Paydayfirst - to be trusted?

VanHalensFrankenstrat

I need a short-term loan and I'm considering going with the above company. I've tried to find reviews about it and have also checked Companies House but there is no such company listed; as stated in someone else's post, Equifax comes up when the registered number given at the bottom of the Paydayfirst home page is entered.
I intend only to apply for £200 as my car tax and MOT are both due and, being the festive season, it's been an expensive few weeks. Has anyone had any dealings with this company and, if so, can I proceed without worrying? I am aware of the high interest charged by such companies and that I perhaps ought to use my bank or credit cards instead; however, after umpteem IVFs which my wife and I have had to pay for privately, this isn't really an option.
Advice/anecdotes would be appreciated.

[Deleted User]

1737% APR!!!!
Is there nobody in the Family that would lend you £200?
Could you ask your Employer for an advance on your next wage?
Failing that take the car off the road and save up :-)

nomoneytoday

IMHO these companies are all the "same".
If you stick to your side of the agreement they will give you money for your "emergency" and in return you give them loads more back a few days later.

Is it worth doing 6 months tax, and getting a cheap MOT?
Round here, places offer MOT for £25-35, so with 6 months tax you might not be hugely above £100, unless you have an issue or juicy motor..

VanHalensFrankenstrat

Thanks for your prompt reply. I know there's a huge amount of interest being added (£195 borrowed = £243.75 being repaid) but I can't ask family as everyone is recovering from the Christmas period. I cannot take the car off the road as my wife and I both work in different parts of rural Dorset and need to get to work.
Believe me, this won't be a recurring theme - I am aware of the trouble some folk have got into by using these companies to repay previous debts. We don't tend to get/apply for credit nowadays since the whole IVF journey/nightmare; basically, all our money goes into this, though Christmas is an exceptional time of the year.
Bearing the interest/charges etc in mind, can Paydayfirst be trusted, as far as you know?

SnowTiger

VanHalensFrankenstrat wrote: »

I need a short-term loan and I'm considering going with the above company. I've tried to find reviews about it and have also checked Companies House but there is no such company listed; as stated in someone else's post, Equifax comes up when the registered number given at the bottom of the Paydayfirst home page is entered.

Seems to be part of the same company as Capital Finance One, which has recently been mentioned here. Both share the same address: 88 Snakes Lane. Snakes Lane - that would be enough to make me think twice.

The company number isn't registered as Equifax; it's registered to Equifinance Ltd. Sounds similar, perhaps. The lot that reside at 88 Snakes Lane seem to have a habit of coming up with company names similar to well known companies: Capital Finance One could be confused with Capital One.

Peelerfart

Sorry OP I don't agree, you shouldn't need a PDL of any APR

Christmas is not an exceptional time of year,financially speaking,when your car is in so important to you.

Neither Christmas,your MOT or your car tax have sneaked up on you have they?

VanHalensFrankenstrat

Peelerfart wrote: »

Sorry OP I don't agree, you shouldn't need a PDL of any APR

Christmas is not an exceptional time of year,financially speaking,when your car is in so important to you.

Neither Christmas,your MOT or your car tax have sneaked up on you have they?

With respect, Peelerfart, I wasn't looking for permission or justification for getting a PDL; opinions about whether I ought to get one were not sought. I simply wanted others' opinions on the company itself.

However, thanks for taking the time to read and respond.

pmlindyloo

Have you got a credit union near you?

We have one in Kent who lend to you without saving first (as is the case with some credit unions)

Have a look at Martin's article about them:

http://www.moneysavingexpert.com/banking/credit-unions

I just googled Credit Union Kent and found my one. They do charge interest but at a much better rate than other quick loan companies.

Fortunately I've never had to use them so don't know how long they take to give you a decision. Hope this helps.

Wutang_2

VanHalensFrankenstrat wrote: »

I wasn't looking for permission or justification for getting a PDL.

Well thats what you're going to get.

And by the way, if a company isnt registered on company house, no one has heard of them and there's NO reviews anywhere - why do you ask a bunch of randoms whether you should try them out??

Someone was on here recently saying that payday loans were evil and the resulting train of thought was maybe its the individuals fault not the providers for all the bad press...?

I have no idea where this conclusion would come from.

[Deleted User]

The lender is also known and goes under

- Capital Finance One . As your probably aware and seen lots of bad vibes about this lot
- Payday Credit
Actually there's a couple of other 'trading names' and that includes a debt management company!! (the irony!)
but I reckon you'll only find reviews for Capital Finance One...

The decision is all yours, I would urge you to make sure they do take full payment when their suppose to otherwise you could end up in a roll over trick (ultimately means even paying out even more money)

VanHalensFrankenstrat

Wutang wrote: »

Well thats what you're going to get.

And by the way, if a company isnt registered on company house, no one has heard of them and there's NO reviews anywhere - why do you ask a bunch of randoms whether you should try them out??

Someone was on here recently saying that payday loans were evil and the resulting train of thought was maybe its the individuals fault not the providers for all the bad press...?

I have no idea where this conclusion would come from.

If you feel the need to give opinions where none are sought, wasting your time and mine, well I don't have an appropriate response. 'Mind your own business' springs to mind, though.

Again, I was looking for others' opinions/anecdotes on this company; insinuations about my worthiness or credibility were not.

No need to respond further, however thanks for taking the time to do so earlier.