PayDay Loans - Are they ok to use

fozmcfc

Basically as hopefulfooluk says, providing you can pay back £150 and not have to take out another loan the next month, then you maybe ok.

If you can do the above, then Wonga are probably best borrowing £120 and paying it back Thursday 24th June, will cost you £135.40. (i.e. £15.40 interest).

bill_a

PLEASE PLEASE PLEASE do not get a loan with a payday loans company,borrow the money from relatives ,friends,your employer, or anywhere else apart from payday loan companies, if you cannot pay the money back to a loan company they will add interest after interest fee after fee contact with some of them i nigh on impossible ,take 5 minutes out of your life to research payday loan companies and draw your own conclusion

fozmcfc

The key point in your post is "If you cannot pay the money back".

But if you can pay it back and not have to take it out again, then it isn't a total no no.

I have no sympathy for anyone who takes out a Payday loan and know they cannot pay it back.

Yes Payday loans can have ridiculous charges, but there charges are normally very transparent if people bother to read what they are signing up for.

Too many people either don't or can't be bothered to read the terms, then play the unfair card, when exactly what they sign up for has happened to them.

Out of the many who complain about Payday loan companies, only 1% have an actual reason to !!!!!/moan.

xmaslolly76

As other have said if you can avoid using them do its a viscous circle if you are in any doubt about your ability to clear it. If however you do get one then use quidco you will at least get some of the interest back they were doing a really good deal not so long ago where you pocketed £40 after fees but i think it has been lowered since then.

PNPSUKNET

sing up for a quidco and get £20 cash back for taking the loan out. To be honest I have had one from them when they offered £65 which made me £40 pure profit. I had no issues with them

happyandy63

I had a couple of ideas for you:

1) Advertise something you can do on something like gumtree. It could be anything like ironing, wallpapering. This could bring in a little extra cash. Try to keep this cash for rainy days. Also you could sell things you don't need. gumtree is probabley biggest but there is a few like it (e.g. vivastreet). You can advertise for free. Write down all the things you can do.
2) Borrow from friends giving them something as depost. Don't ask for more than you need
3) Rather than spend look at free alternatives and skill sharing. Have a look at justfortheloveofit.org.uk




2) Borrow from from friends

happyandy63

I had another idea. If you need to borrow money try this website. I am not touting and have never used but it seems a better altenative than high interest loan

https://www.zopa.co.uk

evissa

I have used payday loans before on a few occasions over the years, if you can guarantee that you can pay back the loan and the (very high) interest rate on the day they specify, without having to take out another the following month then you will have no problem with them.

SUESMITH_2

could you not get an advance on your salary?