Payday Loans

swayze

Does anyone have details on these products?

Typical customer profiles.

Thanks

iolanthe07

From reading posts by desperate people who have been ripped off by these sort of short term loans, it would seem that they are best avoided at all costs.

asandwhen

I took a loan out with payday loans about 2 weeks ago - I took £80 and am paying back £100 on monday when I get paid.

The only reason I took this out is because they were paying £70 quidco for any loan so made a tidy £50 profit.

Wouldn't touch them with a barge pole otherwise.

Thanks for my £50 payday :beer:

Mushy61

asandwhen wrote: »

I took a loan out with payday loans about 2 weeks ago - I took £80 and am paying back £100 on monday when I get paid.

The only reason I took this out is because they were paying £70 quidco for any loan so made a tidy £50 profit.

Wouldn't touch them with a barge pole otherwise.

Thanks for my £50 payday :beer:

Sounds like an easy way to make £50.

I was wondering though, would obtaining a loan through these loan shark type of outfits have any impact on your credit file?

asandwhen

No it wouldn't as payday dont do a credit search on your file - read there Q+A on there website - plus I have credit expert so have checked and nothing there.

Mushy61

Thanks.

I may give it a bash then.

It also seems to track and pay out fairly quickly on quidco.

dannynixon

Does it always track?

asandwhen

quidco's track rating for payday is 100%

cootuk

I applied for the £80 loan (£100 repayable) through Quidco last week and the £70 cashback has just shown on Quidco tracking as in progress.

alleybabes

cootuk wrote: »

I applied for the £80 loan (£100 repayable) through Quidco last week and the £70 cashback has just shown on Quidco tracking as in progress.

I applied fo £100 through quidco and the £70 cashback is tracking i think they said 1 - 2 months you get paid

funky1471

I had to take one of these for £80 one month to avoid a bank charge back before I was earning a decent wage and it all happened fine, paid it back, they will then phone you sometimes telling you something like "Did you know you are now pre-approved for a pay-day loan of up to £500" but just don't fall into the trap lol.

If you genuinely need the cash in a hurry and know you are good enough with your finances to pay it back and still have enough for next month then do it. I would personally these days just keep a backup credit card, then if you need to spend on it pay it off on your next pay day and you won't be charged any interest.

It helped me out when I just needed that little extra, and it hasn't effected my credit rating. I check it regularly to ensure everything is running smoothly and I have a very good credit rating for a 21 year old, a fair amount of history with no missed payments and it's a lot better than any of my friends who haven't ever taken out credit.

Not all Credit is bad after all, just bad credit is bad!