Just expect the same application of the AUP as anyone else cod'ead.

Anyway, back on topic, seems no other similar lenders are following Wonga down this route, were Wonga really the only one's with poor lending criteria?

No. Wonga have undoubtedly been singled out for a) the fact they are the biggest, most well known of these companies, and b) the fake lawyer debacle.

However it is hard to have sympathy. Yes everyone knows what they are signing up to. But people will do daft things when they are desperate and Wonga have made millions taking advantage of these desperate people. Knowing full well that they can't afford to take these loans on.

Shopacheck did the same for 40 years in Hull, and nobody said a word. In fact, they named a stand after the chief shark, and a memorial cup.

And Provident sponsored Bradford and no one cared about that either. It doesn't make the actions of these companies morally correct.

My opinion on Wonga and all the other payday loan companies is that there is a place for them and if people use them responsibly they are absolutely fine.

The problem is that lots of people don't use them responsibly. Or they take out a loan with good intentions and then something happens and they can't repay. In these scenarios, rather than just piling on interest and fees these companies need to do more to protect these people.

I know of instances where people have repaid loans late (we're talking months late btw not just a few days) and Wonga have allowed them to immediately take another loan out. Now you might call these people stupid. But Wonga shouldn't be allowed to do that, surely?

Not just Wonga, all loan companies.

It's no different to "equity release" mortgages allowed to repay debts, is it?

I've said it so many times in the last few days. PERSONAL RESPONSIBILITY.

Should be simple, Mortgage, 3.5 x time salary (joint or sole)
Repayments are affordable below 15% of monthly income
All other debts taken into account

it's about affordability

You're dead right. Any company that lends to people who can't afford it needs to be looked at. But some payday loan companies will lend to literally anyone.

It's tickling me that as I read this thread, loan offers are scrolling up at the bottom of my phone screen ....

Also isn't it great that the powers that be have such inbuilt inertia that they have to wait until there is a scandal/crisis before they act, when it's obvious to man in the street that for a large section of mainly poorly educated and poorly organised people the last thing they need is one of these sorts of loans which make their problems worse not better.
But it is all about making a pretty shilling and besides it will regulate itself responsibly won't it if left unfettered.

What a pity governments (of whatever hue), over the years have failed to promote the benefits of local credit unions. They seem to work well in the US but although there are a few here, they really are few and far between

Still waiting for the answers to my questions to Standee.
Mind you I'm still waiting for answers to similar questions to AJW.
Sadly,and they still cannot understand, that by their lack of being able to respond,it shows that they really do not have the knowledge to cope with the 19th century never mind the current global scenario.

Nobody called you a monkey.
The organ grinders monkey was AJW1

The mask may have slipped.

You are going to have a serious financial crash if you apply the 15% rule, the only thing that keeps financial businesses in business is lending to others, pull the plug on lending and the whole house of cards will collapse.

3.5xjoint salary is fine, it worked in the past, in fact when I took out my second mortgage it was 3x my salary plus the wifes (not 3x hers), so back in 1985 property was affordable at those rates and from memory our repayments were around 40 to 50% of our joint income which again was affordable.

As for all other debts taken into account, it applies now with the applicants "affordability test", the only debt not being thrown in the pot being student loans - if you include that then again we are all screwed as for most its the second largest debt in their lifetime.

there are actually a lot of CU's in England and Scotland, I've spent the last 10 years or so working with them on affordable credit, and setting up sinking funds (which is basically a saving scheme but someone else can access it for specific costs) The thing with CU's is they are ethical, so they won't lend you £500 for a holiday, they only (usually) lend against a debt (ie:rent arrears), the fact that LA's aren't using hardship funds correctly is also a concern.

Whilst places like BrightHouse et al exist, we have a problem. But it's cultural, people believe they have a "right" to a 56" TV, PS4 and a new Sofa, so they get them, they pay £10 deposit and then £12.50 a week for the next 20 years, but after 4, they think "I have a right to a new TV, and a PS6", and they get them, with £20 deposit and £22.50 a week for the next 22 years. Soon, because of low income, they have £35 a week coming out on credit, £80 on rent, £40 on Council Tax, don't forget, they all "have a right" to run a car, so that is £50 a week, plus food, clothes etc. Suddenly the £300 a week they earn is reduced to £95 (ish) of disposable income. Or around £10000 a year, but that gets pi55ed up the wall and blown out in smoke.

I know I sound boring, I don't think Wonga are a moral business, but I do think people need to take personal responsibility as well.