Any good payday companies?

Coolbeanz

Hi all,

I've read all the negatives and, in the main, agree but are there actually any 'good' payday companies?

Is Wonga reputable? Quick Quid? Quick Quid appear to be far cheaper than Wonga but has anyone had any experience with them?
How about the lesser known ones like The Quick Loan Shop? Anyone used them? They seem to be cheaper than most and I don't want to pay any fees. Any other's?

I'm obviously considering using one, I've my car insurance to pay and have a small bonus coming in in 3 months, credit cards are nearly maxed so a short term loan for a month or two is appealing.

Comments appreciated, thanks.

Daedalus

Can't you pay insurance monthly?

PDLs are never good, but yes, the bigger there are like Wonga and QuickQuid the less likely they are to hold your child hostage.

Apples2

The "Goodness" of a Payday Loan company is derived directly on your intention to repay the loan when agreed.

Why not stick to the main characters instead of already running toward the lesser known hoodlums?

DCFC79

Surely you can pay it monthly, id be more concerned with the CC's being maxed out.

Coolbeanz

Daedalus wrote: »

Can't you pay insurance monthly?

PDLs are never good, but yes, the bigger there are like Wonga and QuickQuid the less likely they are to hold your child hostage.

Well, I'm used to paying annually and I figure that the pay monthly option will actually work out slightly more than a payday loan costs. Only by a tenner or so but still cheaper. Obviously I'd be in trouble if I defaulted but I won't.

Coolbeanz

Apples2 wrote: »

The "Goodness" of a Payday Loan company is derived directly on your intention to repay the loan when agreed.

Why not stick to the main characters instead of already running toward the lesser known hoodlums?

The main one's charge more though so I was wondering why. Are you paying for their brand and reputation? I would've thought the dodgier ones were those that had huge apr's.

Paydaypig and thequickloanshop are £125 for £100 but Wonga much more. I'm only looking at £150 so that's £37.50 or am I missing something? My insurance is more but that's all I'll need.

Or do I need to go with Wonga?

Coolbeanz

Or do I just get another credit card? That's a slippery slope though.

DCFC79

Coolbeanz wrote: »

Well, I'm used to paying annually and I figure that the pay monthly option will actually work out slightly more than a payday loan costs. Only by a tenner or so but still cheaper. Obviously I'd be in trouble if I defaulted but I won't.

Coolbeanz wrote: »

The main one's charge more though so I was wondering why. Are you paying for their brand and reputation? I would've thought the dodgier ones were those that had huge apr's.

Paydaypig and thequickloanshop are £125 for £100 but Wonga much more. I'm only looking at £150 so that's £37.50 or am I missing something? My insurance is more but that's all I'll need.

Or do I need to go with Wonga?

Just a point but you say the bonus is due in 3 months yet your looking at pay day loans, when they want the money repaid is all in the name eg pay day.

Coolbeanz wrote: »

Or do I just get another credit card? That's a slippery slope though.

You say the others are maxed out, depends on your salary whether you can get another 1.

But at the end of the day its your choice.

Denning.

Coolbeanz wrote: »

Well, I'm used to paying annually and I figure that the pay monthly option will actually work out slightly more than a payday loan costs. Only by a tenner or so but still cheaper. Obviously I'd be in trouble if I defaulted but I won't.

PDLs damage your credit record. Monthly payment of car insurance won't.

jonesMUFCforever

Have you asked your bank for an overdraft - have you considered a loan to cover the 2 maxed out cards?

There are no ''good'' payday loans only greedy ones for stupid desperate people who should know better but borrow anyway.

Coolbeanz

DCFC79 wrote: »

Just a point but you say the bonus is due in 3 months yet your looking at pay day loans, when they want the money repaid is all in the name eg pay day.



You say the others are maxed out, depends on your salary whether you can get another 1.

But at the end of the day its your choice.

Ah true. I don't need the loan this month but was thinking the end of next month when my insurance is due. Still might cause a months problem. I'll have to time the loan carefully then.

A third credit card is tempting and I know I can get one but then I run the risk of using it all. I'm terrible with credit cards so want to avoid it. I had 5 but now have 2.