Editor's Blog2 mins ago
Wonga Ads During Kids Tv
I think that companies like Wonga are nothing better than loan sharks, with their ludicrously high interest rates. But why would they want to run TV adverts during childrens TV programs ? Their adverts are childish but that doesn't seem to fully explain the situation.
Have Ed and Martin Lewis got a point here ?
http://
Have Ed and Martin Lewis got a point here ?
http://
Answers
Best Answer
No best answer has yet been selected by mikey4444. Once a best answer has been selected, it will be shown here.
For more on marking an answer as the "Best Answer", please visit our FAQ.
Just about the effect on children re. advertising of Wonga and despite the results of certain "studies", I cannot convince myself in any way that there is a significant effect on the mindset present or future of the advertisements.
What effect has the adverts on the dangers of obesity and smoking had on the population? ...very little in my opinion.
Not all people that "borrow" are poor....many, just cannot handle money and these people tend to be bad risks.
What effect has the adverts on the dangers of obesity and smoking had on the population? ...very little in my opinion.
Not all people that "borrow" are poor....many, just cannot handle money and these people tend to be bad risks.
Going back to the OP, I think the premiss that these adverts are targeted at children is wrong. Children have little concept of money let alone borrowing it. I'm pretty sure it's as simple a scenario as 'little Johnny is watching TV with his mum or dad (or guardian), up pops an ad for the latest games console, Johnny asks his mum for one, mum can't afford, up pops wonga ad, mum thinks 'easy soloution' and gets loan'.
Mickey, what do you want? The government to ban them by the sounds of it?
So i assume you will be happy with people returning to doorstop loan sharks who dont use courts to get the money back, just broken limbs. Yes, that should be much better.
To be fair, I too am very angry at these companies, but I don't see easily what can be done.
And no, Banks are not the answer, the very same people on here who slated Banks for irresponsible lending now seem to want them to do just that. Most peculiar.
So i assume you will be happy with people returning to doorstop loan sharks who dont use courts to get the money back, just broken limbs. Yes, that should be much better.
To be fair, I too am very angry at these companies, but I don't see easily what can be done.
And no, Banks are not the answer, the very same people on here who slated Banks for irresponsible lending now seem to want them to do just that. Most peculiar.
Zac
\\\ Johnny asks his mum for one, mum can't afford, up pops wonga ad, mum thinks 'easy soloution' and gets loan'.\\
Your point is well taken.....but that is the fault of the parents, NOT of Wonga and i am sure that this overspending at Xmas is present and has been for half a century, with or without Wonga.
kids have to learn what their parents can afford, they seem to be over indulged in my opinion.
Wonga clearly has a captive market......even at 1000%interest.
\\\ Johnny asks his mum for one, mum can't afford, up pops wonga ad, mum thinks 'easy soloution' and gets loan'.\\
Your point is well taken.....but that is the fault of the parents, NOT of Wonga and i am sure that this overspending at Xmas is present and has been for half a century, with or without Wonga.
kids have to learn what their parents can afford, they seem to be over indulged in my opinion.
Wonga clearly has a captive market......even at 1000%interest.
Naomi...I have made it quite clear that any Government that allows Wonga and the rest to get away with loan sharking is not doing its job, and that includes Labour who were in power when they first started. I shan't be making that clear again this morning.
But we can't turn the clock back. Dave has been in power for over 3 years and he is going to have to stop blaming the last Labour administration for every ill that befalls Great Britain Plc at some point in the future, and start to defend his own record.
Dave is in power NOW, so he and his government are the ones that we look to, to sort these shysters out.
Jomifl has it right here...nothing but loan shark and betting adverts on day time TV. They are cynically targeting the very people who will be most likely to take up their offers and the very ones that can't afford to. Look at the evidence coming from the Citizens Advice Bureau's. These companies don't make their huge profits from people who settle their bills promptly at the end of the month. They allow people to roll-over loan after loan, until a debt of a few quid turns into thousands. This is how they make their money. This is how loan sharks operate, and Wonga and Co are just loan sharks.
But we can't turn the clock back. Dave has been in power for over 3 years and he is going to have to stop blaming the last Labour administration for every ill that befalls Great Britain Plc at some point in the future, and start to defend his own record.
Dave is in power NOW, so he and his government are the ones that we look to, to sort these shysters out.
Jomifl has it right here...nothing but loan shark and betting adverts on day time TV. They are cynically targeting the very people who will be most likely to take up their offers and the very ones that can't afford to. Look at the evidence coming from the Citizens Advice Bureau's. These companies don't make their huge profits from people who settle their bills promptly at the end of the month. They allow people to roll-over loan after loan, until a debt of a few quid turns into thousands. This is how they make their money. This is how loan sharks operate, and Wonga and Co are just loan sharks.
I really don't think the APR rate is applicable here. These are short term loans for high risk borrowers. If people could get a cheap bank loan, 0% credit card or overdraft, they would. The fact is they can't precisely because they are considered high risk.
Borrow £100 and pay back £120.27 after 14 days (I checked their site) is reasonable to me - but the APR is horrendous.
They provide a service low cost lenders won't touch - and as already mentioned the alternative really is loan sharks who break limbs or smash property.
I agree they shouldn't advertise during children's tv though.
Borrow £100 and pay back £120.27 after 14 days (I checked their site) is reasonable to me - but the APR is horrendous.
They provide a service low cost lenders won't touch - and as already mentioned the alternative really is loan sharks who break limbs or smash property.
I agree they shouldn't advertise during children's tv though.
-- answer removed --
Related Questions
Sorry, we can't find any related questions. Try using the search bar at the top of the page to search for some keywords, or choose a topic and submit your own question.