*Daily Chat Thread**20th Aug 2008**

Burlesque_Babe

I've just done something a bit scary and possibly silly if it doesn't go to plan.

Quidco are offering a £60 cashback on a completed Payday Loan. The lowest loan is £80 with a £20 fee, repayable at the end of September. This would mean a £40 profit if all tracks well with Quidco.

I've been approved (far too easily, god, how tempting it must be for someone in dire straits) and now just need to hope Quidco tracks, otherwise I'll be £20 down.

It felt horrible applying for credit, I can't quite describe the feeling I felt, even more so because I don't need it but I was doing it speculatively.

immoral_angeluk

I'm confused BB.. surely you'll be £40 down?

Burlesque_Babe

They lend me £80 (which obviously I don't spend) and they charge me £20 fee, I pay back the original £80 plus £20 at the end of September so I'm £20 down. I get £60 cashback from Quidco at some point, which then means I'm eventually £40 up.

(Land_of)_Maz

so you will be given £80 loan, +£60 cashback = £140

then you repay £100, hence £40 profit...

well worth it, if it tracks... especially if you don't actually need it...

Gemmzie

Pretty sure this is safe, hypno and others did it recently

cat4772

BB

I too am confused

Does this mean your loan is for £80, + £20 fee (and I assume interest) so you need to repay £100 at the end of September; £60 cashback from Quidco means you have £40 profit; if it doesn't track you have £20 deficit.

Is that right?

(Land_of)_Maz

i wonder how long it takes to track/pay?

cat4772

BB

That clears it up - fingers crossed it tracks for you.

Cat.x

Burlesque_Babe

tracking seems to be within 24 hours reading other threads.

The £20 fee is the interest (it's something horrific like 300% - sorry, should have said interest, not fee) - yes, cat, you are correct in how it works.

£80 will go in tomorrow or the next day and then £80+£20 will just be re-debited from my current account at the end of September. Just a waiting game then from Quidco but it seems a quick payer.

(Land_of)_Maz

I've just done it too....... eeeek!!

but to be honest, i can use the money now, and easily pay the £100 next payday... so i'm happy....

not condoning payday loans but well.... it's worth doing for £40!