You may have seen the adverts for Wonga.com on DSTV. This controversial British payday loan company, infamous in the UK for charging annual percentage rates of over 4,000% is now operating in South Africa.
They've already inspired 362 entries on HelloPeter.com in a year. Not bad going.
Let's hope they don't get their claws into Botswana as well.
On their web site they offer an online calculator showing how much you'd pay to borrow a particular amount over a period of your choice.
Take a look at this example. Look closely at the numbers.
The smallest possible loan (R100), borrowed over the shortest possible period (2 days), would incur a percentage "interest & fees" charge of 74%.
Consumer Watchdog is a (fiercely) independent consumer rights and advocacy organisation campaigning on behalf of the consumers of Botswana, helping them to know their rights and to stand up against abuse. Contact us at consumerwatchdog@bes.bw or find us on Facebook by searching for Consumer Watchdog Botswana. Everything we do for the consumers of Botswana has always been and always will be entirely free.
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment