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Yes loans, offered payday loan

111222
111222 Posts: 245 Forumite
in Loans
So i phoned up Yes loans and they said they foundme a lender who would give me a £1000 loan, they then offered me a payday loan for £160 and said it would be in my bank in 24 hours if i wanted it. I ended up declining it. What is this payday loan, is it a bad idea?

Comments

  • claire0788
    claire0788 Posts: 983 Forumite
    Part of the Furniture Combo Breaker
    A payday loan is a short term loan with a really high APR from what i have seen. Google payday loans, they have a website that you could have a look at.
  • CLAPTON
    CLAPTON Posts: 41,865 Forumite
    10,000 Posts Combo Breaker
    payday loans are only really suitable for people who have someone outside their door threatening to break their legs unless they get their money.... and who are absolutely sure they can pay the debt off at the end of the month without taking out a new payday loan.
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