Legitimate payday loans

[Deleted User]

You will one day find out Daniel, a lot of these lenders are interconnected...

Stop playing this dangerous game
this PD lending puts a whole new spin on robbing peter to pay paul...
and when used in the wrong circumstances yes it can make people end up insolvent - you may want to find out that means

Edit
Erm, hope your not still on state benefits??? OMG just how did you get a loan?

dld2s

Again Daniel, like other folk I would advise you to keep clear of them, but if you are going to take one, heres another choice open a quidco account, they have paydayuk paying a £50 cashback amount meaning if you take out a £100 loan with them, you would pay back £129 but with the cashback would actualy end up with around a £20 profit, but be sure you have the money to pay back and only use them for this once to receive the cashback

DCFC79

Here's a question for you daniel, have you thought of not using pay day loans and just spend what you have. ?

DanielD2008

DCFC79 wrote: »

Here's a question for you daniel, have you thought of not using pay day loans and just spend what you have. ?

Sometimes life delivers unexpected things which you cannot account.

If you are sensible then they are a great saviour. £100 loan to be paid back in 15 days as £117 is a good deal IMO.

bigadaj

DanielD2008 wrote: »

Sometimes life delivers unexpected things which you cannot account.

If you are sensible then they are a great saviour. £100 loan to be paid back in 15 days as £117 is a good deal IMO.

Fair enough, it's When those unexpected things happen every month that you know you've got problems.

Seventeen quid isn't a lot of money but it s a he'll of an interest rate, get a bit more organised, have some savings available and then you'll be able to account for any emergencies, saving the thousand of per cent apes on loans and even getting a few per cent apr on your savings.

bankscausepain

You quoted this in March:

"Im on Incapacity Benefit."

Is this still the case? Or are you back in full time employment?

If you are still on benefits, then I can imagine 117gbp will be extremely hard to pay back in 15 days time.

But then you can always find another PDL.

dealer_wins

DanielD2008 wrote: »

£100 loan to be paid back in 15 days as £117 is a good deal IMO.

It is a horrific deal.

£100 in the bank would only earn about £3 interest in a YEAR.

You are paying them 6 YEARS interest for using their money for 15 DAYS!!!

iolanthe07

£100 loan to be paid back in 15 days as £117 is a good deal IMO.

This works out at nearly 400% interest, assuming you pay back on time. If you don 't pay back on time the interest will soar to several thousand per cent. Please explain how you think this is a good deal?

DCFC79

DanielD2008 wrote: »

Sometimes life delivers unexpected things which you cannot account.

If you are sensible then they are a great saviour. £100 loan to be paid back in 15 days as £117 is a good deal IMO.

So next month will you be have enough to cover the loan.

arcon5

iolanthe07 wrote: »

£100 loan to be paid back in 15 days as £117 is a good deal IMO.

This works out at nearly 400% interest, assuming you pay back on time. If you don 't pay back on time the interest will soar to several thousand per cent. Please explain how you think this is a good deal?

Looking at APRs isn't really a fair comparison when it comes to pay day loans. If they charged say 30% APR they would be collecting about £1.25 for the loan - hardly viable to run a high risk lending business.

iaintw wrote: »

if you have a payday loan then don't
The Office of Fair Trading is to blame for giving them a linces
sorry for the spellings

Payday Loans aren't necessarily a bad thing. Used right they can be an excellent tool, used wrongly they can be costly. Ops using them in the wrong way, using payday loans to pay off other payday loans is a big nooo