Wonga payday loan for £50

pelirocco

Apples2 wrote: »

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!

What happens if you pay it back late? and how long do they give you to repay it in the first place ?

DCFC79

Use wonga OP but i just feel its pointless as you will be paying extra money on top of the £50.

MJ41

samwich1979 wrote: »

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.

So what will you do if BT continue to give you the runaround and the credit doesn't arrive? Or what if your car breaks down, boiler stops working etc - you never know what is around the corner, and whilst do sympathise and understand your reasons for wanting to borrow, for me the best birthday present you can give your child is not to go into debt. I understand you wanting to make his birthday special, but in all honesty you are doing it for you as he won't remember any of it.

You have had excellent advice on this thread - I can only urge you to take it and not get on the VERY slippery slope which payday loans lead to.

pelirocco

https://forums.moneysavingexpert.com/discussion/comment/52417077#Comment_52417077

samwich1979

Apples2 wrote: »

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!

As soon as i have the money in my account it will be paid and this will be earlier than 17 days im going to ask for.

Apples2

pelirocco wrote: »

What happens if you pay it back late? and how long do they give you to repay it in the first place ?

Take a look at a standard loan interest rate (APR) with a bank.... about 6.9% ish..

Now look at a Payday Loan Company Interest Rate (APR).... about 4500%

On a PDL this APR is not relevant, the loan is only for a short term, all agreed and signed up for. In this post we are looking at about £14 interest on £50. It doesn't seem too bad (but obviously not good).

If you miss the payment, that massive 4500% APR becomes all too relevant, the interest on the amount owed rockets, along with missed payment fees, phonecalls, letters etc.
the ONLY way out is to rollover, by taking another loan with them, it all starts getting bigger.

If the borrower couldn't pay the first lot, what chance do they have of repaying larger sums? None at all... hence the loan carries on growing and growing.

Another PDL to pay the first one, then another, then another, all being rolled over until finally it all collapses around your ears.

It's a very slippery slope and ALWAYS starts with a small loan for something which wasn't really necessary anyway.

samwich1979

MJ41 wrote: »

So what will you do if BT continue to give you the runaround and the credit doesn't arrive? Or what if your car breaks down, boiler stops working etc - you never know what is around the corner, and whilst do sympathise and understand your reasons for wanting to borrow, for me the best birthday present you can give your child is not to go into debt. I understand you wanting to make his birthday special, but in all honesty you are doing it for you as he won't remember any of it.

You have had excellent advice on this thread - I can only urge you to take it and not get on the VERY slippery slope which payday loans lead to.

As ive said been there and got debt in the past and wont go down that road again.

The credit has been sent in the post also a small amount straight to my bank account so i will get it, if not i get paid in 17 days and this is when i intend to pay back the loan if i apply for it.

We rent so boilers etc isnt an issue, all our monthly bills have now been paid, so its just a case of getting to payday now.

I will not start using these loans on a regular basis as i wont need to as i know how to budget for what we can afford.

DCFC79

You can get a card for £1 and do something for free like go to the park, feed teh ducks etc.

pelirocco

Apples2 wrote: »

Take a look at a standard loan interest rate (APR) with a bank.... about 6.9% ish..

Now look at a Payday Loan Company Interest Rate (APR).... about 4500%

On a PDL this APR is not relevant, the loan is only for a short term, all agreed and signed up for. In this post we are looking at about £14 interest on £50. It doesn't seem too bad (but obviously not good).

If you miss the payment, that massive 4500% APR becomes all too relevant, the interest on the amount owed rockets, along with missed payment fees, phonecalls, letters etc.
the ONLY way out is to rollover, by taking another loan with them, it all starts getting bigger.

If the borrower couldn't pay the first lot, what chance do they have of repaying larger sums? None at all... hence the loan carries on growing and growing.

Another PDL to pay the first one, then another, then another, all being rolled over until finally it all collapses around your ears.

It's a very slippery slope and ALWAYS starts with a small loan for something which wasn't really necessary anyway.

I have seen plenty of posts where people have sunk deeper and deeper into debt , but I have no idea what the ongoing costs of failed repayment are / were

Apples2

DCFC79 wrote: »

You can get a card for £1 and do something for free like go to the park, feed the ducks etc.

I got my one year old a Scalextric set. :j:j