Wonga currently has an interest rate of 4200% +, so every 100 pounds you borrow, you will end up paying 4200 pounds at the end of the month! These 'legal' loan sharks should seriously be monitored by the financial department of the government. People who didn't do the maths correctly could end up being in a debt which worth more than a country!
[url=http://www.thisismoney.co.uk/money/cardsloans/article-2270065/Calculation-shows-Easy-Finance-Club-charge-APR-68-300.html#axzz2Jj8XpItr t=_self]You thought Wonga was bad? Meet Easy Finance Club - the payday lender with an APR of 68,300%[/url]If you thought the interest rates charged by Wonga were astronomical, those being charged by a new payday lender are in a different solar system.
Easy Finance Club is charging £65 on loans of £100 taken out over 28 days, which was calculated today at the equivalent of a whopping 68,300 per cent APR.
This is despite Easy Finance's website claiming it has a typical Representative APR of 3,300 per cent.
Incredibly, a loan of £100 over 28 days at its rate of interest would result in a total repayment of £67,187 were it paid back over a year. Though Easy Finance customers are only allowed to take out loans for up to 28 days.
[url=http://blog.sucuri.net/2013/02/payday-loan-spam-affecting-thousands-of-sites.html t=_self]Payday Loan Spam affecting Thousands of Sites[/url]We see all types of SPAM, the most common used to be about pharma products (like Viagra or Cialis), Cassinos online and pornographic pages. Lately, however, we have started to see a sharp increase in the number of sites injected with payday loan and money borrowing services.
The SPAM in it of itself once displayed is very simple, all it does is add a hidden link to a site to offer loans. Similar to:
Most of the payday spam we are tracking seems to end in one of the following domains (by a company called Cash Advance Online or Pay Day Online):
More Wonga shenanigans:
[url=http://www.thisismoney.co.uk/money/cardsloans/article-2292044/Wonga-leaves-dozens-victims-answers-raids-bank-accounts-30-000-recover-loans-fraudsters.html t=_self]Wonga Leaves Dozens of Victims Without Answers after it Raids Bank Accounts for £30,000 to Recover Loans Made by Fraudsters[/url]'Dozens of fraud victims who had Wonga loans taken in their names and saw their bank accounts raided for more than £30,000 have been met with a wall of silence by the lender.
This is Money has been investigating fraudulent loans taken through Wonga after it was contacted for help on 41 similar cases - but the payday lender refuses to explain how and why the fraud is occurring, or to provide proof that cases have been reported to the police.
Details of the victims have now been passed to the Office of Fair Trading and officials are now looking at the cases as part of their on-going investigation into the payday lending industry.'
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