Payday Loans

pcombo

Im sure wondering how they actually take the money back when its due.

Do they setup a direct debt or do they take money from the card i provided.

And what if the funds aren't available on that specific day, just worrying about direct debts being taken early since they often do that now.

redsaxon

They will take it from the card you gave them and on the day your agreed and if the moneys not there they will keep hitting the account until they get it all back

Apples2

pcombo wrote: »

t or do they take money from the card i provided.

From the card you provided, this prevents scheming toe rags "coincidently" having their cards stolen just before repayment date, cancelling the card and "oh! woopsie, the payment hasn't gone through" .

pcombo wrote: »

And what if the funds aren't available on that specific day

DO NOT TAKE OUT A PAYDAY LOAN!!!!

pcombo

im just wondering the facts, i was gonna take one out but not to sure now.

opinions4u

pcombo wrote: »

im just wondering the facts, i was gonna take one out but not to sure now.

Just don't.

Eating economy beans on toast for a week is better for your mental health and your pocket.

BugsyBrowne

I agree with O4U get yourself on Tesco or sainsburys basic for a week.

antonic

I have been paying off my debts for nigh on 7 years now, and have NEVER thought about taking out a PDL.

They are a PITA !

So dont !

arcon5

They can have a serious impact on your credit rating and if used incorrectly can cause severe financial difficulty with high late payment fees and such.

So if you do take one out, think carefully about whether it's the right type of borrowing for you and whether you actually need it. For example if you are late with the mortgage, perhaps. Late with the energy bill, make it wait.

OneLife_OneShot

Pretty much what everyone else has said they are a nightmare and to be avoided at all costs, if you can pay them back and use them properly then in certain cases they are manageable, but if you can even have a hope of getting money elsewhere then do, they are just not worth the hassle.

Elvisia

I would review exactly what I am taking the loan out for. If it's something that really could wait, then let it wait. If it's for a bill for electric, as someone already mentioned be late with that or call the company to say you are having issues paying. It is essential that your finances are in order so you don't get to the point where you're taking out these loans, I know this is so easy to say, but incomings mustn't be less than outgoings, otherwise you'll end up permanently taking out payday loans. If you can't afford to pay the bills this month then you won't next month, and you'll have a loan plus the interest to pay back as well. I am really sorry if this sounds harsh, but it just the first step to getting in a financial mess. There really isn't a lovely way to sugar coat it.
Are there any other ways you can raise money, any odd jobs or selling things on ebay? I have spent the day cutting lawns just to raise a bit of extra cash to help pay off a bill.

KingElvis

I bet it's for electronic tat or some other shizzle like a night out.