Small-print that states borrowers can only take out a Wonga loan if they sign away their right to their personal data being passed on to third parties has recently emerged.
The evidence, bought to attention from a privacy company, shows that in order to take out a loan with the pay-day loan firm vulnerable borrowers are coerced to accept a privacy statement which agrees to their personal information – such as mobile phone numbers and email addresses – to be passed on to third parties. Whereby a loan cannot be taken out without granting this permission.
The except from their privacy statement reads:
‘Further, you consent to us sharing your data with carefully selected third parties who may contact you via electronic means (including SMS and email) about unspecified products and services.’
On filling out the application form there is also no “opt-out” option for these privacy terms or from the wording that states that you agree to your data being passed on either.
Some may wonder why we bring keep bringing up the issue of pay day loan companies.
Quite simply, because more and more of our members are bringing to our attention that their tenants are getting into debt with pay day loans and therefore cannot pay their rent. For example, just this morning we were talking to a landlord who’s tenant had racked up rent arrears of £2,600 because of these loans.
You may be aware of the article/discussion topic that was started by Landlord Referencing, back in December 2011, Pay Day Loans Repayment Vs Rent.
Since then we have had over 80 comments on the subject and over 7,000 views!
Even the script writers of Eastenders have highlighted the notorious subject; via Patsy Palmer portraying a struggling single mother who has had to take out several of these dreaded pay-day loans to make ends meet, inevitably getting into an overwhelming amount of debt.
She was also kind enough to reply to Samii on twitter regarding the subject, saying :
“yes, really proud to be part of it – I hope it does the cause justice. x” @patsypalmerx
At Landlord Referencing we completely understand the importance of the correct handling of sensitive data, which is why we DO NOT pass on or sell ANY sensitive data to third parties. We don’t even pass on any sensitive data to our community of landlord and letting agent members.
How do landlord and letting agents reference their tenants with you then, we hear you cry?
Well, that’s where the Lifestyle Reference comes in.
Making us the safest and most unique way to reference your potential tenants in the UK to date.
So even though Wonga adamantly state that they do not sell on any third party information, doesn’t it make you wonder what exactly they’re doing with your personal details?
Would this make you think again about taking out a pay-day loan with Wonga in the future?
Please let us know!