Wonga Slinging Student Payday Loans?
An article recently put out by The Loan Shark Guide is questioning the validity of a payday loan company in the UK that was recently offering payday loans to students who are and a lot of debt and need to pay their financial educational cost. This article was also confirmed by The Daily Mail. It seems that the payday loan company called Wonga was targeting students who are behind on their student loan payments, and was offering to give them payday loans to cover these expenses within APR as high as 4700%.
Do you realize how long it would take to pay this loan back if you had only received $1000 from the company? It would possibly take you years to pay back just this one loan, and don’t forget that you’re still responsible for your student loan as well.
This only confirms that a person must always be responsible when it comes to borrowing money, no matter how desperate you are for the money that you may need, try to never fall for these types of scams as it is only a temporary solution and it will come back in the and bite you in the butt.
Since the payday loan company received so much negative publicity about this, they have since terminated giving out these types of loans to students. It was a good move on their part.