Wonga payday loan for £50

samwich1979

Apples2 wrote: »

The only catch with using Wonga is that by the time the repayment comes, you have encountered some disaster that prevents you from repaying it.
You will not repay £50 on a £50 loan as you will have interest to add, not much for sure, but if you don't repay it on time it will escalate massively, VERY quickly.

Yours is a simple question but this board is absolutely littered with people who have done just as you intend to, but now find themsleves owing many hundreds of pounds due to that "unforeseen change of circumstance".

When you live on the breadline, the risk is simply not worth it. If they haven't received cleared payment by the due date, your £50 will turn into £100, then £200, then £400 before you have even had a chance to think.

I understand exactly what you are saying, i have been there with debt and having a spiraling overdraft in the past but i CAN pay this back no problems.

pelirocco

samwich1979 wrote: »

Im seriously baffled that i cannot do something for my child, whether he cares or not, for his birthday!
Doesnt everyone do this???

I am not getting myself into debt, i would be lending £50 and paying it back a week later!

I just wanted to know if it as simple as this or are there any catches with using Wonga.

The catch is you will have to pay them a fee to do this ( I have no idea how much ) So as long as you realise you will have to pay back more then £50 and have the money to do so then there is no other catch

Whether its wise to do so is another matter

gizmo111

samwich1979 wrote: »

He is our first child so obviously we want to do everything we can for him, no so much that we'd end up in debt though.

It will just be a real let down to myself and my husband who want to make a big deal of the day, surely people understand this?

According to their website, if i lend £50 the fees and interest are £14.81 so i will have to pay back £64.81.

Is that bad?

ONly in so much as you are wasting £14.81 which you could spend on your child in 2 weeks time.
But if you are determined then wonga seem to be the best of a bad bunch.

pelirocco

samwich1979 wrote: »

I understand exactly what you are saying, i have been there with debt and having a spiraling overdraft in the past but i CAN pay this back no problems.

I will be harsh and say if you can pay it back with no problem , why are you short this week / month ? Birthdays like everything else need to be budgeted for

motherofstudents

I do understand of course that you want to make the day a special day for your child, who wouldn't (well, maybe some people would but I don't know why). BUT if there is any alternative then you would be in a better position next month. You have money for food to the end of the month, so can you shop very carefully so that you can use a little of it to do a party for him. By party I mean some sandwiches, little cakes etc and do you have family or friends who could come ? Of course it's your decision and you have to do what you feel is right but it is a slippery slope when you start getting these sort of loans. Just wanted to say I agree with you, you should make his 1st birthday special, but it doesn;t have to cost a fortune. Can you take him to a park, maybe take a picnic (depending on the weather). I hope it turns out to be a lovely day for you all.

nearlyretired2004

I agree in general with all the posts and would urge you to wait and celebrate two weeks later - you will have more money to spend on your son and not have 'wasted' it on interest - although to be fair to the OP, she did say the shortfall was due to 'late' payment of some cash, so the last-but-one post may not be altogether fair.

SneaksyWhippet

I sympathise with your situation; of course you want to do something nice for your little boy's first birthday. However, I really don't think a pay day loan is the way to go about it.

Instead, why don't you look into things you can do for free? There are loads of fun family days out that don't cost anything. I just did a quick search online for free family days out and there were lots of results (I can't post links yet). Your day together will still be just as special, without the interest and worry of a payday loan.

You could make your little boy a card, or even a gift so he can open it on the day. You could have a fun free day out together on his birthday, then when you get your money you could spend some on a different day out/present if you still wanted to.

Please try to avoid the payday loan...£14.81 is a crazy amount of interest for one week!

samwich1979

pelirocco wrote: »

I will be harsh and say if you can pay it back with no problem , why are you short this week / month ? Birthdays like everything else need to be budgeted for

I did budget for all this but BT gave me false information and screwed me over so now my budget has gone out of the window.

Its just one of those things that has happened and this is a solution to tide us over until i get my credit back in a week.

redpete

samwich1979 wrote: »

Its £50 and i can pay them back in a weeks time when my credit is back in my account.

If id of had the money i would have spent it on his birthday anyway.

Is this really such a bad idea?

Yes, take him out in a week's time.

Apples2

samwich1979 wrote: »

I understand exactly what you are saying, i have been there with debt and having a spiraling overdraft in the past but i CAN pay this back no problems.

I think you have your answer. Wonga are fine... as a PDL company, they do lend money and remain pretty much within the terms when it goes wrong, they also have a reasonable reputation as a company to deal with.

Nobody will advise you this is a good idea, because it isn't.

You have had plenty of warnings though, if you go down this path, make it your absolute priority to ensure it is repaid on time...and I don't mean try to make a payment on the day it is due. Pay it the same day you have the money available.

There are no excuses for missing the deadline...NONE!