Dos And Don'ts About The Wonga Scam

I recently saw an ad for a Wonga scam that claimed 2689% annual interest, and I went back to the website to double check. Most people may not know that wonga.com is a "PayDay Loan" company. The reason I am so surprised as a reader and viewer and pay close attention is the eye-popping APR quoted in the TV commercial. As a writer, I try to bring you news, and the latest update reveals that Wonga.com is quoting his APR of 2689%. I then also went to their APR page, where I mentioned the whole issue and expressed my sadness over it. Before proceeding with the Wonga scam,

it is very important to understand the APR. In fact, APR stands for "Annual Percentage of Rate," "Nominal APR," and "Effective APR," which refers to the annual percentage rate rather than the monthly fee or interest rate offered on loans, mortgages, credit cards, etc. Readers should know that this finance charge counts as annual interest. Additionally, the nominal APR includes the simple interest rate for one year, while the effective APR refers to the fees and compound interest charged for one year. Definitions vary from country to country, so you should collect all relevant APR details before applying for a loan or mortgage. A simple example makes the Wonga scam problem clearer. For example, the company states that the annual cost of DVD rentals is $1,095, but on the other hand, viewers should not judge the site based on short-term available APRs. Rentals should be compared to DVD rentals. Well, what's the problem?

That's all well and good, but if your standard credit card company were a DVD rental company offering $1095 a year in rentals, Wonga would be charging you $10,950 a year for the same movie. It's also unlike a credit card, where you won't be charged anything if you return it. Even if the film is finished before the payment deadline, Wonga will still charge a large amount of interest. Some people support wonga.com, while others oppose it. No matter what situation you find yourself in, the first thing you need to do is contact your bank and ask them to help you get out of the situation.

From then on, we do not recommend users use the services of this website, as it is just a way to kill time and will end up incurring debt later on. I'm not saying this is a Wonga scam. All things considered, the site is still compliant with the law, but there is still a lack of transparency in its activities. You can see an update to the calculator that clearly shows the amount that users need to repay. The APR status will also be updated very clearly. However, I cannot recommend anyone use this website, and I also feel that if he really ignores the APR, he is responsible for the damage.

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