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A lot of Wonga

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    A lot of Wonga

    https://www.wonga.com/

    Typical 2689% APR


    Now, I'm quite tempted to get a credit agency licence and lend some of my money at that rate of return.

    Seriously.

    #2
    You can get a discount if you have a promo code...

    Comment


      #3
      Try it. Than worry about how you're going to get your money back from non-payers.

      Comment


        #4
        http://www.wonga.com/money/themes/wo...alculation.jpg

        Nice formulae.

        This reminds me - can we PLEASE get back inline images back?

        Maybe only trust it to Godlike figure types...

        Comment


          #5
          Originally posted by Platypus View Post
          Try it. Than worry about how you're going to get your money back from non-payers.
          Credit checks online and any bad debts are sold onto big nasty companies with thugs as customer services.

          I would think the APR would cover the few bad debts that don't succumb to baseball bats.

          Comment


            #6
            I like their dumb-ass guide to APR ...

            http://www.wonga.com/money/is-this-apr-expensive

            Comment


              #7
              Originally posted by Platypus View Post
              Try it. Than worry about how you're going to get your money back from non-payers.
              Doesn't matter
              I think if you lend same amount to 2689 persons
              and only one of them pays back, you are in the money.

              Comment


                #8
                Originally posted by Andy2 View Post
                Doesn't matter
                I think if you lend same amount to 2689 persons
                and only one of them pays back, you are in the money.
                So... according to their figures, you lend 2689 people £100 for 5 days, cost to you = £268,900. One pays you back £110 on time.

                That seems quite a loss to me, but I bow to your financial genius

                Comment


                  #9
                  Originally posted by Platypus View Post
                  So... according to their figures, you lend 2689 people £100 for 5 days, cost to you = £268,900. One pays you back £110 on time.

                  That seems quite a loss to me, but I bow to your financial genius
                  You are missing one point, the mug who borrowed £100 has to pay back £268,900. I think.

                  Comment


                    #10
                    Originally posted by Platypus View Post
                    So... according to their figures, you lend 2689 people £100 for 5 days, cost to you = £268,900. One pays you back £110 on time.

                    That seems quite a loss to me, but I bow to your financial genius
                    I Know that didn't look right
                    its actually 26 people. So if one person pays up out of 26 you are in the money. Not bad.

                    Comment

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