pay day loans

lilibet1

Hi there everyone

I was just wondering that if you had to take out a pay day loan which would only be for 1 month, then which would be the best one to go for? I know that theyre not ideal but my friend is in real need and i cant help her:(

Thanks in advance

x

CHR15

Not a good idea to help ANYONE get a payday loan.

How is your friend going to have the same outgoing next month AS WELL as repaying this loan??

whichwhydoIturn

hi I have had payday loans for the last 6 months got to say WORST thing .Interest is so high.So this month I had 1 deposited as I was short after repaying last months back.It has taken me 9 days of calling emailing & faxing them for them to finally take money back from my account.I was worried that i would go over my cooling off time and pay interest.or be tempted to spend it.I decided that i had to bite the bullet and be skint rather than pay back alot of interest plus loan amount.Could your friend not have a sort out & carboot or ebay to up her funds.she wont regret it !!

lilibet1

i meant i cant help her out financially.

i understand that they are not a good idea, but if anyone else has any information on them, if she is going to get one then there must be some that are better than others? I dont know anything about them personally.

thanks

catflea

I am not avodcating pay day loans in the slightest. They have a nasty habit of spiraling - so please please please dont take one. Surely there must be another option somewhere?

I have gotten myself in a whole heap of trouble with payday loans and would be very very wary of going anywhere near them ever again.

If finances really are that pecarious you need to take a long hard look at your incomings and outgoings and work out where you can make savings so that there are a small amount of funds left at the end of the month.







Anyway, if you absolutly must take out a pdl then be very very careful - only take what you NEED (not what you want) and make sure its paid on payday (not a few days after)

in terms of flexibility the only PDL supplier that i have found that will offer flexibility (i.e you decide how long you want to run it for and exactly how much you want - rather than multiples of £50 or £100) is www.wonga.com but you need to have at least £1 on your debit card so they can run a test charge against it.

whichwhydoIturn

mine was with payday uk.borrow £200.00 pay back £300 and something i think.or you can pay back interest plus some of your loan and they qdd interest to amount outstanding for the next month.hope that helps

lilibet1

thanks

are wonga door step collectors though or does it all just go through your bank account?

x

catflea

wonga is all done online. They pay the cash direct to your bank and then take the money off your debit card when the time comes.

As stated though, please please please dont take out a PDL its the worst mistake I EVER made and I would hate for someone else to do it. :beer:

whichwhydoIturn

i am with you catflea!.what sort of amount does your freind need lill? if its possible could she ot loan against any gold she may have?or like i say ebay/carboot it

lilibet1

thanks all

have had a look at wonga and have advised her against it. It all looks ok in theory but if she didnt pay on time it says they would transfer to a debt collection agency. Does that mean horrible people coming to the door? Sounds frightening to me!

x

jennihen

Direct your friend to some of the other boards on this site. Debtfree wannabe is particularly good as is Up your income and Old style saving.
There are some really great people who will help out.
Good luck