Payday Loans

bananachip

I am seriously thinking of taking a payday loan out for around £500, my cat has been ill and is likely to need further expensive treatment in the next week or so and I am not insured. I have already run up a bill there of around £300 to be paid over a year and I am not sure they will let me have more credit.

I don't have the best credit rating due to the fact I had debts in the past. I currently have no bad debts and have got a capital one card which is up to its limit but has some payment history as well as having a monthly mobile with over a year payment history and bills up to date but I think it is unlikely I will be able to get mainstream credit right now.

I know these companies have a terrible reputation and can't believe I am thinking of using them, which is the least bad of them?

My other option seems to be something like shopacheck, an ultra high interest but longer term loan.

bananachip

I should add that I am expecting a £700 payment in around a month time which I am intending to use to pay off debts.

maginot

Don't do it! It sounds like you will not be able to pay the loan when pay day comes and will lead to so many more problems that would only add to this stressful time.

eBay anything you can, ask work if they could advance you any money, ask friends or family, anything to try and raise the cash.

I kniw this is too late! But if you haven't got access to a credit card or emergency funds you really need to have insurance when animals are involved.

maginot

Oh, change that then. If you are going to have the funds then a payday loan would probably be fine then.

Payday loans are expensive but if you have poor credit (e.g. Can't get an agreed overdraft) they are probably the cheapest way to borrow for a short time period.

bbfc

Wonga are good, but not the cheapest. QuidQuid or Payday UK are also two that i've used.

If you are sure you can pay them off then i would go for one, but if you have ANY doubt, then don't do it!

bananachip

I'm currently in the process of listing items for sale on a FB group for my area so hoping to raise some cash that way. Ebay, Amazon etc will not be any use right now because I will need the cash fast.

There is one person I can possibly borrow some money from if I need it but hate the thought of asking a friend. There is a possibility the vet will extend my credit, also still a slight possibility the cat will get better on the current meds and not need more invasive treatment.

From a quick browse around this board, Wonga seems like a reasonably good company.

Lesson about insurace has been learned the hard way

bbfc

bananachip wrote: »

From a quick browse around this board, Wonga seems like a reasonably good company.

Lesson about insurace has been learned the hard way

Don't listen to anything 'asbokid' has to say. He owes them money and won't pay it back.

patchwork_cat

Don't do it. Talk to your vet, they will possibly be prepared to take the payment in installments, this would be higher up my list than a payday loan.

Apples2

cankster wrote: »

I used www.s:spam:

I hate these kind of companys as a rule as the interest is so hight, but they had 1k in my account within 1 hr!!!. Chiffed to bits paid it back in 30 days, no issues.

However if you cannot pay it back, do not go there, too much hassle.

I'd like to report this forum post/thread because...cankster is spamming affiliate links to pay day lenders. 6 posts in a row all with the same affiliate link:beer:

Mara69

Apples2 wrote: »

I'd like to report this forum post/thread because...cankster is spamming affiliate links to pay day lenders. 6 posts in a row all with the same affiliate link:beer:

I'm hitting the Spam button every time I see one of these posts. They are all across the board.

wnoktnwbr

Wonga is a fantastic company in that they stick to their promises but if you get on the wrong side of any Payday loan company you're going to have real problems, the companies couldn't exist if there were not serious consequences for not paying up, otherwise nobody would pay what they owe.

If you're 100% sure you can pay it back (and not just "I might have a payment coming...") then go for it, but they are not a replacement for income, they're an advance. If you borrow £500 and your repayment is £700 you absolutely must have that £700 available to take from your next payday, if you don't have that do not do it. If you get into problems with a payday loan company you'll have problems for a long time to come. Wonga is perfectly safe to use, they're respectable, as long as you repay.

If you need a payday loan and can promise yourself you'll pay it back, use Wonga (although the maximum you can get from them is £460 as a first time customer) but don't do it if you can't be sure you can pay it back, you'll hurt your finances for a long time to come.

If you wish to repay over multiple months, look into lending stream, although their rates are higher than Wonga as you repay over 6 months.