scared of 'up$etting the City', as long as that attitude prevails, legal loan $hark$ will also prevail!

Agreed, the government need to grow some balls and take control of the country that we put them there to govern.

[BBoo]

Re: Wonga-Wong-Doing again.......

Yep, people might start asking how much difference there is between High Street banks and legal loan sharks. Possibly not too much!

Both a bunch of robbers.

[pompeyfaith]

Re: Wonga-Wong-Doing again.......

Another back down

A message from the team at Wonga.com

Hi there
We have removed the previous material on this page, which was about student finances, the risks of unauthorised overdraft charges and the differences between long and short term loans. We took it down because we do not actively target students as potential customers and we wanted to clear up any confusion about that.
We listen to our customers and public opinion, so it was clear the old article here gave rise to misunderstandings. We would like to clarify that Wonga does not target students. Yet we do not discriminate against working, adult students who may choose to apply either, because all applications are assessed in the same robust and completely objective way.
We make decisions based on thousands of pieces of public data, not someone’s educational status. A student would need to have a regular income to be considered for a loan and students represent a miniscule proportion of our customers.
The previous article on this page was several years old and one of many brief pieces we have written about the broad subject of credit since we launched our online loans service. No-one was directed to this page, nor was it prominently promoted on the website. In fact, the main purpose of the content was search engine optimisation, or ‘SEO,’ which is a common practice for any internet business that wants to appear in searches for relevant subjects. In our case, all things relating to loans and credit.

Kind regards
The Wonga team

[5corpio]

Re: Wonga-Wong-Doing again.......

Quick to turn around Wonga.............

Wonga stops targeting loans at students after protests

Payday loan company Wonga has removed pages from its website after it was branded "incredibly irresponsible" for targeting students. However the lender said it would still accept applications for short terms loans from working students. The National Union of Students (NUS) said it was wrong for the company to push the loans - with a typical APR of 4,214%. An official study said that these loans could prove useful for some people. Wonga replaced an article on its website about short term loans for students with a statement saying the previous article was out-of-date and "gave rise to misunderstandings."......Read more here---:

BBC News - Wonga stops targeting loans at students after protests

[BBoo]

Re: Wonga-Wong-Doing again.......

"We listen to public opinion!"

I don't think so. If they did I suspect the vast majority of public opinion would say do away with these sharks altogether. I don't see that happening.

[5corpio]

Re: Wonga-Wong-Doing again.......

Wonga latest 'using the old dears' on Facebook, 'refer a friend', and sponsoring on ITV3 inbetween programs:


This type of SMUT, should be BANNED from Social Networking, as much as TV Sponsoring......!!!

[CleverClogs (RIP)]

Re: Wonga-Wong-Doing again.......

"The Office of Fair Trading (OFT) is clear that lending money to people who will clearly struggle to repay it, or where that product is clearly unsuitable for that individual is irresponsible," a spokesman said.

Surely this is classic CPUTR territory? Why oh why do they not use this legislation?

There are doubtless good reasons why the Office of Faffing and Twaddling would not wish to use that legislation; for example, it might set a dangerous precedent.

[CleverClogs (RIP)]

Re: Wonga-Wong-Doing again.......

Wonga latest 'using the old dears' on Facebook, 'refer a friend', and sponsoring on ITV3 inbetween programs:

[ATTACH]3152[/ATTACH]
This type of SMUT, should be BANNED from Social Networking, as much as TV Sponsoring......!!!

Quite.

After all, they don't really have a face they're willing to display.

[5corpio]

Re: Wonga-Wong-Doing again.......

Wonga only lets borrowers take out a payday loan if they sign away the right to personal information

Payday lender Wonga has come under fire from a privacy company after it discovered smallprint that states borrowers can only take out a loan with the firm if they sign away the right to personal data being passed on to third parties....Read more on our BLOG Pages: Wonga boss fights back against critics - allaboutFORUMS

Latest screenshot on Skynews App.......... 'We don't do hidden charges' But they do, do Small Print as ref privacy above latest ........