1. matwoolf
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    matwoolf Contributing Member Contributor

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    Church of England v Wonga the Moneylenders

    Discussion in 'The Lounge' started by matwoolf, Jul 25, 2013.

    Staggering enlightenment from the Established Church, relevance and authority. Brilliant politics. I can only wish them every success.

    Essentially, the Archbishop of Canterbury has quested to destroy the 600% (apr 5800%) payday loans companies by starting a business and offering rates at 1%.
     
  2. JJ_Maxx
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    JJ_Maxx Banned

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    Interesting, do you have a link with more info?
     
  3. Lemex
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    Lemex That's Lord Lemex to you. Contributor

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    I just don't understand how you could think it is a good idea to go with a company like Wonga. I mean who are these people who are taking out loans with such a staggering amount of apr?
     
  4. JJ_Maxx
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    JJ_Maxx Banned

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    I did about ten years ago. Got in a jam and needed some cash and payday was still too far away. So I went down to the place and they gave me $600 on the spot.

    Come payday, I had to give them $690.

    Well, the problem was that now I just gave them almost $700 and now I didn't have enough money to be through the week. So I borrowed another $600.

    I paid them $90 every two weeks until I got enough extra money to fully pay then off. It sucked seeing the $600 you just gave them being handed back to you knowing they are charging $90 for it.

    If you're in a pinch, and you need like $100, it's not too bad to pay a $15 fee at payday, but I wouldn't recommend it because its easy to get sucked in but hard as hell to get out.
     
  5. matwoolf
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    matwoolf Contributing Member Contributor

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    They take a chunk from most. I'll get a BBC link. Naturally it gets complicated down the road. As wife says 'you need hundred quid to eat, you need a hundred quid' which is critical mass - or sim expression. It's bright from the clergy. I mean, I'll priest bash as much as the next man etc etc

    http://www.bbc.co.uk/news/business-23459932

    Balloon not necessarily pricked...
     

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