Paying Payday loans off with a loan?

toontoon9

I have about £800 in payday loans which brings in roughly about £250ish in charges per month!! Its not a great situation to be in and i dont no how i got here but i really need to try and get out of this.

I can pay the charges monthly by my salary however i really struggle to pay much more off. I'm looking for a loan for about 1k where i can pay about £100 a month, this would be very managable and would enable me to relax a lot more, any one have any recommendations of where i could get a loan from? I'm not sure what kind of credit terms i am on but i imagine they are not great.

kaisersoze_2

They are a shocking APR im afraid as you can work out by charges per month.

How is your credit rating?
Can you get a second job and pay that onto the loan?
Have you tried your bank see if you can get an overdraft facility or a small loan from them?

It is a vicious circle, you might be better (depending on credit rating) off getting a CC with a super balance transfer so you can put money into your bank account and then pay it off that way.

toontoon9

I know if i get a loan its not gonna be on great terms, but it will be more managble and i will be able to afford the payments. Maybe i'll end up paying more in the long run but at least i will be able to relax and enjoy myself more.

Figo

If I were you I would do yourself some debt management. Work out your income vs. your outgoings and sacrifice some of your non-essential outgoings. Then try to pay off the interest and some of the principle (the original loan amount) each month. It's well worth not visiting the pub (or whatever) for a few months in favour of not getting shafted by your payday loan company.

You could try consolidating with another loan but it's a bit of a viscous cycle. If you are in London you could try Oakham Loans, if you can provide a Guarantor you could try FLM Quick - you could even try a Credit Union (but most ask you to save for a while before they'll issue you a loan). At the end of the day even if you ended up paying less interest you would still be paying some. Far better just to get rid of your debt altogether.

toontoon9

Paying less interest does appeal to me at the moment, purely because it could take a long time to pay this off, where as a loan would take longer to pay off i would be a lot happier. I have applied for a loan with Yopa but got declined, so i am unsure of where to go next at the moment.

kaisersoze_2

toontoon9 wrote: »

Paying less interest does appeal to me at the moment, purely because it could take a long time to pay this off, where as a loan would take longer to pay off i would be a lot happier. I have applied for a loan with Yopa but got declined, so i am unsure of where to go next at the moment.

I assume you mean zopa. You can try and create a listing, this skips all the applying and you write a bit about why you want the loan and your ability to pay it off. People will then offer (if they want to) small amounts until your loan is created.

http://uk.zopa.com/ZopaWeb/Listings/

toontoon9

Thank you Kaiser.

toontoon9

just a litle more help would be grateful.

i applied with Jstfinancial.co.uk and on there site it says no fee. However they gave me a call back after i processed my application and we went through some details and they said it was a £40 fee, i said well i've read on the internet about this and i'm not keen and ur website says no fee. However she said we've been a company 7 years lalalal and i know theres dodgy people but we are a good company. Also i said well i dont get paid til next week so you could give me a call back then and she goes well pass ur details and we'll take payment next friday and i will get everything sorted for you. I said call back tomorrow and i decide then.

This sounds bad doesnt it?

Anyone know anywhere decent where they offer money to bad creditors but are respectable.

Enfieldian

toontoon9 wrote: »

just a litle more help would be grateful.

i applied with Jstfinancial.co.uk and on there site it says no fee. However they gave me a call back after i processed my application and we went through some details and they said it was a £40 fee, i said well i've read on the internet about this and i'm not keen and ur website says no fee. However she said we've been a company 7 years lalalal and i know theres dodgy people but we are a good company. Also i said well i dont get paid til next week so you could give me a call back then and she goes well pass ur details and we'll take payment next friday and i will get everything sorted for you. I said call back tomorrow and i decide then.

This sounds bad doesnt it?

Anyone know anywhere decent where they offer money to bad creditors but are respectable.

DON'T DO IT!

Lenders do not charge upfront fees for this type of loan.

Brokers do....

Chances are they will just pass your details on to a few lenders who will then turn you down or just send application forms.

If you are with PoundsTillPayday (Northway Financial) I have their account details so you can pay off a little extra as and when you want... That might help....

toontoon9

Cheers for your help, i'll say no 2moro.

I'm with Quid Quick, Payday Uk, 1MonthLoan & payday express