Booming Wonga Scam?
February 27th, 2011 | 
Author: Have you heard? In America, more states are banning payday lenders from doing business in their borders. Even US citizens in the military are not allowed to take out payday loans. So, in the UK, we’re now hearing about how payday lenders are just legal loans sharks who pray on the poor. There’s talk of a Wonga scam, where the company charges high rates to borrow cash quickly.
Yes, Wonga charges high interest, but it’s not a Wonga scam. When a person applies online for a bit of ash to tide them over until payday, there is no deception. It’s a short term loan, where people in financial straights can get money right away to pay a bill, fix their car, buy medicines, whatever they need that cannot wait until payday. These are not people who pray on those who are struggling, payday lenders just offer an alternative.
Banning such companies, like is being done in America, is wrong. People who have no credit to fall back on need this service. No one is forced to take a payday loan out. For those UK citizens who chose to use payday lenders, most pay the money back with no problems. It should be a person’s choice as to how they obtain credit. After all, business is booming for payday lenders, therefore people wat to use this service.
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