Jump to content

Newcastle sign four year shirt deal with ''Wonga''


Holden McGroin
 Share

Recommended Posts

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

  • Replies 807
  • Created
  • Last Reply

Top Posters In This Topic

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 by trophyshy
Link to comment
Share on other sites

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 :icon_lol:

Link to comment
Share on other sites

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

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 by Park Life
Link to comment
Share on other sites

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

 

 

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

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 by Toonpack
Link to comment
Share on other sites

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

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 :lol:

 

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

We were sponsored by Northern Rock man :lol:

 

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

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

We were sponsored by Northern Rock man :lol:

 

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

 

 

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 by J69
Link to comment
Share on other sites

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now
 Share

×
×
  • Create New...

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.