Payday loans - whos best of a bad bunch?

bcfc84

Hey all,

I want to take out a payday loan, im skint this month but as I started a far better paying job this week this months pay will be mega and I will be able to pay it back, so thats no worries.

My only question is whos the best to deal with ? (I know none of them are great) but i live with my parents and have done since I split with my wife and dont really want calls and post to the house.

If I pay them back on time, which I will do, will they in the meantime send me post and harrass on the phone?

Thanks a lot in advance

BCFC84

Burlesque_Babe

If you pay it back in 1 lump sum at the end of the following month (which is the purpose of them really) they won't hassle you.

I got a payday loan to take advantage of the quidco cashback. the money arrived in my account the next day, sat there until it was due back and was then just taken back by them. Just before it was due to be taken, they called and asked if I wanted to extend the payment period. I said not (I didn't say it was because of the quidco offer!). That was that - nothing else said, or received.

nikki2804

Personally id say stay clear of them all. I know you have the best intentions of clearing the loan asap but its a vicious cycle and one to stay clear of. Do you not have any family or friends that you can borrow from? This would probably be a better alternative

Browntoa

not got anything you can take into a cash generator type store ??

http://www.cashgenerator.co.uk/buy-back-facility

or they do

http://www.cashgenerator.co.uk/pay-day-advance

not the cheapest way to get money but you can walk in with the goods and get the cash , then reclaim it when you get paid

but as above I would recommend looking at friends etc first

elsien

I used one of the ones on quidco - paydayuk as I only did it for the cashback and they're the best payers in that respect, currently paying out £65.
I paid it on time, and apart from emails never heard any more from them - no letters or phone calls. They're all extortionate, but as a one off it turned out fine.

Burlesque_Babe

have you any car boots taking place near you soon? Get rid of CD's you never play, any old mobile phones, console games, books etc

bcfc84

Thanks I guess for the advice, but im going to go through with it.
How long until the quidco cash comes through?
Can you still have the quidco cashback if you choose to roll it on to the next month?

elsien

This is what the site says:

"For genuine tracked transactions completed wholly online, you can earn:
£65 for a verified and completed loan by a new customer"

But if you roll the loan over, I think you'd end up having to pay a lot more back which would wipe out the value of the cashback. If you're not going to pay it back within the time scale, I'd go with what others are suggesting and borrow the money from family or friends.
I paid £20 for borrowing £100 until the next payday, so I hate to think what the rate would be for longer periods.
The cashback took a few weeks I think. The loan request went in at the end of the month, and the cash got paid to quidco a month later after I'd paid the loan back. From the wording, I'd say the payment isn't verified and paid out until you've paid the loan back.

You're going to have to wait till you start your new job anyway, as they need your company details to check you're legit.

bcfc84

So will they contact my new employer? I really dont want them doing that!

elsien

They say they phone to confirm that you really do work where you say you do . I think they're discreet though - they say they don't tell employers who they are and why they're phoning.
I don't know if they phoned my work or not - they said they would, but none of my staff mentioned it or left a message for me, so either they never phoned or they just asked if I was there and were told I'd be in later. Either way it wasn't a problem. Unless work doesn't like you giving the number out, which wasn't an issue for me.

Looks like they sell your email details on though if you miss any of the tickboxes, as for a few weeks afterwards I got loads of spammy emails from similar companies. They dried up when I ignored them.

There's more threads here about people who've used them that might give you more details on how the process works and other peoples experiences.
http://forums.moneysavingexpert.com/showthread.html?t=1832713&highlight=paydayuk
or this one http://forums.moneysavingexpert.com/showthread.html?t=1426517&highlight=paydayuk

Burlesque_Babe

They didn't contact mine - it was an instant decision.

they aren't allowed to say why they are calling. They can only say 'does bcfc84 work here' and that is all.

Please don't consider rolling it over, yes, you'd still get the cashback from quidco because it's awarded on completion of the loan but the APR will be horrible and lots of people have got into terrible trouble with these kind of companies.