Payday express advice

rartherinv

Well done on this :T Few borrowers taking out payday loans know anything about early repayment rules which could save them loads of money... they just assume the rules are probably completely in the lender's favour and they'll just pay the money back when it's due. It might save a fortune for people on the edge of financial disaster if Martin would publicise this little know loophole in payday borrowing.

Borrowers coming back to the lenders with 30-day terms and saying they want to repay straight away is probably of negligible cost to those lenders due to this reason that few people know about the option.

Some lenders like wonga try to put barriers in the way of this in the form of 1) they refuse to issue a loan if the period is too short for their liking, and 2) they charge a fixed admin fee on issuing the loan, something like £5.50 if i recall, so if you come back straight away you still have to pay that. A drop in the ocean though when you think of a debt growing by 30% if left to be paid at the end of the month.

If I had Martin's voice I would tell everyone in the country that if they are in a life and death situation and HAVE to take out a payday loan, they should immediately beg, borrow or steal to pay it off early and pay minimal interest.:money: