wonga

garyfl · 14 Sep 2011 at 17:37

how many of you use them ?

ive found them really useful in the past, ive used them quite a bit so the interest rates are a lot lower for me than for new customers. find it useful just before payday if i need to pay a bill or if i like something shiny

are there any other lower interest alternatives out there ?

im young 20 years old so i still dont get accepted for any good credit card or loans plus ive destroyed my file a bit with a lot of rejections when i applied a bit younger and didnt know it harmed my report. so will just continue using my capital one a little every month and maybe the odd wonga.

does a better credit rating mean a better mortgage a bit later on? or does it only cover loans and cc? ive never missed a payment on anything so im suspecting pulling in £1200 paying my phone bill, cc, etc just doing what i do im on track.

Entropy · 14 Sep 2011 at 18:11

If you have never missed a payment, why not just wait until you get paid before buying something shiny, stop being impulsive and be a bit more sensible.

garyfl · 14 Sep 2011 at 18:12

i am pretty sensible, i have next to no outgoings so it dosent really matter to me just means its the convinience of getting it sooner

utajoker · 14 Sep 2011 at 18:16

never used them because i manage my money.

if i want something i wait till i can afford it.

rexehuk · 14 Sep 2011 at 18:17

I don't get this either... you said you're sensible yet you also say you're 20 and have a credit card and a destroyed credit rating :confused:

.

Either that or you're hooked on heroin and in quick need of a fix... no other reason why someone would obtain cash charged at 2000%+ intrest.

I would personally stop buying stuff if you can't afford it and live with what you have. Work on your career, not your PC and gadget collection.

Substance · 14 Sep 2011 at 18:17

I just use a credit card, I pay it off before I get the bill and pay 0% interest

DanTheMan · 14 Sep 2011 at 18:18

Surely anyone with an ounce of common sense doesn't go anywhere near these sorts of loans?

Rich_L · 14 Sep 2011 at 18:19

DanTheMan said:
Surely anyone with an ounce of common sense doesn't go anywhere near these sorts of loans?

Well no if you have common sense then they can be a useful service at times, for example understanding that the 2,000% APR is virtually meaningless on a short-term loan - it's using them without any common sense that is the issue.

RomanNose · 14 Sep 2011 at 18:20

DanTheMan said:
Surely anyone with an ounce of common sense doesn't go anywhere near these sorts of loans?

This. I always use my Nigerian prince.

Seft · 14 Sep 2011 at 18:23

SuBsTaNcE said:
I just use a credit card, I pay it off before I get the bill and pay 0% interest

Yup even a bottom-end 59.9% Vanquis card costs nothing if you pay it off within the several weeks you have after you get your statement.

Amp34 · 14 Sep 2011 at 22:59

Rich_L said:
Well no if you have common sense then they can be a useful service at times, for example understanding that the 2,000% APR is virtually meaningless on a short-term loan - it's using them without any common sense that is the issue.

Exactly. APR falls down here when your interest is more like a few pints of beer.

Seft said:
Yup even a bottom-end 59.9% Vanquis card costs nothing if you pay it off within the several weeks you have after you get your statement.

but some people can't even get that. For people who, for example, live in an inner city slum on little money a month it is a very good opportunity. They could go to wonga or a loan shark... Or not pay their bills.

most of us are lucky if we want to borrow a hundred pound for example. We can ask parents or other family, or stick it on card. Some arent.

.Lethal · 14 Sep 2011 at 23:14

garyfl said:
i am pretty sensible

Yet you use websites such as Wonga

BDEE · 14 Sep 2011 at 23:16

Being rejected for credit doesnt destroy your credit file.

Hxc · 14 Sep 2011 at 23:18

If Vanquis reject you, you've done something seriously wrong. I'm 19 with no credit history save a phone contract and got approved for a Barcleycard Initial without a problem. Use it and just pay the money back, purely for building a credit history.

garyfl · 14 Sep 2011 at 23:25

Hxc said:
If Vanquis reject you, you've done something seriously wrong. I'm 19 with no credit history save a phone contract and got approved for a Barcleycard Initial without a problem. Use it and just pay the money back, purely for building a credit history.

Nooo i dont mean it like that. i applied for good credit cards when i was in education getting rejected, now im in a good job i have a better chance but those said companies will neeed about 6 months before i can even think of re applying. i dont have bad credit i just think all those credit checks have harmed me in a way. i have a capital one credit card with 34% interest i use it often so i guess its just a waiting game. now my main question is this. does a good credit score mean a better deal on a mortgage or just bbetter scope on credit in general monetory terms.

[TW]Fox · 14 Sep 2011 at 23:27

This thread gives me a headache

Guest2 · 14 Sep 2011 at 23:28

I would pay £100 to punch that wonga guy in the face. He's so annoying

BDEE · 14 Sep 2011 at 23:30

Guest2 said:
I would pay £100 to punch that wonga guy in the face. He's so annoying

I think you mean the envirophone guy? I wish he would die.

theNude · 14 Sep 2011 at 23:52

enjoy

Caseh · 15 Sep 2011 at 00:25

Wonga are useful if something comes up in an emergency, as unlike some people on here would like to think, that does actually happen when you don't have any/much savings put to the side.

I've never actually used them, but they do definitely have their uses. Wonga > missed credit/rent payment.