Penniless Britain needs Wonga

4 March 2013

It’s official, we are all completely effing skint. According to a Which! survey (and is there really any other kind?), nearly two out of three people rely on credit cards to pay for essentials.

And, more disturbingly, one in four of us are relying on payday loans with an APR of 43792648403820% to pay off credit card debt. We are locked in a spiral of despair, essentially, while the high street sharks clean up.

Which! is calling on the government to make sure it cleans up Britain’s payday loans market, which is a murky business conducted behind bullet proof counters by spotty turds called Darren.

Its plan includes setting a limit on charges for late payments. It also suggests there should be clear warnings, possibly written in neon lights, which tell you that you will have to sell a kidney if you miss a payment.

Which! also wants the cost of interest on credit shown clearly as pounds per £100 borrowed over 30 days.

Richard Lloyd, spokesman for Which! said: "For an increasing number of people, using credit to pay for essentials has become the norm. This has led to people being forced into a vicious cycle, taking out further, expensive credit to pay off existing debts. Irresponsible lending goes on across the whole of the credit market and lenders must clean up their act.’

Maybe we should just all go on the game instead? At least you get cash in hand, no questions asked.

TOPICS:   Investments   Debt


  • Darren
    I may have an acne problem, but I object to being called a Turd.
  • Spotty D.
    All your money are belong to us. HAHAHAHAHAHAHAHAHA
  • Spotty D.
    Suffer the spiral of revolving debt you spanners. HAHAHAHAHAHAHAHA
  • Phuck Y.
    I'm penniless. I can only just afford my Greggs, Starbucks, Waitrose shop, 3 pints a day and I have just enough money to put a £100 bet on the 'nags' each day. My benefits don't go far. Sent from my iPad/iPhone from my Audi/BMW
  • Archie
    Shock news, dumb people cannot handle money. Just ship them off to an island.
  • Phuck Y.
    Archie - Yeah, because Australians really got a bad deal.
  • Sicknote
    I own several rental properties in the Priddy's Hard area of Gosport in Hampshire and I have no end of ball ache with bailiffs from payday loan companies calling to remove goods because the previous tenant hasn't paid a penny back. So based on my experiences it seems that every fucking under educated, lager swilling, lay about shit is borrowing from these are other companies but not paying a frigging penny back. They always pay the rent on time though...which is good.
  • Kevin
    Well with Wonga they show you exactly what you have to pay back and you save money if you pay it back early. It's not rocket science. Of course there are dodgy companies but really theres no reason to slag all payday lenders off. Everyone who bemoans them ignores the fact that a lot of people just can't get money from banks as they are not a good investment! Do you want the banks losing the taxpayers money? People need to take personal responsibility for what they sign up to, being poor doesn't mean you can get out of that. Of course they might not have money for their kiddies but life isn't fair.
  • Neal
    What is scary is that the comedy interest rate used (43792648403820%) works out at just over 7.6% per day. Compound interest is scary.
  • Darren
    Lucy Sweet is slowly stating to get used to the bad form of copying articles from other sites and I thought there was hope for you!
  • Phuck Y.
    Yeah, Lucy Sweet's a porn name, innit?
  • Phuck Y.
    Or is it an anagram of Vince VVong?
  • mark
    Payday loan for less than 14 days. How about read small print and return the money borrowed within your 14day cooling off period. After all it's a loan to cover you until payday. No interest charged.
  • Joe H.
    And its only going to get worse with the current rate that pay day loans charge ones you have one its just a down spiral, I believe they need a lot tougher regulations on payday loans because currently they just take advantage of the financially vulnerable.
  • chewbacca
    So... Wonga etc. are all evil, right? Riiighht? Tell me, where else can you get a loan for ~30days? A bank? No, exactly. These people have found a hole on the market and have exploited it. It's not their fault that the people who need their services are those on lower incomes who have been squeezed so hard that their pay covers their monthly outgoings and no more. If you were poor and had a freezer full of food which went pop, you'd be damn glad of a quick £250 for a couple of weeks to save upwards of £100 on wasted food. Because the lenders only allow shirt term loans, payback is only, what, £280? So effective savings of ~£70. They should be allowed to advertise the MONTHLY/TERM apr, because looking at it, 15% over the month is a hell of a lot better than you'd get on a credit card cash advance or the local loan shark. People who are then stupid enough to get into spirals only have themselves to blame. That said, stories abound on sites like MSE etc that the likes of Wonga will freeze your interest, stop you from getting more loans, and allow you to pay back £25/week if you are honest with them and tell them you're struggling. The evil bastards that they are.
  • klingelton
    It's easy to blame someone else for your own stupidity. In this country, people listen to the morons.
  • LancerVancer
    @ chewbacca Because the lenders only allow shirt term loans, payback is only, what, £280? So effective savings of ~£70. These 'shirt' term loans are the worst. If you don't pay they take it off your back!! Will someone please think of the weed smokers!!! Toke da 'erb. Flex wit da weed.

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