Ripoff loan companies.

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Guest

Ripoff loan companies.

Post by Guest » Sun Sep 12, 2010 12:33 pm

While watching Sky TV (UK) yesterday I saw an advert offering (don't recall the exact wording but it was virtually the same as below):

"Short term loans online from £1 with no fax required. Instant approval, 24 hour self-service account access and 15 minute cash payout guaranteed. quick loans"

Written in the small print was the APR rate. Yes, a whopping 2689% plus!

This level of repayment is damn right ludicrous and the term 'Loan Shark' doesn't come close. God help those stupid enough to take out loans with these people.

wonga.com I rated this way on Ethical reasons.

UPDATE:

Do be aware that this area is a prime source for phishers due to the information you will need to divulge in order to be a considered for a loan. Not only can you be faced with extortionalte APR rates from sharks but you can just as easily be a victim to a phish where they use your information for ID Fraud.

What effects can Payday and other shark loans have on you and your finances? Read this blog article and see for yourself: http://www.goodfinancialcents.com/avoid-payday-cash-loans-scam-ripoff/

Further update:

New thread started by another user in retailiation to this thread. (cross linked both) http://www.mywot.com/en/forum/7875-some-of-the-better-payday-loan-companies

Further reading:

http://www.mywot.com/en/forum/9031-loan-arrangers-co-uk-comments-concern

UPDATE: checked on 9th June 2011

wonga.com are now charging 4214%

UPDATE 2nd February 2013
If you think Wonga are bad, look at Easy Finance Club - the payday lender with an APR of 68,300%
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c۞g
Posts: 10927
Joined: Mon Jan 05, 2009 4:02 am

cashgenieloans.co.uk

Post by c۞g » Sun Sep 12, 2010 3:32 pm

cashgenieloans.co.uk

Another wonga.com like site.
∞ Opto, ergo sum
_https://en.wikipedia.org/wiki/And_You_and_I

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c۞g
Posts: 10927
Joined: Mon Jan 05, 2009 4:02 am

re: wonga.com

Post by c۞g » Sun Sep 12, 2010 3:35 pm

wonga.com
twitter.com/WongaMan
twitter.com/WongaWoman


They offer an Affiliate service so "you can make wonga too"

Read their privacy policy:wonga.com/money/privacy/
It's an oxymoron - they sell your PII to anyone,anywhere - expect spam.
Selling and disclosing your data to third parties
.
We may also sell your data (or otherwise pass it on) to selected third parties who may use it to contact you by post, telephone, email, SMS or other reasonable method in relation to offers they feel might interest you, whether or not we enter into an agreement with you.


Mr Wonga - Errol Damelin - erroldamelin.com - twitter.com/ed_wonga



_p_k5xw4z3bjvqw4.twitter.com
_p_k5xw4z3bk5xw2ylo.twitter.com
erroldamelin.com
_p_mvsf653pnztwc.twitter.com
∞ Opto, ergo sum
_https://en.wikipedia.org/wiki/And_You_and_I

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Guest

There are hundreds of these

Post by Guest » Sun Sep 12, 2010 3:48 pm

There are hundreds of these sites and athough I have rated many on ethical issues, I have no doubt that phishers have taken the opportunity to leech this area. Not looked for them but found 1 or two so far.
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Jazspeak
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Re: Ethical Issues

Post by Jazspeak » Tue Sep 21, 2010 10:18 am

I certainly agree that these businesses are seriously unethical. In the main, they stay just the right side of the law by telling potential customers (victims?) just how much they are going to be ripped off with the 2,500%+ interest rates. I would certainly be happy to see these sorts of loan sharks put out of business if only on the grounds of morality and ethics. These businesses are concrete evidence that Capitalism has run amok.
~Music is not just for the Masses~
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Guest

Oh yes, I quite agree as

Post by Guest » Tue Sep 21, 2010 3:00 pm

Oh yes, I quite agree as they prey upon individuals with bad debt to make faster money than normal loan companies such as banks. One must also note that these sharks will quickly drop your credit ratings further into the red if you are a day late on payment and will be very agressive in recovering their money.

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Guest

..

Post by Guest » Tue Sep 21, 2010 3:08 pm

Ripoff APR rates and promotes Payday loans.

larry-the-loan-broker.co.uk

Spamming and patronising credit report service.

joincreditexpert.com
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Guest

Just to let you know, this

Post by Guest » Wed Sep 22, 2010 12:49 pm

Just to let you know, this has been blogged by WOT too :) http://www.mywot.com/en/blog/274-wot-warns-of-evil-fast-loans-services

And news from MPs printed in the Belfast Telegraph today: http://www.belfasttelegraph.co.uk/business/business-news/mps-back-campaign-to-end-legal-loan-sharking-14955312.html

MPs back campaign to end 'legal loan sharking'
Wednesday, 22 September 2010

More than 100 MPs have backed a campaign calling for the Government to end 'legal loan sharking'.

Around 107 MPs from all major parties signed an Early Day Motion calling for a cap to be put on the interest charged on some of the most expensive forms of credit.

The campaign, which is being organised by political pressure group Compass, said that although the Government has pledged to give regulators new powers to define and ban excessive interest rates, it is failing to tackle the high-cost credit sector.

The high-cost sector, which includes doorstep lending and payday loans, is typically used by people on low incomes with no access to mainstream credit.

The rates charged on pay-day loans can be as high as 2,600% on an APR basis, while doorstep lenders or home credit groups often charge the equivalent of 272% a year.

Compass said the payday loan and pawnbroker business is worth around £2bn a year
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Guest

rapidpayday.co.uk Spam

Post by Guest » Thu Sep 23, 2010 9:41 am

rapidpayday.co.uk

Spam server for payday loans
home.edt02.net
edt02.net


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Guest

..

Post by Guest » Thu Sep 23, 2010 11:13 pm

themoneyfinders.co.uk

Sends sam from the above company
prestigefinancialtimes.com
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