A few weeks ago, I read on Facebook that a friend was heading out to the pub and because he didn’t have any money, he got himself a ‘Chunk of Wonga’ which means he has just taken out a £400 Wonga payday loan.
After following the discussion, he said he had taken it out for 30 days. He paid interest and fees of £125 so the total cost to pay back was a mind-blowing £525 for a £400 loan.
My response was along the lines of "YOU F*****G IDIOT!
"Seriously, that is going to cost you so much to repay. I should come round and beat you with a salmon."
It just goes to show how expensive these loans are and how angry I get when I see another consumer exploited by the promise of quick cash.
What do you think? Let us know your thoughts in the comments section below or in the forum discussion.