'Best-buy payday loans?' blog discussion

edited 25 November 2011 at 10:52AM in Martin's Blogs & Appearances & MoneySavingExpert in the News
35 replies 11.8K views
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  • edited 7 December 2011 at 9:15AM
    ErrataErrata Forumite
    38.2K Posts
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    edited 7 December 2011 at 9:15AM
    ...........
    .................:)....I'm smiling because I have no idea what's going on ...:)
  • gailey_2gailey_2 Forumite
    2.3K Posts
    Interesting

    Survey today on sky news.

    was conducted by an insolvency group

    small 2000 sample but if sample was representative of population than 7%of population has used payday loans!

    If thats near enough accurate thats a significant amount to not be covered.

    We already covered its cheaper than bank charges/overdraft fees but another thing I dident consider is people buy stuff on catalougue shocking 44%interest rate or credit card sometimes 30%or more carry the balance over and only pay the min.

    Maybe having short term loan from payday providing they pay it off on payday and dont carry it over probab;y works out cheaper than using credot/storecards .
    pad by xmas2010 £14,636.65/£20,000::beer:
    Pay off as much as I can 2011 £15008.02/£15,000:j

    new grocery challenge £200/£250 feb

    KEEP CALM AND CARRY ON:D,Onwards and upward2013:)
  • Definitely agree payday loans are the loans for short-term and should be paid off on next payday.
  • Martin, I think - yes - you should include pay day loans advice on the site. Not to do so would turn PDLs into the (very scary) elephant in the room. You should include PDLs and explore all the alternatives available for the same kind of short-term borrowing.

    My example might be useful:

    We are in the situation where we were about to give notice to our landlord and start selling our belongings (car sold long ago) - our contributions based JSA just ran out and as we have a small pension, it's enough to exclude us from any more benefits. I have just heard I may be offered a great job (fingers crossed) - but it's a difficult commute so I'll need to get access to a car and drive daily (in the short term). Our credit rating is trashed and we have BIG debt with a payment plan in place. I assumed a PDL would be the only option, until I read this forum thread.

    I have come away with an over all feelng of extreme caution where PDLs are concerned, but that there may be alternatives. One forum member suggested looking at Lenders Compared, which brought up a local credit union and a mutual loans company - both much cheaper than a PDL.

    So thankyou all who contributed to this thread - I have now been educated about PDLs. I think there will be many others out there who would benefit from the same.
  • When you are borrowing money, you would like to make sure you are getting the best rates possible. This is much easier whenever you get your cash advance online. You only need a couple of minutes to fill out a couple of pieces of data, and the lenders will begin bidding for your business. This means you will get the most competitive rates possible.
    Learn more about "Competition in payday industry" at: personalmoneynetwork.com
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