Payday loans - discuss the MSE guide

Needy_2

[FONT=Arial, serif]A few brief points from one who has travelled this "Pay day / short term loan” road. Don't use PEACHY loans website. [/FONT][FONT=Arial, serif]It[/FONT][FONT=Arial, serif] says it [/FONT][FONT=Arial, serif]can also [/FONT][FONT=Arial, serif]pass you through to "carefully chosen" partners and you'll get other offers. All it does is pass you through to links where you can APPLY. But worse, several websites offering offer products (credit file info and budgeting info) at £19.50 per month, and will have debited you bank account before you know it. I intend to complain to the FCA. Also if you don't [/FONT][FONT=Arial, serif]have the time, or don't[/FONT][FONT=Arial, serif] want to have to go to the hassle of sending paperwork then DON'T USE - 118 118 loans, or SAVY loans, [/FONT][FONT=Arial, serif]or WAGE DAY ADVANCE[/FONT][FONT=Arial, serif]. The[/FONT][FONT=Arial, serif]se [/FONT][FONT=Arial, serif]websites imply no paperwork is required [/FONT][FONT=Arial, serif]to be sent – [/FONT][FONT=Arial, serif]but it is. For example 118 wanted a copy of passport or drivers licence and copy of bank statement [/FONT][FONT=Arial, serif]and then something else later. [/FONT][FONT=Arial, serif] [/FONT][FONT=Arial, serif]Sometimes it's after they have checked you and said we're almost ready to send you money that they ask. There are probably lots of other liar sites also, but some really don't require paperwork, but do a credit check.[/FONT][FONT=Arial, serif] [/FONT][FONT=Arial, serif](Lending Stream / Poundstopocket)[/FONT][FONT=Arial, serif] [/FONT][FONT=Arial, serif]Don't use LOLLY.CO.UK or any “broker” websites. (Check Q+A section and that should tell the truth, despite appearance of website) These sites mean any number of people could credit check you, meanwhile you might not get a loan offer; or you will get offered something a lot less than you want/need. And more credit checks mean less chance of getting a loan. But PLEASE, more than anything, as Martin says, if you can avoid using any of these companies please, please, do. BASICALLY [/FONT][FONT=Arial, serif]QUITE [/FONT][FONT=Arial, serif]A LOT OF THEM ARE JUST GREEDY, LYING, UNCARING, LEGALISED CROOKS. [/FONT]

DCFC79

alexhales203 wrote: »

Hi friends, I was facing a lot of financial difficulties in past few days and one of my friend suggested me to apply for payday loan. The payday loan is really useful that helped me a lot in managing extra expense. I applied for this loan with the help of this site- onlineloanprovider8

You by any chance promoting the site.

Pay day loans are bad. but if you have to use a pay day lender use 1 like Wonga but understand its a short term measure.

Do you budget, do you save on a monthly basis ?

Why did you face financial difficulties ? Will these difficulties crop up again ?

kingpin12685

I feel that these lenders quite rightfully have had a bad run in the press for some of the extortionate practices they have employed in the past.

Having said that though, a pay day loan is a good option these days if you are sure you can pay back your loan on the due date. the 0.8% cap is a very huge difference to when this thread started. Now you can take out a £100 loan from a company like the Moneyshop like I did 1 week before you get paid and I will tell you what i had to pay them back 7 days later. a total of £105.60 and the first time i used them it was even cheaper at £104.50 as a new customer, I cannot see how they cover operating expenses with that, but hey, I'm not complaining.

Also the big high street lenders and the likes of wonga have just refunded millions of pounds in fees they took from customers in the past, but no mention of this in the press, only the bad news. Now you cant possibly pay back more than double what you took out as a loan, and I know that the moneyshop have no late payment fees now, there is no way to 'rollover' loans anymore and you also cannot 'top up' loans any more. I.e, until you pay off the principal loan + interest accrued you cannot take any more cash even if your 'credit limit; it generated was higher at the time of application.

You would have to be doing something extremely worrying to get into any type of debt with these types of loans in this day and age.

couple this with the fact that, they offer the best foreign currency exchange rates on the high street, yet again, this never gets mentioned on sites like these because god forbid anyone goes to a dreaded pay day lender.