They would argue that they only lend for a maximum of one month, so APR is not representative. On a short term loan, the admin as well as the interest is high, so compounding it is even higher than for a simple loan.
Don't get me wrong - I think these type of loand should be banned, but they have their arguments straight.
OTOH, loca credit unions will make much more reasonable bargains, but you actually need to discuss your (literal) shortcomings with them. All you need to do on Wonga is fill in a very simple form.
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http://www.wonga.com/money/how-to-wonga/
They would argue that they only lend for a maximum of one month, so APR is not representative. On a short term loan, the admin as well as the interest is high, so compounding it is even higher than for a simple loan.
Don't get me wrong - I think these type of loand should be banned, but they have their arguments straight.
OTOH, loca credit unions will make much more reasonable bargains, but you actually need to discuss your (literal) shortcomings with them. All you need to do on Wonga is fill in a very simple form.