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  1. User picture
    • IssViews on Sun 12 Sep 2010
    • 12:33:02 PM UTC

    Ripoff loan companies.

    While watching Sky TV (UK) yesterday I saw an advert offering (don't recall the exact wording but it was virtually the same as below):

    "Short term loans online from £1 with no fax required. Instant approval, 24 hour self-service account access and 15 minute cash payout guaranteed. quick loans"

    Written in the small print was the APR rate. Yes, a whopping 2689% plus!

    This level of repayment is damn right ludicrous and the term 'Loan Shark' doesn't come close. God help those stupid enough to take out loans with these people.

    wonga.com I rated this way on Ethical reasons.

    UPDATE:

    Do be aware that this area is a prime source for phishers due to the information you will need to divulge in order to be a considered for a loan. Not only can you be faced with extortionalte APR rates from sharks but you can just as easily be a victim to a phish where they use your information for ID Fraud.

    What effects can Payday and other shark loans have on you and your finances? Read this blog article and see for yourself: http://www.goodfinancialcents.com/avoid-payday-cas...

    Further update:

    New thread started by another user in retailiation to this thread. (cross linked both) http://www.mywot.com/forum/7875-some-of-the-bet...

    Further reading:

    http://www.mywot.com/forum/9031-loan-arrangers-...

    UPDATE: checked on 9th June 2011

    wonga.com are now charging 4214%

    UPDATE 2nd February 2013
    If you think Wonga are bad, look at Easy Finance Club - the payday lender with an APR of 68,300%

Comments:

  1. User picture
    • IssViews (not verified) on Thu 03 Feb 2011
    • 11:21:46 PM UTC

    more...

    List of domains/hosts:

    quickquid.co.uk
    paydaypower.co.uk
    3monthpaydayloans.co.uk
    paydayexpress.co.uk
    paydayadvanceuk.co.uk
    cashadvanceoffer.com
    paydaybank.co.uk
    ask4paydayloan.co.uk
    ukpayday.co.uk
    todayloan.co.uk
    paydayland.co.uk
    paydayloansuk.com
    earlypayday.co.uk
    lendingstream.co.uk
    paydayloansfast.co.uk
    apayday.co.uk
    paydayloan.co.uk
    loanadvances.com
    e-paydayloan.co.uk
    ukpaydayloans.org.uk
    epayday.co.uk
    chanceforloans.co.uk
    purplepayday.com
    paydayfinancial.co.uk
    personalpayday.co.uk

    Phish
    badcreditgoodsolutions.co.uk

  2. User picture
    • IssViews (not verified) on Thu 03 Feb 2011
    • 11:22:13 PM UTC

    More..

    List of domains/hosts:

    uk-payday-advance.co.uk
    paydaycashtoday.co.uk
    instantcashsolutions.co.uk
    speedyquid.co.uk
    payday4uk.co.uk
    paydayloanshop.co.uk
    paydayloansuk.org.uk
    bettercredit.co.uk
    247moneybox.com
    paydayloansnofaxing.co.uk
    loansuntilpayday.org.uk
    paydayloanadvances.co.uk
    mrlender.com
    paydayloanswithoutdebitcard.co.uk
    quickcashpaydayloans.co.uk
    toppayday.co.uk
    microlend.co.uk
    easyukpaydayloans.co.uk
    cheappaydayloans.org.uk
    guaranteedpayday.co.uk
    getapaydayloan.co.uk
    samedaypaydayloans.co.uk
    payday-loans.co.uk
    paydayonly.co.uk
    paydayloansnofaxing.org.uk
    advancepayday.co.uk
    quickcashpayday.co.uk
    whichpayday.co.uk
    paydaynofaxing.co.uk
    loansite.co.uk

    Promotes sites engaged in irresponsible lending and high APR.

    breadmarket.co.uk
    loansinfo.org.uk
    africa05.co.uk

  3. User picture
    • c۞g on Sun 12 Sep 2010
    • 03:35:02 PM UTC

    re: wonga.com

    wonga.com
    twitter.com/WongaMan
    twitter.com/WongaWoman

    They offer an Affiliate service so "you can make wonga too"

    Read their privacy policy:wonga.com/money/privacy/
    It's an oxymoron - they sell your PII to anyone,anywhere - expect spam.
    Selling and disclosing your data to third parties
    .
    We may also sell your data (or otherwise pass it on) to selected third parties who may use it to contact you by post, telephone, email, SMS or other reasonable method in relation to offers they feel might interest you, whether or not we enter into an agreement with you.

    Mr Wonga - Errol Damelin - erroldamelin.com - twitter.com/ed_wonga

    _p_k5xw4z3bjvqw4.twitter.com
    _p_k5xw4z3bk5xw2ylo.twitter.com
    erroldamelin.com
    _p_mvsf653pnztwc.twitter.com

    ∞ - and you and I Opto, ergo sum

  4. User picture
    • c۞g on Sun 12 Sep 2010
    • 03:32:04 PM UTC

    cashgenieloans.co.uk

    cashgenieloans.co.uk

    Another wonga.com like site.

    ∞ - and you and I Opto, ergo sum

    • User picture
      • IssViews (not verified) on Sun 12 Sep 2010
      • 03:48:53 PM UTC

      There are hundreds of these

      There are hundreds of these sites and athough I have rated many on ethical issues, I have no doubt that phishers have taken the opportunity to leech this area. Not looked for them but found 1 or two so far.

  5. User picture
    • IssViews (not verified) on Thu 03 Feb 2011
    • 11:22:40 PM UTC

    More

    List of domains/hosts:

    247cashline.com
    60minutedeposit.com
    cashin60seconds.net
    cashrightaway.co.uk
    cheaploans.co.uk
    cus4paydayloans.co.uk
    debt-line.org.uk
    everydaypaydayuk.co.uk
    fastpaydaynow.co.uk
    firstmillennium.co.uk
    fundmyloan.co.uk
    loanfinder.co.uk
    login.debt-line.org.uk
    marketing-loanswarehouse.co.uk
    moneyhut-email.co.uk
    nowpayday.co.uk
    quick-pay-day.co.uk
    secure.loanfinder.co.uk
    urgentpayday.co.uk
    ebadcreditlenders.com

    Promotes these companies through spam

    leadfinancialgroupii.c.topica.com
    c.topica.com
    topica.com
    rigidcomp.com

  6. User picture
    • Jazspeak on Tue 21 Sep 2010
    • 10:18:19 AM UTC

    Re: Ethical Issues

    I certainly agree that these businesses are seriously unethical. In the main, they stay just the right side of the law by telling potential customers (victims?) just how much they are going to be ripped off with the 2,500%+ interest rates. I would certainly be happy to see these sorts of loan sharks put out of business if only on the grounds of morality and ethics. These businesses are concrete evidence that Capitalism has run amok.

    ~Music is not just for the Masses~

    • User picture
      • IssViews (not verified) on Tue 21 Sep 2010
      • 03:00:15 PM UTC

      Oh yes, I quite agree as

      Oh yes, I quite agree as they prey upon individuals with bad debt to make faster money than normal loan companies such as banks. One must also note that these sharks will quickly drop your credit ratings further into the red if you are a day late on payment and will be very agressive in recovering their money.

  7. User picture
    • IssViews (not verified) on Tue 21 Sep 2010
    • 03:08:05 PM UTC

    ..

    Ripoff APR rates and promotes Payday loans.

    larry-the-loan-broker.co.uk

    Spamming and patronising credit report service.

    joincreditexpert.com

  8. User picture
    • IssViews (not verified) on Wed 22 Sep 2010
    • 12:49:04 PM UTC

    Just to let you know, this

    Just to let you know, this has been blogged by WOT too :) http://www.mywot.com/blog/274-wot-warns-of-evil...

    And news from MPs printed in the Belfast Telegraph today: http://www.belfasttelegraph.co.uk/business/busines...

    MPs back campaign to end 'legal loan sharking'
    Wednesday, 22 September 2010

    More than 100 MPs have backed a campaign calling for the Government to end 'legal loan sharking'.

    Around 107 MPs from all major parties signed an Early Day Motion calling for a cap to be put on the interest charged on some of the most expensive forms of credit.

    The campaign, which is being organised by political pressure group Compass, said that although the Government has pledged to give regulators new powers to define and ban excessive interest rates, it is failing to tackle the high-cost credit sector.

    The high-cost sector, which includes doorstep lending and payday loans, is typically used by people on low incomes with no access to mainstream credit.

    The rates charged on pay-day loans can be as high as 2,600% on an APR basis, while doorstep lenders or home credit groups often charge the equivalent of 272% a year.

    Compass said the payday loan and pawnbroker business is worth around £2bn a year

  9. User picture
    • IssViews (not verified) on Thu 03 Feb 2011
    • 11:23:03 PM UTC

    Engaged in or promoting rip-off loans.

    List of domains/hosts:

    uncle-buck.co.uk
    payday-loans.org.uk
    paydayloans1.co.uk
    instantapprovalpaydayloans.org.uk
    loansz.co.uk
    shopacheck.co.uk
    paydayloans4uk.co.uk
    rainbowgrp.co.uk
    paydayloans.org.uk
    splut.com
    blava.org.uk
    paydayloancentral.co.uk
    moneysupermarket.com
    g72.co.uk
    allaboutloans.co.uk
    bebo.com
    plymneuro.org.uk
    loansforuk.co.uk
    paydayloansaver.com
    shortloans.co.uk
    debitcardpaydayloans.org.uk
    nofusspaydayloans.com
    ukfinancialsltd.co.uk
    easyloans4uk.co.uk
    loanssameday.co.uk
    loanssamedaypayout.co.uk
    faxfreeloans.co.uk
    loansnextday.co.uk
    payrollloans.org.uk
    loanpitstop.co.uk
    astcashloantenant.co.uk
    loanfinderplus.co.uk
    fastnocreditcheckloans.co.uk
    securedfastloan.co.uk
  10. User picture
    • IssViews (not verified) on Thu 23 Sep 2010
    • 09:41:55 AM UTC

    rapidpayday.co.uk Spam

    rapidpayday.co.uk

    Spam server for payday loans
    home.edt02.net
    edt02.net

  11. User picture
    • IssViews (not verified) on Thu 23 Sep 2010
    • 11:13:13 PM UTC

    ..

    themoneyfinders.co.uk

    Sends sam from the above company
    prestigefinancialtimes.com

  12. User picture
    • IssViews (not verified) on Thu 03 Feb 2011
    • 11:23:29 PM UTC

    ..

    List of domains/hosts:

    fastcashadvancepaydayloans.com
    personalcreditservices.com
    quickdecisionloans.net
    quickloansdirect.co.uk
    fastloan.org
    creditloan.com
    fastcashonline.com
    cashtree.com
    quickloans.co.uk
    mycashnow.com
    quickloansforunemployed.co.uk
    easyfastcashloans.com
    quickloansuk.org.uk
    cashcall.com
    paydaydirect.co.uk
    aaapaydaycash.com
    cashdoctors.com.au
    quickloans.com
    quickandeasyloans.co.uk
    checkcity.com
    libertyunsecured.com
    dollarflash.com
    easybridgingloans.co.uk
    cashloan.net
    paydaytown.com
    cashadvanceplanet.com
    ontimepaydayloan.com
    cashadvancehelp.com
    cashgiftingcritter.com
    quickloan.org
    apexpaydayloans.com
    quickcashloansbadcredit.com
    loan-arrangers.co.uk
    quickloansshop.com
    loansquick.com
    getcashadvanceloans.com
    paydayloanrescue.com
    allstarpaydayloan.com
    personalmoneystore.com
    snappymoney.com
    selectpaydayloans.com
    mga.org
    cashadvance.com
    faxlesspaydayloanscash.com
    paydayloantoday.com
    quickpaydaycash.com
    globalpaydayloans.com
    paydaytodayusa.com
    quick-decision.co.uk
    idealcashadvance.com
    loans.net
    unclepaydayloan.com
    fidelitycashadvance.com
    2minutepayday.com
    carbuckscorp.com
    speedycash.com
    paydayloansquick.org
    samedayloansnocreditcheck.org
    cashone.com
    quickcashfastloans.com
    paydayloansolutions.net
    moneysavingprizes.com
    paydayloanoptions.com
    familyresource.com
    instantfaxpaydayloan.com
    loanpointusa.com
    365onlinepaydayloans.com
    nfspaydayloan.com
    americaoneunsecured.com
    fastloansnocreditcheck.org
  13. User picture
    • IssViews (not verified) on Thu 30 Sep 2010
    • 09:01:01 PM UTC

    more

    freecashlocator.co.uk
    nationalcashline.com

  14. User picture
    • IssViews (not verified) on Sat 02 Oct 2010
    • 12:45:46 PM UTC

    ..

    fastonlineloans.org.uk
    finance-1.co.uk
    creditsolutions4all.co.uk
    fastloans.org.uk
    fastunsecuredloans.org.uk
    fastpayoutloans.co.uk
    fastuksecuredloans.co.uk
    samedaypayout.org.uk
    cashloansfast.org.uk
    onlinecashloan.org.uk

  15. User picture
    • IssViews (not verified) on Sun 03 Oct 2010
    • 07:25:18 PM UTC

    Retailiation thread against

    Retailiation thread against many site being listed red here started by another user at: http://www.mywot.com/forum/7875-some-of-the-bet...

  16. User picture
    • letthetruthbetold on Sat 09 Oct 2010
    • 02:26:11 PM UTC

    Did You Review Each Payday Loan Company in this List?

    @ IssViews

    It's obvious that you are being childish and have not used all over 100+ services listed above, especially the UK sites listed. Why don't you start a website that reviews each payday loan company individually? Please spend your time wisely instead of jumping to conclusions. There are tens of thousands of payday lenders out their, so you really have a lot of work to do with this short list. It's a good start, but it could take you a while to get through all the thousands of services including the new ones appearing each day.

    Please present the "FACTS'' before jumping to conclusions is all I am saying. This way your argument will be a legitimate one. You do have a good point that payday lenders, charge higher interest rates however.

    • User picture
      • Kraftwerk on Sat 09 Oct 2010
      • 02:28:34 PM UTC

      Re:

      Just a hint to be taken more seriously: Change your name :o)

      Blueberry Cake Level Member of the WOT Community

    • User picture
      • IssViews (not verified) on Sat 09 Oct 2010
      • 10:17:30 PM UTC

      @ letthetruthbetold It's

      @ letthetruthbetold

      It's obvious that you are being childish and have not used all over 100+ services listed above, especially the UK sites listed.

      I am not being childish, call the kettle black why don't you!

      Saying I should use the 100+ uk services listed above is totally unrealistic and serves no purpose than to adversly affect my (or anyones elses) credit rating by applying to these sites for a loan. Each time a company does a search on you, your credit score deminishes. Furthermore, IF I did this and was accepted by just 25% of the services, I would then be in deep water with debt and interest that would cripple me. Be realistic please.

      So, before you flame me, think before you speak ok.

  17. User picture
    • SuperHero58 on Sun 10 Oct 2010
    • 01:01:05 PM UTC

    Re :Sad story

    Echo ---- lol

  18. User picture
    • letthetruthbetold on Sun 10 Oct 2010
    • 12:58:54 PM UTC

    My point was that if you are

    My point was that if you are going to copy and paste a large list of websites stating that they are rip offs, why not review each and every website individually? this was you will be able to justify how you came to the conclusion that they are rippoffs compared with the tens and thousands of other payday loan sites. Basically are all payday loan sites rippoffs? or are these the sites listed above that you've personally used over time to justify your claim????

    As I mentioned in the previous post, I agree that most payday loan services do charge hefty interest rate, but how you come to the conclusion of ripoff for a specific amount of sites in the UK and the US, beats me. And yes, we do provide web marketing services for a few of the companies listed above, both in the US and the UK, so I wanted to know why/how you choose that specific set of services instead of simply mentioning the entire industry overall. Was just wondering if you actually had experience using each and every one of them listed above overtime, that's all.

    • User picture
      • IssViews (not verified) on Sun 10 Oct 2010
      • 11:28:05 PM UTC

      Yes, I went to each site and

      Yes, I went to each site and looked at the interest rates and charges. I have no intention of using ANY service no matter how desperate, which IMO exploits debters with totally insane interest rate charges. To me this is irresponsible lending and legalised loan sharking which is currently being addressed my MPs in the UK where talks are being conducted to make these excessive loans illegal.

      I can accept unsecured loans asking for a higher payback rate to cover the risk, say 45-50% BUT come on now, are you trying to tell me that 2000%+ is not wrong? What planet are you on? Do you feel this is perfectly acceptable where you are not helping them out of debt or a bad situation but encouraging them deeper into it.?

      Is financial greed more important to you than moral principles? Would you use these services? I very much doubt it.

      • User picture
        • giedrius on Mon 11 Oct 2010
        • 07:37:16 AM UTC

        I can accept unsecured loans


        I can accept unsecured loans asking for a higher payback rate to cover the risk, say 45-50% BUT come on now, are you trying to tell me that 2000%+ is not wrong?

        Under what conditions?

        The way such loans are structured, there are poor chances for anything less. why?
        There are "risk" factor and there is "cost" factor. Risk factor is that the loan will not be paid back, or there will be a need for legal action to get it back. Cost factor is the cost of employee processing that loan, office space, server space, etc. For small companies these costs are bigger. Costs are more or less static, thus they are more significant for short term loans.

        And then comes marketing and greed into account. Companies recalculate loans % to cover BOTH risk and cost. This is both to make loan calculations simpler, and to increase the profits. And it is scamming, I completely agree.

        To explain, lets analyze reverse case. How much would people earn if they offered 50% short term loans offering loans for average of 5 days (in many cases it would be shorter). That would be 0.69% per 5 days. So the person, that borrowed (lets say) 200 USD would have to return around 201-202 USD. I do not see a way how company CAN survive on this, considering that most of the online processing take higher fee for money transfers.

        Note, I am not saying that 2000% are reasonable. They are not. However, it is not as simple for low amounts of money. And if there is a need for such loans, someone will start to give them. Under profitable (for them) conditions.

        • User picture
          • IssViews (not verified) on Mon 11 Oct 2010
          • 10:25:08 AM UTC

          Under what conditions? What

          Under what conditions?

          What do you mean under what conditions? There are no conditions nor should this be under debate.

          There are "risk" factor and there is "cost" factor..........

          A rather poor attempt to justify their charges IMO. This is just a rediculous excuse to explain away their extortionate charges IMO. If the risk is that high, the probability of recovering loans will be excetionally hard. Yes there will be some loss but to penalise those with these high interest rates because the company chooses to make their service available to persons who are extremely high risk and may never pay the money back, is bad management and risk assessment.

          Note, I am not saying that 2000% are reasonable.

          Then why are you being contradictory in your posts? . So, are you in support of this legal extortion or not? There is no in-between

          • User picture
            • giedrius on Mon 11 Oct 2010
            • 11:56:02 AM UTC

            Yes there will be some loss

            Yes there will be some loss but to penalise those with these high interest rates because the company chooses to make their service available to persons who are extremely high risk and may never pay the money back, is bad management and risk assessment.

            I wanted to point out that this is not only because of risk factor. This is because giving out small amount of loans cost relatively more than giving out large sums (mortgage). We are speaking about payday loans, ranging 100-2000 USD or so.

            2000% is way too much, 50% is way to many to make this business work for short term low amount loans.
            There is something in between. Read my calculations in the answer above.

            There "right" and humane business model might be ~20-40% yearly rate + xx% one time application processing fee.

            • User picture
              • IssViews (not verified) on Mon 11 Oct 2010
              • 12:04:02 PM UTC

              There "right" and humane

              There "right" and humane business model might be ~20-40% yearly rate + xx% one time application processing fee.

              Isn't that what I have been implying in previous posts (in as many words)? I have maintained that the Payday loans should be more in-line with other loans and not a means to fully exploit those who have no choice but to use the service.