“In common usage today, the word means the charging of unreasonable or relatively high rates of interest.”
How can a company like WONGA.com be allowed to charge such rates.
Our flexible, short term service comes with a Typical 2689% APR.
FFS. I think 17.5% on my credit card is bad enough
I pity the poor buggers, that have recourse to resort to this type of borrowing.
£400 for 20 days will set you back £85.49 in interest and fees.
I used to participate on a forum claiming back exorbitant credit card penalties. It really hurt to see how some people were almost driven to suicide by the fact that their debt spiralled out of control.
But Wonga takes the biscuit in exploitation.