Have you ever sat down and considered the affordability of your debt and whether the money you are borrowing is good debt or bad debt? How much thought do you put into the cost of that debt and whether there is a better alternative? Do you ever sit down and actually work out how much everything you borrowed would cost to pay back over its total term and do you ever just pay extra off to reduce the term and cost of your debts?
It’s no secret that at some point we will almost all need debt in one form or another. The first step to effective management of debt is understand the ‘good’ and the ‘bad’. These good debts are often perceived entirely differently from bad debt, like buying a home or paying for a university education.
29 July 2015 - The second annual Wonga customer survey has shown that a greater awareness and understanding of how money works is much needed to get on to the road to financial wellness. More than 18 000 customers responded to the survey which was conducted in May this year, many admitting that saving remains a massive issue.
Wonga SA CEO Brett van Aswegen said the results of the survey weren’t surprising given the general consumer behaviour around saving and budgeting in the market. “It is imperative that consumers are educated about the various issues related to credit and to get financially fit to avoid getting into debt. Savings help prepare for unforeseen emergencies, but too many consumers don’t have the additional financial means or the discipline to save.”
19 May 2015 - After an extensive investigation, Wonga SA has ascertained it is being used as a front for an elaborate phishing scam that has seen some consumers out of pocket after falling for the false notifications.
Consumers have become vulnerable to the SMS and email messages with many making contact with the rogues, handing over personal information details in the belief that they were dealing with Wonga. Wonga reported the scam to the police at the very outset and more recently, escalated it to the Hawks for further investigation and prosecution.
At wonga.com, as part of our commitment to responsible lending, this month we want to challenge you, our customer, to start a savings plan if you don’t already have one.
Our challenge to you is to try and save 10% of your salary each month and not touch it, unless you have a real need for the money due to a financial emergency. And no, we don’t mean for that ‘awesome’ pair of shoes you saw in the mall yesterday or the latest game release on Xbox.
On the 2nd of March 2015 Wonga.com South Africa sent off the four winners of its Newcastle United competition, together with Sias du Plesis, on a flight to go and watch their favourite football team in action in the UK.
After arriving in London town and having a little bit of time to freshen up, the winners were whisked off to Newcastle and taken to St. James' Park stadium for a VIP tour. The group were also given the opportunity to meet some of the Newcastle United first team members and to attend one of their training sessions.
For the winners, the highlight of the trip was to see their favourite NUFC players battle it out against Manchester United. Unfortunately, Ashley Young's last-minute goal earned Manchester United a precious 1-0 victory at Newcastle United to keep their team in pole position for a top-four finish in the Barclays Premier League.
With the Southern Peninsula of Cape Town being victim to the devastating fires over the past week, communities have joined together in support of those who have been fighting non-stop to get the blaze under control. Fire fighters and volunteers are working through the night to extinguish the fires in the Noordhoek, Muizenberg, Tokai and Hout Bay areas and are in dire need of essential items to continue with their efforts.
The situation calls for individuals, communities and companies to work together to provide support to the brave firefighters. Wonga.com South Africa is calling on everyone to get involved and provide much needed support to the people out in the fields doing their best to extinguish the fire.
Branded cleaners and detergents can easily eat into our grocery budget faster than we think. But there is another way to save on the laundry detergent, fabric softener, glass cleaners, stain removers, shower, wood polish… When you’ve run out of cash for detergents and groceries before payday, here are some of the solutions that can save you a packet while keeping your home hygienic and clean all month through.
With 2015 in full swing, we look at new technologies and trends in the finance industry that could have a huge impact on 2015. With the increase in use of smart devices like smart phones and wearables, it is becoming easier and more convenient for us to make online, digital transactions.