Toonpack 6892 Posted October 9, 2012 Share Posted October 9, 2012 Caulkin making a valid point about bookies sponsoring a lot of clubs. The same bookies that leave an awful lot of gambling addicts unable to put food on the table. The same bookies that an awful lot of people on this board use. There's a lot of hypocrisy around Wonga atm. Breweries, bookies, corrupted banks are fine. Money lenders are 'morally wrong' though. . . . Totally agree. Link to comment Share on other sites More sharing options...
trophyshy 6434 Posted October 9, 2012 Share Posted October 9, 2012 (edited) It's a shite name for an unsavoury company but as has been pointed out many times, we sold our soul years ago, these days we're just selling our ass too. Fat Fred to blame imo, forced Ashley into the postion where he had to maximise revenue. /fucknoleazesbaitinganymore Edited October 9, 2012 by trophyshy Link to comment Share on other sites More sharing options...
Andrew 4229 Posted October 9, 2012 Share Posted October 9, 2012 It's a shite name for an unsavoury company but as has been pointed out many times, we sold our soul years ago, these days we're just selling our ass too. Fat Fred to blame imo, forced Ashley into the postion where he had to maximise revenue. /fucknoleazesbaitinganymore you could always tweet it to him Link to comment Share on other sites More sharing options...
Tooj 17 Posted October 9, 2012 Share Posted October 9, 2012 Link to comment Share on other sites More sharing options...
PaddockLad 14638 Posted October 9, 2012 Share Posted October 9, 2012 Who creates the pressure where the target market needs the cash and thus accepts, via necessity, the service Wonga provide ?? Football as a whole was "working class" it is no longer, be it NUFC or anyone else. Wonga has done roaring trade in the recession, with profits rocketing 269% to almost £46million last year. The company, which only started in 2007, says its success is due to high customer satisfaction and top-notch technology. Wonga offers short-term loans of up to £1,000 and promises to send the money within 15 minutes of it being approved. A stinging annual interest rate of 4,214 per cent is charged, although Wonga dismisses that as irrelevant because it loans cash over much shorter periods. The company was founded by South African-born Errol Damelin, who now lives in London. Read more: http://www.dailymail.co.uk/sport/football/article-2215020/We-wont-step-inside-Wonga-Arena-Newcastle-fans-hit-24m-sponsorship-deal.html#ixzz28nfyWQ00 Follow us: @MailOnline on Twitter | DailyMail on Facebook Link to comment Share on other sites More sharing options...
Gemmill 34640 Posted October 9, 2012 Share Posted October 9, 2012 Not a lot different to Northern Rock offering 150% mortgages etc Never happened. 125. Link to comment Share on other sites More sharing options...
Christmas Tree 3997 Posted October 9, 2012 Share Posted October 9, 2012 Never happened. 125. Same difference. Link to comment Share on other sites More sharing options...
Park Life 70 Posted October 9, 2012 Share Posted October 9, 2012 (edited) Newcastle United should not have shylock moneylenders who are predators making a profit on the back of the most vulernable in society as a shirt sponsor. I don't give flying fuck who other people are sponsored by. Edited October 9, 2012 by Park Life Link to comment Share on other sites More sharing options...
NJS 3986 Posted October 9, 2012 Share Posted October 9, 2012 Okay I accept that there a lot of morally dubious companies and industries - I work for an investment bank so I know I'm a hypocrite at a personal level but I still think they stand out. Say I decided to start a similar company lending to people who find it difficult to get credit elsewhere. Say I take the likelihood of default into account and charge 50% Apr. That's still a 48% profit margin which isn't bad. Then I think sod it I'll charge 2500%. Even discounting the targets that's despicable and dismissing them as just another capitalist company no different to any other is wrong imo. Link to comment Share on other sites More sharing options...
Toonpack 6892 Posted October 9, 2012 Share Posted October 9, 2012 Wonga has done roaring trade in the recession, with profits rocketing 269% to almost £46million last year. The company, which only started in 2007, says its success is due to high customer satisfaction and top-notch technology. Wonga offers short-term loans of up to £1,000 and promises to send the money within 15 minutes of it being approved. A stinging annual interest rate of 4,214 per cent is charged, although Wonga dismisses that as irrelevant because it loans cash over much shorter periods. The company was founded by South African-born Errol Damelin, who now lives in London. Read more: http://www.dailymail...l#ixzz28nfyWQ00 Follow us: @MailOnline on Twitter | DailyMail on Facebook http://blog.moneysavingexpert.com/2011/09/21/fact-borrowing-100-at-wongas-apr-costs-more-than-the-us-national-debt-over-14-trillion-after-7-years/ Why APRs are bonkers for payday loans These loans are short term loans usually lent for weeks or a couple of months (with Wonga its 31 days capped – hence why I title this ‘at Wongas APR’ not ‘borrowing from Wonga’), not years, and for small amounts. Over a short term APRs are often irrelevant, after all if you borrowed £20 and paid someone back and bought them a pint (£3) the next week, that sounds pretty reasonable. Yet if you were to take it as a loan, and compound it, it’d signify a 143,000% APR – far more than Wonga’s APR. "For example, borrowing £150 costs roughly £1.50 a day in interest and we deposit that cash into your bank account within minutes of approval, 24/7." Link to comment Share on other sites More sharing options...
Toonpack 6892 Posted October 9, 2012 Share Posted October 9, 2012 (edited) Newcastle United should not have shylock moneylenders who are predators making a profit on the back of the most vulernable in society as a shirt sponsor. I don't give flying fuck who other people are sponsored by. They provide a service to people who appreciate it: From the comments in the link PL posted: "There is nothing immoral about Wonga or any similar company. Their terms are clearly expressed and they are there for exactly what they say, a short term loan. if people need a longer term loan then they are stupid to use Wonga or the like for this. I have used them a number of times between pay days and am more than happy with service provided they did exactly as they said and all fees were clear from the beginning. Instead of calling these type of companies immoral, how about turning it round and putting pressure on the people who take out loans knowing they cannot afford them rather than attacking perfectly legitimate companies". Edited October 9, 2012 by Toonpack Link to comment Share on other sites More sharing options...
Toonpack 6892 Posted October 9, 2012 Share Posted October 9, 2012 Okay I accept that there a lot of morally dubious companies and industries - I work for an investment bank so I know I'm a hypocrite at a personal level but I still think they stand out. Say I decided to start a similar company lending to people who find it difficult to get credit elsewhere. Say I take the likelihood of default into account and charge 50% Apr. That's still a 48% profit margin which isn't bad. Then I think sod it I'll charge 2500%. Even discounting the targets that's despicable and dismissing them as just another capitalist company no different to any other is wrong imo. Check out my post above, APR is just not relevant, these are short term loans (31 days max) Link to comment Share on other sites More sharing options...
Park Life 70 Posted October 9, 2012 Share Posted October 9, 2012 Check out my post above, APR is just not relevant, these are short term loans (31 days max) It's pretty clear you know fuck all about this. Link to comment Share on other sites More sharing options...
2bias 3 Posted October 9, 2012 Share Posted October 9, 2012 real? Or photoshop Link to comment Share on other sites More sharing options...
Toonpack 6892 Posted October 9, 2012 Share Posted October 9, 2012 It's pretty clear you know fuck all about this. How so? please illuminate me (if it doesn't involve aliens) Link to comment Share on other sites More sharing options...
Park Life 70 Posted October 9, 2012 Share Posted October 9, 2012 I feel ill. Link to comment Share on other sites More sharing options...
Park Life 70 Posted October 9, 2012 Share Posted October 9, 2012 How so? please illuminate me (if it doesn't involve aliens) Fuck off you dopey cunt. Link to comment Share on other sites More sharing options...
Toonpack 6892 Posted October 9, 2012 Share Posted October 9, 2012 Fuck off you dopey cunt. Well, that was informative. No answer, so resorts to swearing, how splendid. Link to comment Share on other sites More sharing options...
PaddockLad 14638 Posted October 9, 2012 Share Posted October 9, 2012 Newcastle United should not have shylock moneylenders who are predators making a profit on the back of the most vulernable in society as a shirt sponsor. I don't give flying fuck who other people are sponsored by. We were sponsored by Northern Rock man I think I'd feel the same as yourself if it wasnt for that inconvenient fact....we havent got a lot of room to talk tbh about morally sound busnesses being associated with the club...iyam Northern Rock caused the conditions for Wonga to exist Link to comment Share on other sites More sharing options...
Toonpack 6892 Posted October 9, 2012 Share Posted October 9, 2012 We were sponsored by Northern Rock man I think I'd feel the same as yourself if it wasnt for that inconvenient fact....we havent got a lot of room to talk tbh about morally sound busnesses being associated with the club...iyam Northern Rock caused the conditions for Wonga to exist Spot on ... and other organisations like the Rock Link to comment Share on other sites More sharing options...
Park Life 70 Posted October 9, 2012 Share Posted October 9, 2012 Well, that was informative. No answer, so resorts to swearing, how splendid. You do realise that a lot of vulernable and desperate people play one last minute lender off against another and have rollovers of the loan and so on? Link to comment Share on other sites More sharing options...
Park Life 70 Posted October 9, 2012 Share Posted October 9, 2012 We were sponsored by Northern Rock man I think I'd feel the same as yourself if it wasnt for that inconvenient fact....we havent got a lot of room to talk tbh about morally sound busnesses being associated with the club...iyam Northern Rock caused the conditions for Wonga to exist That's fukin nonsense as well. NR were operating in the same deregulated market as other lenders. Link to comment Share on other sites More sharing options...
Park Life 70 Posted October 9, 2012 Share Posted October 9, 2012 I can't beleive people are defending this. Link to comment Share on other sites More sharing options...
ewerk 26490 Posted October 9, 2012 Share Posted October 9, 2012 Link to comment Share on other sites More sharing options...
Kid Dynamite 5941 Posted October 9, 2012 Share Posted October 9, 2012 (edited) http://blog.moneysavingexpert.com/2011/09/21/fact-borrowing-100-at-wongas-apr-costs-more-than-the-us-national-debt-over-14-trillion-after-7-years/ Why APRs are bonkers for payday loans These loans are short term loans usually lent for weeks or a couple of months (with Wonga its 31 days capped – hence why I title this ‘at Wongas APR’ not ‘borrowing from Wonga’), not years, and for small amounts. Over a short term APRs are often irrelevant, after all if you borrowed £20 and paid someone back and bought them a pint (£3) the next week, that sounds pretty reasonable. Yet if you were to take it as a loan, and compound it, it’d signify a 143,000% APR – far more than Wonga’s APR. "For example, borrowing £150 costs roughly £1.50 a day in interest and we deposit that cash into your bank account within minutes of approval, 24/7." Was just coming back to make this point. Everyone's crowing about 1000% apr. For a weeks £500 loan you are talking 30-40 quid interest. Yes other banks do loans at a lower Apr but not without all the hassle of background checks and getting loans authorised etc. They will happily charge you more than wonga if you go 30p into your overdraft though. Edited October 9, 2012 by J69 Link to comment Share on other sites More sharing options...
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