What's the cheapest payday loan company ???

peainapod

Thanks cos, I'm sick of it, I don't like coming here to ask anymore to be honest !
Geoffky, I'm not playing with fire and will not get burned, I've taken out a few of these over the past few years with no problem at all, in fact (apart from the stupid interest rates) I think they are fantastic for sticky situations ! As long as you know what you're doing and are responsible with money, which of course everyone on here assumes I'm not because I'm asking for a payday loan. Not everybody has the luxury of asking friends or parents for money !
Also when I take out a payday loan (which has always been paid back, in full, on the arranged date) I always use cashback which usually cancels out the interest on the loan !! So basically I'm getting a practically interest free loan and improving my credit rating !

fozmcfc

peainapod wrote: »

Thanks cos, I'm sick of it, I don't like coming here to ask anymore to be honest !
Geoffky, I'm not playing with fire and will not get burned, I've taken out a few of these over the past few years with no problem at all, in fact (apart from the stupid interest rates) I think they are fantastic for sticky situations ! As long as you know what you're doing and are responsible with money, which of course everyone on here assumes I'm not because I'm asking for a payday loan. Not everybody has the luxury of asking friends or parents for money !
Also when I take out a payday loan (which has always been paid back, in full, on the arranged date) I always use cashback which usually cancels out the interest on the loan !! So basically I'm getting a practically interest free loan and improving my credit rating !

You are not improving your credit rating, taking out payday loans is seen by companies as someone who is not in control of their money and is not budgetting correct.

Someone recently posted that their bank turned them down, and the reason the bank did, was because they had taken a payday loan with Wonga.

Fru_T_Bun

fozmcfc wrote: »

You are not improving your credit rating, taking out payday loans is seen by companies as someone who is not in control of their money and is not budgetting correct.

Someone recently posted that their bank turned them down, and the reason the bank did, was because they had taken a payday loan with Wonga.

I would agree with the above, my bank told me when they see Pay Day loans on your account its a sign you are struggling and they are less likely to accept you for their products.

xgingerx

Hi, firstly from my experiance your credit file doesnt say who the loan is from and secondly most of us who have regrettably had to use this service is because our credit file is shot to bits anyway, so who cares what your bank thinks of this, if you had an ok file to start with you could get an overdraft/ credit cards / loans etc at high street bank level. I dont believe for one minuite it can make your file any worse?

Devils-Advocate_3

Do NOT use a payday loan! I used two and still can't get out of the cycle of paying off the interest....although this should be changing soon (huzzah). I have been paying the interest only for nearly 12 months now....

Goddamn you wageday advance and 1monthloan

Or, in all fairness, goddamn myself for mis-using them A mistake that won't ever be repeated when I pay 'em off!

MichaelCR

peainapod wrote: »

Apples2 and RichGold, people come on here for answers to their questions not your personal opinions !
First of all, I'm not stupid, if I did have any other choice like asking friends or family I wouldn't be taking out a payday loan !!!
I don't have any other choice, an unexpected cost has come up that I cannot cover and must cover so the payday loan is the only way for me.
Also I've just checked and I'll go with payday uk, who charges £25 per £100 borrowed for NEW loans. I've taken out a loan with them a while ago when I was stuck and paid back in full so the interest on the £200 I need would be even less than that, but even if it was that and I had to repay the £200 plus £50 interest topcashback offer £40.40 for a loan taken out so basically I'd pay £10 interest for getting me out of this situation, which is fine by me. Just came here to check if anyone had had a good experience with a particular company and all I get is treated as if I have no clue what I'm doing !!! Its no wonder some people doing bother posting on here...

PaydayUK Are about the best of a bad lot. There charges and fees are clearly shown before filling in any application forms, They work on your current circumstances, So there credit checking/scoring procedure is alot more lenient towards those who have past credit problems. They also report payment history back to the CRA's meaning you can actually improve your credit history, You are also pre approved for higher amounts next time should your circumstances not change. For example, I took out £80, Have to repay £20+£80 which is obviously £100, taken out over a month. Wonga would have charged me £29.11 for £80 over 28 days. As i paid the loan back on time, My next pre approved limit is up to £160, Then if i pay that off, Then it is £160 again, After that it goes up to £300 (Although i would never borrow that much from them). You also get sent a membership pack with a card, And all information. Although i wouldn't recommend borrowing from payday lenders, PaydayUK Are actually very good.

xgingerx

Hi Devil, i know too well how you feel, i pay mine off on the 20th June and I cant wait to be free from this, but sometimes desperate times mean having to get the pi** took out of you if this is the only option to hand, well i pray to god that I can avoid this in the future

Devils-Advocate_3

xgingerx wrote: »

Hi Devil, i know too well how you feel, i pay mine off on the 20th June and I cant wait to be free from this, but sometimes desperate times mean having to get the pi** took out of you if this is the only option to hand, well i pray to god that I can avoid this in the future

It was the only option at the time, when I took them out, but it's turned into a bit of a nightmare.

Luckily I have a couple of rent-free months ahead of me - and will be getting rid of these debts asap! Yay!

Bet you can't wait for 20th June

Apples2

xgingerx wrote: »

Hi, firstly from my experiance your credit file doesnt say who the loan is from

As I recall, the post fozmcfc is relating to had a PDL show on the credit file as a "Salary Advance" or something of that ilk. It may not mention the company name but it did state the type of application. It was this which flagged it and led to the rejection.

If I also recall correctly, the poster only took the loan for the cashback available which would have resulted in profit for taking the loan. The posters credit file was clean apart from this entry.

I'm another of the opinion this type of loan will do no good on your credit file, but as you rightly point out, most applicants have a completely trashed credit file anyway so any proof you have actually repaid something is better than nothing.

Gordon_Hose

Spam Fritters for tea?