The Anonymous Widower

Wonga Move Into Credit Card Territory

According to this article from the BBC, Wonga are moving into credit card and web fulfilment territory with their latest service called PayLater.

Although, I’m not a fan of Wonga, it could be a good idea, provided they moderate their interest rates.

Would I like to see someone like Zopa or Ratesetter doing the same? Only of course, if they didn’t relax their credit checks.

After all, for years, with many products and some big purchases like cars, finance has been an integral part of the process.

The trouble with something like Zopa doing this, could be, that if the loan is turned down, then the sale could be lost.

But Wonga’s thinking does show how the banks and credit card companies are getting it in the neck from the new financial innovators.

December 17, 2012 - Posted by AnonW | Business, Finance | Banks, Credit Cards, Ratesetter, Wonga, Zopa