Payday Loan phone application

Thequip

Why do some payday loans require you finish up your application over the phone? I was going to go through one, but decided to hang up after they said they would call my work. I know they said they weren't going to tell them who they were when they do, etc...but I don't want my work knowing about my personal things just incase.

Peelerfart

Sounds like a let off to me.

Do yourself a huge favour and think of something else other than a PDL.

KingElvis

Sounds like they need to ensure you actually HAVE a payday?

If Wonga etc don't do that, why not use them? problem sorted :-)

alox123

I think its to prove where you work. You state your place of work and they call that number and confirm you work there

LadBroke

Thequip wrote: »

Why do some payday loans require you finish up your application over the phone? I was going to go through one, but decided to hang up after they said they would call my work. I know they said they weren't going to tell them who they were when they do, etc...but I don't want my work knowing about my personal things just incase.

Yep, it's not as bad as it sounds, if - for example - you were speaking to a Sally Miller from "Payday Loan Sharks UK" she would simply call your workplace (either the public 0845 / 0870 number) or your direct landline at work and introduce herself as "Sally" and ask to speak to you. That's all that's to it, nothing more, nothing less. They never reveal which company they call from nor the reason for their call.

Having said all that as previous payday loan customer I would recommend the alternatives:

• a genuine payday loan: Have you asked your boss about an interest-free loan which you can pay back over two or three months' time
• cheque cash-in ("The Money Shop" or "Cash Generator" , to name but a few)
• simply to ask friends or family ?

Dry_Sweeper_2

alox123 wrote: »

I think its to prove where you work. You state your place of work and they call that number and confirm you work there

Then when the OP doesn't pay up they have another place to find the OP

michael1983l

Dry_Sweeper wrote: »

Then when the OP doesn't pay up they have another place to find the OP

Which is against the OFT rules in terms of debt collection. The OFT states that debt collectors may not use a 3rd party to chase somebody for a debt. A place of employment would be a 3rd party to the lender despite the borrower supplying the information.

Tremour-88

Welcome finance used to phone my MIL at work, she got a warning from the manager so she called em up to ask them to stop and they said they didn't have to.

michael1983l

Tremour-88 wrote: »

Welcome finance used to phone my MIL at work, she got a warning from the manager so she called em up to ask them to stop and they said they didn't have to.

Of course they will say that, put it in writing and say that if they refuse you will complain to the FSA and OFT. I have been told direct by the OFT it is a practice that contravines the regulations set out in the conditions of their consumer credit license.