LaticsPete Posted October 10, 2012 Share Posted October 10, 2012 Seems rather hypocritical for any player (regardless of faith) to object to Wonga sponsorship because it charges interest on loans whilst benefiting from playing in the Barclays Premier league. . Isn't Barclays a bank? doesn't it make some of its money from interest on loans it provides? Quote Link to comment Share on other sites More sharing options...
opinions4u Posted October 10, 2012 Share Posted October 10, 2012 Same with the previous sponsor - Virgin Money! Quote Link to comment Share on other sites More sharing options...
Guest Scratch2000uk Posted October 10, 2012 Share Posted October 10, 2012 Interestingly enough, it's not just the MCB or players moaning about it, Some footballing bodies are against it too, yet have no qualms about being sponsored by Barclays. the bank responsible for the LIBOR rate fixing scandal, And don't Wonga sponsor Blackpool and Hearts already, hypocrisy or what? Quote Link to comment Share on other sites More sharing options...
beag_teeets Posted October 11, 2012 Share Posted October 11, 2012 Weren't Newcastle sponsored by Scottish and Newcastle breweries not so long ago? Many clubs had booze on their shirts which causes untold damage to people, Spurs were sponsored by a casino and Utd were sponsored by AIG who managed to shaft the US economy. Quote Link to comment Share on other sites More sharing options...
Ackey Posted October 11, 2012 Share Posted October 11, 2012 Weren't Newcastle sponsored by Scottish and Newcastle breweries not so long ago? Many clubs had booze on their shirts which causes untold damage to people, Spurs were sponsored by a casino and Utd were sponsored by AIG who managed to shaft the US economy. Sod that - they were sponsored by Northern Rock - how is Wonga any worse!? Quote Link to comment Share on other sites More sharing options...
razza699 Posted October 11, 2012 Share Posted October 11, 2012 WONGA Quote Link to comment Share on other sites More sharing options...
leeslover Posted October 11, 2012 Share Posted October 11, 2012 This thread proves what a cracking move it was by Wonga, following all the coverage of them re-renaming the ground. Quote Link to comment Share on other sites More sharing options...
24hoursfromtulsehill Posted October 11, 2012 Share Posted October 11, 2012 Wonga is legal loan sharking. A deep blight on the poor. But then again football's ethical credentials aren't all that. Wonga shouldn't really exist, let alone be an attractive commercial partner to a football club. Quote Link to comment Share on other sites More sharing options...
Crusoe Posted October 11, 2012 Share Posted October 11, 2012 Wonga is legal loan sharking. A deep blight on the poor. But then again football's ethical credentials aren't all that. Wonga shouldn't really exist, let alone be an attractive commercial partner to a football club. Yeah, what he said. I thought the same as LaticsPete initially, but whilst there are lots of morally dubious sponsors, payday loan providers really are down the scale. You can argue that nobody's forced to take a loan out, but even that's dubious when companies like this are targeting the most desperate and hard-up people. Quote Link to comment Share on other sites More sharing options...
maddog Posted October 11, 2012 Share Posted October 11, 2012 Yeah, what he said. I thought the same as LaticsPete initially, but whilst there are lots of morally dubious sponsors, payday loan providers really are down the scale. You can argue that nobody's forced to take a loan out, but even that's dubious when companies like this are targeting the most desperate and hard-up people. They're on a par with Brighthouse. Legal theft from vulnerable people. I work with people with learning disabilities, and the number of them who have signed up to contracts with companies like Brighthouse is massive. These people literally do not understand what they are signing up to - the contract should not be valid, under the Mental Capacity Act, and would probably not be if legally challenged. Members of the general public, however, don't fall under the Act - despite being just as vulnerable. Quote Link to comment Share on other sites More sharing options...
Ackey Posted October 11, 2012 Share Posted October 11, 2012 I suppose I should caveat my comment by agreeing that Wonga are scum. Absolute scum. But they're no worse than Barclays - just that they target the poor to benefit the rich in a more transparent way. Quote Link to comment Share on other sites More sharing options...
opinions4u Posted October 11, 2012 Share Posted October 11, 2012 Used as an occasional budgeting tool (borrow £100, pay back £115) once or twice a year and they're fine. Used when you don't have a payday coming up, used every payday, used alongside multiple other payday loan companies etc and they're a disaster waiting to drag you under. Don't like them. Wouldn't use them. Not convinced they should be outlawed though. Quote Link to comment Share on other sites More sharing options...
Crusoe Posted October 11, 2012 Share Posted October 11, 2012 I suppose I should caveat my comment by agreeing that Wonga are scum. Absolute scum. But they're no worse than Barclays - just that they target the poor to benefit the rich in a more transparent way. To me the difference is that Wonga only exist to target the poor and the desperate. To quote a poster on another message board, "Wonga are on a different level because they exclusively trade in misery, rather than what they do having deleterious consequences for some of their customers who overindulge/overuse amongst a much larger customer base who use said services as a normal transaction." Quote Link to comment Share on other sites More sharing options...
leeslover Posted October 11, 2012 Share Posted October 11, 2012 Not all of the poor are stupid or irresponsible of course. I agree with what O4U says, they do offer a useful service but it can be a slippery slope if unwisely used. Speaking of which, someone in work fell out with my friend because she refused to stand as guarantor for one of these things. Why the hell would you? Quote Link to comment Share on other sites More sharing options...
Crusoe Posted October 11, 2012 Share Posted October 11, 2012 Yeah, I should have tempered my post a bit. I'm undecided in whether I believe in banning these companies, and I'm all for personal responsibility, but the whole nature of the business makes my skin crawl. Quote Link to comment Share on other sites More sharing options...
opinions4u Posted October 11, 2012 Share Posted October 11, 2012 (edited) Speaking of which, someone in work fell out with my friend because she refused to stand as guarantor for one of these things. Why the hell would you? Just in case anybody didn't know, the guarantor ends up being liable for the whole debt when the "friend" decides they can't or won't pay. Or mysteriously moves away never to be seen again. Your "friend" spends the money. You get the bailiffs round. A true friend would never ask you to guarantee a loan. A wise man would never guarantee somebody else's loan unless they were willing to pay the loan themselves. End of o4u public information service announcement. Edited October 11, 2012 by opinions4u Quote Link to comment Share on other sites More sharing options...
Crusoe Posted October 11, 2012 Share Posted October 11, 2012 Ha, yeah, anything involving lending money to friends is a bad idea. Never do it unless you're prepared to write it off as a gift. It's just poisonous. Quote Link to comment Share on other sites More sharing options...
24hoursfromtulsehill Posted October 11, 2012 Share Posted October 11, 2012 Not all of the poor are stupid or irresponsible of course. I agree with what O4U says, they do offer a useful service but it can be a slippery slope if unwisely used. Speaking of which, someone in work fell out with my friend because she refused to stand as guarantor for one of these things. Why the hell would you? What a load of bollocks. They basically crop people for a lifetime. They offer nothing but human misery. Shame on you. Ha, yeah, anything involving lending money to friends is a bad idea. It's just poisonous. ...but relatively cheap at an accrual rate of just 2,600% pa. Quote Link to comment Share on other sites More sharing options...
Crusoe Posted October 11, 2012 Share Posted October 11, 2012 Why, that's a bargain! Can I borrow a tenner? Quote Link to comment Share on other sites More sharing options...
opinions4u Posted October 11, 2012 Share Posted October 11, 2012 £100 for 15 days costs £21.11. Worth paying if your bank is about to charge you £50 and the Wonga loan stops you busting through your overdraft limit and saves you that £50. While the APR is 4214%, £21.11 is hardly the end of the world. APR = annual. Payday loans tend not to get beyond a month. Until the borrower decides not to repay. Spending less than you earn and sensible budgeting tend to be cheaper than borrowing money though. Quote Link to comment Share on other sites More sharing options...
jimsleftfoot Posted October 11, 2012 Share Posted October 11, 2012 Yeah, I should have tempered my post a bit. I'm undecided in whether I believe in banning these companies, and I'm all for personal responsibility, but the whole nature of the business makes my skin crawl. The only positive is that they are an alternative to illegal loan sharks and I don't think Wonga go around breaking peoples legs. I think they could do with looking at the advertsing though, good looking smart, well educated, family types who are really exstatically happy with how quick they can get the hands on the money, hardly any mention how bad value they are. Quote Link to comment Share on other sites More sharing options...
jimsleftfoot Posted October 11, 2012 Share Posted October 11, 2012 £100 for 15 days costs £21.11. Worth paying if your bank is about to charge you £50 and the Wonga loan stops you busting through your overdraft limit and saves you that £50. While the APR is 4214%, £21.11 is hardly the end of the world. APR = annual. Payday loans tend not to get beyond a month. Until the borrower decides not to repay. Spending less than you earn and sensible budgeting tend to be cheaper than borrowing money though. A good point. Quote Link to comment Share on other sites More sharing options...
opinions4u Posted October 11, 2012 Share Posted October 11, 2012 I think they could do with looking at the advertsing though, good looking smart, well educated, family types who are really exstatically happy with how quick they can get the hands on the money, hardly any mention how bad value they are. They're hardy going to say "we're :censored: value" as a selling point though. I would consider advertising bans though. It's a bit like Latics placing ads in the Advertiser: "We know it's :censored:, but get down to Boundary Park with your crisp £20 note". Quote Link to comment Share on other sites More sharing options...
jimsleftfoot Posted October 11, 2012 Share Posted October 11, 2012 They're hardy going to say "we're :censored: value" as a selling point though. I would consider advertising bans though. It's a bit like Latics placing ads in the Advertiser: "We know it's :censored:, but get down to Boundary Park with your crisp £20 note". Quite, I was talking about regulation. Quote Link to comment Share on other sites More sharing options...
Ackey Posted October 11, 2012 Share Posted October 11, 2012 To me the difference is that Wonga only exist to target the poor and the desperate. To quote a poster on another message board, "Wonga are on a different level because they exclusively trade in misery, rather than what they do having deleterious consequences for some of their customers who overindulge/overuse amongst a much larger customer base who use said services as a normal transaction." My counter to that is simply that Banks do and are shafting you constantly - you just don't see it. Things like fixing rates, currencies and the like will bum sex you worse than a 2,000% interest rate. Quote Link to comment Share on other sites More sharing options...
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