Considering pay day loan

breathe81

Considering a pay day loan as I'm skint until next Friday, what are the pitfalls as I've heard bad things

[Deleted User]

The main pitfall is :eek: interest rates.

Determined_diva

No no no no please don't! I have been paying mine off for 2 years! The interest is so intense you end up just paying interest or paying full amount off to en go back and borrow as you don't have money left after paying it off.
Also they log on your credit file
For a week I really wouldn't bother but understand you may have circumstances you might have to
I would starve for a week than do that again

Good luck x

Walaboobah

Read the stories on here and you might change your mind, borrow off friend or family if you can, payday loans are, IMO, glorified loansharks

Betty_Crumble

breathe81 wrote: »

Considering a pay day loan as I'm skint until next Friday, what are the pitfalls as I've heard bad things

You dont need to hear bad things you just need to read through the forums. Skint is a state I would suggest you should get used to if you do take one out. They should never be an option not even the last resort. Really the above poster saying they would rather starve is not a flippant statement, people who have had them will probably tell you more of the same.

Exhaust all other routes and still do not take one out.
I've not even had one but can honestly say I wish everyone could say the same. Don't do it.

LannieDuck

Do you have friends/family you could borrow from instead? Or something you could pawn at a cash converters?

breathe81

Thank you all for your advice, definitely not going to use a payday loan. I'd rather starve and live off baked beans and toast for a week.. Albeit a not windy.. (Sorry!) Bit thanks for advice! Pay day loans are horrendous.

harrys_dad

Good for you, I am so pleased you have decided not to do that.

[Deleted User]

Go to local foodbank if needing food and stay in bed as much as you can to keep warm and avoid temptation of any kind x

Though if recent press/news stories doesn't put you off, don't know what will

Can you adjust your DMP/any existing creditor payment? consider if it is truely working for you in this case if you find yourself needing money? Money management shouldn't be a battle unless your not allowing yourself enough to live everyday on or don't have enough coming in which is when to seek professional advice, if you think you may need a payday loan - sorry to say their not the sticking plaster you may think they are but then only you can be true to yourself

[Deleted User]

breathe81 wrote: »

Thank you all for your advice, definitely not going to use a payday loan. I'd rather starve and live off baked beans and toast for a week.. Albeit a not windy.. (Sorry!) Bit thanks for advice! Pay day loans are horrendous.

Glad to see quick change of tune

Time_to_face_the_music

breathe81 wrote: »

Considering a pay day loan as I'm skint until next Friday, what are the pitfalls as I've heard bad things

A few days ago you wrote

breathe81 wrote: »

More of a thought than anything. A lot of my debt was from pay day loans. They are quick to take advantage of people and get nasty when you're in difficulty.
It kinda sickens me that there are so many companies nowadays and that even wonga are sponsoring prime time tv programmes.
I speak from experience than in hard times when you need cash, the banks aren't lending and you have no where to turn. Pay day loans are a quick option.
If you are reading this and are thinking of applying for a pay day loan.. don't!!!!!!!!!!!
These companies should be made illegal. It's affected my personal well being and caused me nothing but stress.
My debt is now hopefully under control with step change.

But personally think that the government need to make these pay day loan companies illegal for excessive interest fees, being horrible and for being nothing less than loan sharks.

If you have been there before, you know the pitfalls so don't go back there!