payday loan

dougyd

Snakeeyes21 wrote: »

Payday loans are absolutely fine if you know what your getting yourself in to and can repay it on your next payday and can afford to live untill the payday after that without taking out another payday loan.

ive used a few of these payday loan companies and a couple that are the best of a bad bunch are paydayuk and wonga, wonga gets the cash to you withn an hour plus you pay interest on a daily basis so if you repay early you pay less in fees / interest.

paydayuk is a bit slower getting the cash to you but their fees are slightly lower but are added at the start so even if you pay it back early you still pay the same amount.

no doubt people will come pointing saying look at the interest rates because they seem really high, but they are based on if you have the loan over a year with the interest compounded, even the head of the FSA has stated that using an APR for short term lending takes the rates out of perspective, in reality you pay around 25% for borrowing the money for the month.

It's not just the interest that kills people. If you are short £200 and borrow it then the next month it's likely to heavily impact your disposable income.

Then there's the £50 interest on top and any spare money for next month is likely to be gone.... where does the money come from then?

Snakeeyes21

Thats exacally why i said "and can repay it on your next payday and can afford to live untill the payday after that without taking out another payday loan"

if theres any doubt that the person cant repay the loan and afford to live untill their next payday then a payday loan isnt the right option for them.

Like I said ive used them without any problems when ive had unexpected bills, car trouble etc but this type of borrowing works for some and not for others

Mikek_3

k-e-l-l-y wrote: »

Also does anyone know of a decent pay day lender...

No such thing exists

Apples2

yrthesneakerhead5 wrote: »

payday loans are the best option to meet your small and short term needs

That post demonstrates why they should be avoided at all costs.

They even spam on forums to drum up trade.

If you are £200 short this month, battle through it.

If you take a £200 payday loan now, you are already £250 down which you have to try to find next month.... and next Month is DEFINITELY coming.... it will arrive no matter how much you pretend repay day won't arrive.

Boozer

Snakeeyes21 wrote: »

in reality you pay around 25% for borrowing the money for the month.

Oh thats better then, i thought the rates were really bad:rotfl:

Insomniac666

I would avoid at all costs... I had one which snowballed into 2,3 and finally 4.. I managed to clear one after nearly a year of trying.... I'm now making terms to repay 1 on lower costs

be careful if you do have no choice because it just became horrific!

theartfullodger

Wonga?? Those b*****' cr**ks who charge 2,689% APR and claim to be responsible lenders?? I wouldnae trust them further than I could throw them, & I have a bad back...

Keep away from money-sucking b*****ds like these if you have any any alternative!"

Hope it works out...

Cheers!

Lodger

k-e-l-l-y

thanks for all your comments back.

Am now currently trying to get the money back from my ex when i leant it to him he said he would pay it back once he had been paid....waited 2 paydays now. been in touch with him and he said he isnt going to give me a penny back.

Situation was his car needed repairing, the car is registered under his name at the garage there records show that my card was used for payment and it clearly show that on the receipt as well.

anything i can do?

thanks in advance

Gregstac

Hi Kelly
As most people have already explained dont go down the payday loan route.....my first payday loan was for only £200 this just started the ball rolling to which i now have a £1600 debt around my neck which I have to pay at £80.00 a month to a debt collection firm.
Is your next payday really that far away??? As suggested already sit it out.