Payday Loan advice

Loubyloux

Hi all,

I was just wondering if anybody knew which payday loan company has the best rates or a good compare site I could use?

I do know the risks however due to my line of work I need some money to pay for train tickets on Tuesday and I wont be getting paid until 21 Oct so would only be short term and I always repay on time or early.

I usually go with Wonga however they are unable to help me in time as I have recently changed my name and so they need to verify my changes before they can approve anything which will be too late.

Really just want to know which ones do what they say they will i.e lend money at a high rate!! and which ones if any are a con.

Any advice...?

Sparkle78

DON'T DO IT! I've had one, initially for £500 through Payday UK last year (have paid about 3 times this amount on interest) and am still paying it off. Try every available option other than this!! Borrow, beg or steal if possible! Also, you could phone and get a crisis loan even if not on benefits!! I never knew this last year but I do now!

Loubyloux

Don't think crisis loan would be enough as train ticket is £110 and need a couple of other things too.
Is there a reason why more interest is being paid to them? I thought with all of them that they just took the money you borrowed pluse £X amount pre advised interest at the same time and that was the end of it like Wonga do?

Sparkle78

You would be surprised at what you will get on a crisis loan!! I work in the jobcentre! It is worth a try before phoning for a payday loan. True, i thought I would get the money until next payday then discovered that I couldn't afford it in a one off payment as the interest was enormous. Just be careful that's all x

barbarawright

I'm not trying to be flippant here but could you not get a coach instead. With a payday loan, your ticket will cost your far more than £110. Perhaps this is the signal that you should really try to get out of the payday loans cycle.

Sparkle78

True as I got one and am STILL paying it off by being naieve. If you ask for a payday loan of even £100, you are going to be stung by paying another £100 on interest therefore next month you will be £100 worse off after having to pay the initial £100 off the actual loan and then you're short the following month... and then it continues as £100 short every month until you magically "find" £100 spare. Just trying to help you not get into the same mistake I did!

Loubyloux

Thanks for the advice all.

barbara - i can see your point on coach but there aren't good services here as we are not in a major town or city and I need to be in London by 9am at the latest and even if I could get a coach the travel time would mean there wouldn't be much point coming home each day, on the train I leave the house at 6.30am and get home at 7.45pm. Also the £110 is for a weeks travel including the tube so it's not that high a cost.

Don't you have to go into an office somewhere to get a crisis loan, i.e they wouldn't do it over the phone? I would be at work all day in London so couldn't attend an office and would they be likely to pay it before Tuesday when I have to buy my ticket for the next week.

I think I have managed to get one with payday express and they do want £100 extra repaid but I will have that spare in 2 weeks when my pay is processed and that will be less than the bank charges and interest I would incur if payments bounced and took me over my overdraft limit.

Thanks for all your advice.

dLockers

Your willing to pay £100 interest?

Wow. Money to burn.

michael1983l

If you are buying a ticket for buisness travel and are happy to pay interest to do so then you must be mad. Go into HR and tell them to book you a ticket as you can't afford to yourself, otherwise you can't make the trip. Simple as that, HR will just use a procurment credit card to book it and it is their responsibility to pay it.

KingElvis

Yep, why on earth don't you let your company pay for it?

rtho782

Why the hate?

I work full time, with a pre-tax salary of about £21000 (including bonuses and overtime...)

I'm very careful with my credit, I never miss a payment etc.

The way I make SURE I never miss a payment is that if I'm getting to the point where I don't have enough money left over to pay off bills that month I'll get a payday loan.

This month I have a £200 loan from paydayuk, this is the first time in like 4 months I have gotten a payday loan so I'm doing OK, and hopefully won't need one next month.

The interest tends to work out about 25% in a month, I'm going to be paying back £250 on payday. (much less than the £400 some of you seem to think it would be)

My only other alternative would have been to start missing payments, as I don't have access to an overdraft etc, which would have had a strong negative impact on my credit rating.

Some months I have used Paydayuk (they do faster payments now which is nice), some months Wonga (who let you customise the repayment period so if you need a loan just before payday, work out cheaper), and some months, both. Although I'm getting to the stage where I rarely use them now, which is excellent.

I think the important point is to actually pay them, or you cause yourself a lot of problems, but that's the same with all lending....