Any good payday companies?

Fruit_and_Nut_Case

msarah wrote: »

...ill never usea credit card again...

Your choice, of course, but you could be cutting off your nose to spite your face.

gazman100

John1993 wrote: »

On the contrary, they do exactly as they say. It's probably more correct to say that no-one can trust payday borrowers. We see the evidence on here all the time, they borrow money, promise when they'll pay it back, then fail to do so.

Stick to the terms of the agreement, and you'll probably never have a problem with them. Try to steal their money, and they'll rightly be robust in their pursuit of it.

Yes they very often are poor payday borrowers, and yet they still lend money to people who clearly can't afford it. And if you can't pay back because of others bills like mortgage or council tax? That's fine we'll just raid your bank account multiple times to get all we want and while loading extra charges and wildly excessive interest.

Look, at face value (naively) they're ok (ish), but the reality is they lend to people who clearly can't afford and further ruin their finances through ruthless techniques. All over these boards.

Scumbags IMO.

redpete

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.

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.

Why consider a PDL that might cost £37.50 instead of monthly payment that might cost £10 and give you longer to pay it all?

John1993_2

gazman100 wrote: »

Yes they very often are poor payday borrowers, and yet they still lend money to people who clearly can't afford it.

Scumbags IMO.

They very clearly state that you should not borrow if there is any chance that you can't pay it back.

There definitely are scumbags involved, but it's not the companies.

gazman100

You really don't know how they operate.

27col

It must be almost a foregone conclusion that you are likely to default on a pay day loan. If you cannot manage on your regular income this month, then how do you expect to manage next month, if a large proportion of your next pay day money is going as repayments and loan interest. It is a recipe for financial disaster.
The only way forward is to save regularly, even if it is only a small amount, so as to act as a buffer for when unforeseen expenses occur. Except, that the expenses are often quite foreseeable. Christmas springs to mind.

ILW

I guess just living within ones means is a rather old fashioned idea.

rabbit_burrow

The last time I compared quotes for car insurance it was about £40 more to pay by instalments over the course of the year.

Luckily I was in a position to buy in full, but if I hadn't of been, I would have taken the instalments over a PDL.

The problem with a PDL is that it then leaves you short the following month, and you may well need to borrow again the following month. This will result in paying more interest than just paying instalments for insurance.

Of course, only you know whether your wages this month will cover all your bills aswell as clearing the PDL and leave you with enough cash to get through to your next pay packet, so it really is your decision alone.

dotdash79

Why not take the monthly payments (not all insurance firms charge you interest anyway) then pay it back early when you have the cash.

KingElvis

You sound like a financial disater waiting to happen so if you mix in the pay day loan boys I think that'll be enough to topple you over the edge.

I would back out while you can.