Pay Day Loans while on Benefits?

chanz4

payday loan.. dint think benefits were pay

rdchick

Do payday loans even give out loans that small? Surely by being £30 short now and if you took a payday loan out for £30 (if they exist) and then you have to pay back £37, you will then be £37 short on payday thus having to take out another. If you're desperate ask a friend for a bite to eat and maybe a packet of fags, then you'll only be £5 short on Monday xxx

skintandscared_2

If you haven't had a fag for 3 days you no longer have any nicotine in your system. Do yourself a favour and just don't start again.

DCFC79

Surely you can last without a fag or 2, see it as a test. You should be looking at whereyour money has gone, does your benefits cover all your outgoings ?

Elvisia

As desperate as it is, is there any possibility you could last out until Monday, even if you do stay in bed to keep warm, then on Monday when you get your benefits take that £37 and put it in a pot ready for the week this happens again? Build up your own safety net.

RickMave

My concern for you is that if you are sailing so close to the wind then this same thing could happen again next month and thereafter. Which may suggest that you may need to invest time in understanding why you are hitting the buffers before your money is available.

Maybe it's a one-off situation though.

MusicalLawyer

I wouldn't do it. Seriously, don't.

It is a vicious circle.

You take out a loan, pay stupid amounts of interest on it. Come Monday you'll pay it back.
The next week you'll be short, so you'll take out another one, probably a higher amount, with more interest. You'll pay it back, then you'll be skint and need another one...

This is a vicious circle which landed me in hundreds of pounds of debt, which I severely regret.

I'm sure you have 10p lying around to go and buy some cheap super noodles or something for dinner.

malkyh

I like how you class benefit day as payday.

Taking out a loan for £30 quid is insane. I'm inclined to say welcome back asbokid.

Saturnalia

Please, put your pride away and ask your friends and family for help. They won't want to see you without heat, light and food. Even if they have no cash they might put you up at theirs for a couple of days or have you round for a couple of hot meals, that helps.

PNEFC

Thanks folks for all your replies. I appreciate them all and really do hear your advice. I've been doing a lot of reading and research and have learnt a lot.

I finally managed to register and have taken out a £30 loan which will be paid back at £36.55 on the 14th February.

I never normally get myself into this position where literally I don't have a single slice of bread in the house. I've not had any heat for a week. I've not eaten for 3 days now. I don't like my family to know I struggle. They've been good enough to me in the past.

I'm very strict about my budgeting while I've been on benefits, and it's an art to get through 2 weeks. However this is the first time I've had to resort to a loan for over 5 years.

So once again, many thanks for the advice AND warnings. I will not get into the classic cycle and roll over I've been hearing horror stories about. Next fortnight is buckle my belt time :-)

And you're right, perhaps I should seriously consider sacking the fags.

... right, I'm off to get some food and gas. :-)

Carl.