The pending release of the latest iPhone app has caused quite a stir today. Wonga, payday loan specialists, are set to launch their new app which will allow iPhone users to apply for a short term loan of up to £1000 within minutes, and get a desicion back in seconds.
Wonga are confident the app has been designed to serve the needs of people who need a bit of extra cash for a few days, and in turn they will look to pay the loan back within days of applying. However, anyone missing the payment deadlines will be subjected to some of the worst APR’s in the UK.
3000% APR has been quoted already resulting in almost triple the debt of the original loan. But, Wonga*are adamant that their credit checking facilities are some of the industrys best, ensuring the potential defaulters are identified at application stage.
Whilst the Wonga* app is of concern, if used responsibly people should actually find it a help, more than a hinderance.
* link removed due to page removal
Published January 15, 2010 & Filed in Discount Coder Chat
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