Hearts Loan Firm Sponsor Immoral says Kirk Ckief

[DoonTheSlope]

Does Football have no shame when it comes to making money?
http://bit.ly/iByxjm

Compound percentage interest rate of over 4000%.
Football expoits the poor in our society.

[O'Rourke3]

That's another national paper that'll be boycotted by the 6 finger brigade as having a Hibs bias then. Funny though, they all know the stories.

[Bostonhibby]

Extracting money out of the vulnerable and exploited at eye watering interest rates / service charges. Where have I heard that before.

Who knows, maybe the borrower will eventually be expected to transfer himself to Kaunus to "facilitate" the loan!

[Broken Gnome]

Wonga were actually chosen as the winners of the Telegraph-sponsored Start Up Business of the Year awards. The head of the panel was all set to announce this at the ceremony, then found the newspaper had vetoed it on the basis they didn't want to associate themselves with a controversial business. Spotify won it instead.

Possibly highlights how strongly these negative connotations are held, but also that they aren't quite the immoral chancers some people seem to think..

[NAE NOOKIE]

There is no doubt that firms like Wonga take advantage of peoples desperation and though you would have to be mental to take out any kind of loan at 4,000% sometimes people have no option I suppose.

They are however legal and licensed and therefor a legitimate sponsor for a club to go for, even if it is the Yams. I would prefer the likes of Hibs to steer clear of this kind of firm though for moral reasons if nothing else, but if they didnt I suppose I could live with it.

Having said that I highly doubt I would buy any Hibs product with that type of sponsors name on it.

[Bostonhibby]

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There is no doubt that firms like Wonga take advantage of peoples desperation and though you would have to be mental to take out any kind of loan at 4,000% sometimes people have no option I suppose.

They are however legal and licensed and therefor a legitimate sponsor for a club to go for, even if it is the Yams. I would prefer the likes of Hibs to steer clear of this kind of firm though for moral reasons if nothing else, but if they didnt I suppose I could live with it.

Having said that I highly doubt I would buy any Hibs product with that type of sponsors name on it.

Can see your point but I think what probably done for them was aligning themselves with the football team they currently sponsor, slightly lower down the credibility scale that a loanshark methinks

[steakbake]

But isn't it just like owing money to yourself?

Perhaps so many of their players regularly have to get payday loans when the money doesn't hit the bank when expected that they've been cut a special rate in return for having their names on the jersey?

All the big clubs do it...

[--------]

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There is no doubt that firms like Wonga take advantage of peoples desperation and though you would have to be mental to take out any kind of loan at 4,000% sometimes people have no option I suppose.

They are however legal and licensed and therefor a legitimate sponsor for a club to go for, even if it is the Yams. I would prefer the likes of Hibs to steer clear of this kind of firm though for moral reasons if nothing else, but if they didnt I suppose I could live with it.

Having said that I highly doubt I would buy any Hibs product with that type of sponsors name on it.

We're doing Wonga an injustice here - their annual interest rate's only 360% and they won't loan you money for a year anyway - they'll want it back a lot sooner than that. A £301 loan only costs you £90.14 over a month, after all.

I suppose a loan-shark would want more than 30% interest over 28 days, and I suppose Wonga don't actually send the Lektor twins round to your house to cut bits off you if you default, but they're not a crew I would want to do business with.

Nor would I be comfortable Hibs playing in strips with "Wonga" plastered on the front.

It would be helpful, however, if Galloway would quote some hard evidence to support his case...

[ScapeGoat]

And Mcewan Fraser are providing a service for folks trying to shift their house or unable to make repayments so leasing back as far as I understand. Donno if that works out a great deal for folks that get desperate

[cabbageandribs1875]

i honestly cant understand why wills and kate want to be associated with the whole immorality that surrounds this once proud Edinburgh institution

[KeithTheHibby]

Who cares what they do, if they were sponsoring Hibs and were paying a decent whack would be giving a flying?

[ScottB]

Hearts could be said to have been immoral when they were paying convicted sex offenders, having a company like Wonga isn't that much more immoral than having a booze company or indeed, a company that buys your house on the cheap and leases it back to you, as a sponsor.

[Keith_M]

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Who cares what they do, if they were sponsoring Hibs and were paying a decent whack would be giving a flying?

Actually, I for one would care. I'd much rather Hibs weren't promoting something that, while legal, is morally suspect.

FWIW, I've read very negative comments from Hearts fans about being sponsored by these people as well, so they're definitely not ALL in favour.

[The Falcon]

Wonga only lends money up to 30 days and is legally obliged to put the annual interest rate in any blurb. There are safeguards in place after about a month/six weeks and the company stop charging interest. Thats what the MD claims anyhow in an interview I read.

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We're doing Wonga an injustice here - their annual interest rate's only 360% and they won't loan you money for a year anyway - they'll want it back a lot sooner than that. A £301 loan only costs you £90.14 over a month, after all.

I suppose a loan-shark would want more than 30% interest over 28 days, and I suppose Wonga don't actually send the Lektor twins round to your house to cut bits off you if you default, but they're not a crew I would want to do business with.

Nor would I be comfortable Hibs playing in strips with "Wonga" plastered on the front.

It would be helpful, however, if Galloway would quote some hard evidence to support his case...

[easty]

I wouldnt want them sponsoring us because Wonga.com looks crap on a football strip. I don't care about thier 'morals' at all.

They can charge whatever interest rate they want, I've never heard anything suggesting people are forced to take the loans. So, if you want to take out a loan from Wonga, I'm led to believe from what I've heard/read, you are well aware of what it'll cost you.

If someone wants that pair of Ugg boots or that ipad2 so badly that they're willing to go to Wonga then so be it. But, don't then walk around in the Uggs while playing Angry Birds on your ipad complaining about the interest rate though!

If someone has a genuine emergency where they need money then there are other ways to go about, see the CAB for a start. I don't know the figures but I'd wager that the majority of people using Wonga.com aren't doing so because of an emergency, they're just too caught up in our modern consumer society, these people are mugs.

[Beefster]

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Actually, I for one would care. I'd much rather Hibs weren't promoting something that, while legal, is morally suspect.

FWIW, I've read very negative comments from Hearts fans about being sponsored by these people as well, so they're definitely not ALL in favour.

While Wonga.com and their like are parasites, our last sponsor wasn't exactly known for being generous to the desperate and needy. However folk dress it up - offering folk way, way less than valuation is morally suspect.

Not many clubs are above getting into bed with any legitimate company and the ones that are have potential sponsors everywhere.

[Greentinted]

While 'Wonga' is a seedy, crass, parasitic type of company picking on the vulnerable I'm surprised "The Kirk" (who do exactly the same with the hard-of-thinking) with its history of propagating myth as truth, a firm belief in a vengeful god and a predestined 'elect' whilst aggrandising a Jewish Joiner who could confuse folks with the odd conjuring trick (at best) into fearful servility and having recently been shown up as a homophobic, mysogynistic old boys club reluctantly dragged kicking and screaming into the 21st century can pontificate on morals - religion thinks its more relevant than it is and the irony is palpable.

Get yer own increasingly trivial house in order and remove yer snout fi fitba'. (And the same goes for the RCs anaw)

We have just arrived at the end of a season where religious bigotry has dominated our game and while those of sane aspect agree that there is no place for religion in football it has to work both ways.

[iwasthere1972]

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Wonga only lends money up to 30 days and is legally obliged to put the annual interest rate in any blurb. There are safeguards in place after about a month/six weeks and the company stop charging interest. Thats what the MD claims anyhow in an interview I read.

According to their website Wonga do loans up to 35 days and the maximum for a first time borrower is £400. The interest including fee for that period is £145.48 making the total repayment £545.48. In the event that repayments are not made then interest will accrue on the balance for up to 60 days. There would also be charges of £20 for each time a payment is missed. They will then make further attempts to collect the money from your bank (who knows but this could be 2 or 3 times a week putting you a further £40/£60 plus interest a week in debt). If after 60 days there has been no communication or agreement to pay the loan then the account will be passed to their external credit partner.

I suppose the worst scenario would be that Joe Bloggs borrows £400 and doesn't pay back a penny. He fails to reply to their warning letters and after 60 days his account is passed to debt collectors. Off the top of my head I would guess that they would have applied for payment to his bank on at least a few occasions adding another £60 or so to his debt. Add in the interest (for 95 days) on the initial loan of £400 and the missed payment charges and the debt would probably be somewhere around about the £900-£1000 figure.

Sod that. It would make the Provi collector look like Father Christmas.

Hearts and Wonga are made for each other.

[--------]

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Wonga only lends money up to 30 days and is legally obliged to put the annual interest rate in any blurb. There are safeguards in place after about a month/six weeks and the company stop charging interest. Thats what the MD claims anyhow in an interview I read.

If that's so, then fair enough. I'd still want to know exactly what the "safeguards" are, and who they're "safeguarding" - the company or the borrower.

There's still a nasty smell about them, though.

[johnrebus]

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While 'Wonga' is a seedy, crass, parasitic type of company picking on the vulnerable I'm surprised "The Kirk" (who do exactly the same with the hard-of-thinking) with its history of propagating myth as truth, a firm belief in a vengeful god and a predestined 'elect' whilst aggrandising a Jewish Joiner who could confuse folks with the odd conjuring trick (at best) into fearful servility and having recently been shown up as a homophobic, mysogynistic old boys club reluctantly dragged kicking and screaming into the 21st century can pontificate on morals - religion thinks its more relevant than it is and the irony is palpable.

Get yer own increasingly trivial house in order and remove yer snout fi fitba'. (And the same goes for the RCs anaw)

We have just arrived at the end of a season where religious bigotry has dominated our game and while those of sane aspect agree that there is no place for religion in football it has to work both ways.

That John Knox is lookin fer you , pal.

[Greentinted]

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That John Knox is lookin fer you , pal.

He'll be too busy worryin aboot wimmin blastin their or dallying wi underage lassies tae bother wi a blasphemer like me...

[MrSmith]

Nasty smell about all these companies! Wonga, Quickquid, Payday loans and their ilk.

The trap is more eloquent than stated in any of the above posts. Their MO is to ensure you get caught in a monthly cycle of taking a loan out until payday - small to start with - and growing larger until you are paying your whole wage into it. Then the cycle begins again...but this time interest is higher due to the loan being larger...Back door robbery but you have done it to yourself without realising.

Time these companies were shut down - Shark lenders are all they will ever be.

[bingo70]

Wonga and the like don't 'pick on the vulnerable' they offer loans of money to people who have a history of not paying money they've borrowed back, nothing immoral about it imo