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Monday, 18 November 2013

Farcical Lending: Wonga offers loan with ‘special discount’ to a 12-year-old

Wonga fightback begins, but could loans cost you a house?

Children of nowadays have access to highly advanced gadgets such as laptops, Xbox, Phone, iPads, iPods e.t .c.  But our social and economic system has not kept up with our technological capabilities that could easily create a world of abundance, free of slavery and debt.
Everyday my e-mail is full of junk mails from Credit Companies and my phone rings constantly, much of it is from pay day people offering me to get out of debt or get rich quick. It would be funny if it weren't so exciting.
However, no lender should be targeting children through advertising which suggests that getting into debt is the norm. Children are innocent, no lender should target kids, this action is unspeakable - Wonga is facing yet more claims of irresponsible lending after offering an expensive loan to a 12-year-old.
For those of you, who don’t know what Wonga is, is a British payday loan company offering "short-term, high-cost credit" to people.
Dennis Earle (12- years –old- boy) received a letter from the payday lender offering him a “special discount” on a loan of up to £400. Dennis’ father, Gavin, told The Telegraph: "At first I thought it was amusing, but then I realised why people complain about these companies. My kids are fairly sensible but another child might have tried to get something out of it."
However, Wonga insist that the letter was sent by mistake because the company take special care to make sure they only contacted people aged 18 and over, hmmm.
An analysis of the payday loans market by the charity Citizens Advice between November 26 and May 13 found evidence of lending to under-18s.
Please people watch out for your little ones as we cannot borrow our way out of debt.
 Source:MSN News
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