Payday loan advice

Clouise44

I need some advice.

I'm short of money this month (in fact all I have is £1 in my purse) and I thought i'd be fine as I have petrol in the car, and food for me and the various pets. However, a few random things have popped up (cats have fleas etc etc) and I could do with around £40-£50. I get paid on the 30th August and would be able to pay the loan off with no problem.

I don't have any friends or family to borrow off. My Dad is on holiday and I can't exactly ring him up while he's on a cruise ship headed to Norway to borrow £40! And my brother isn't doing too well this month either (large phone bill.) Plus i've had a look around the house and can't really find anything to sell. No jewelry etc.

I feel like I'm out of options and am considering a payday loan. The only other debts I have are my mortgage and my student loan (which i'm not currently paying back.) Also I have my mobile phone agreement. No credit cards, overdrafts or other loans.

I've been reading about them on here and elsewhere and frankly i'm terrified of them! However, I know I can pay it off on time, and I'm sure I won't be tempted by them to extend it. I've definitely learned my lesson about overspending at the beginning of the month! How much will it effect me in the long run? Should I do it?

Apples2

You are right to be terrified of them but think hard about it.

You have £1 in your purse today. You take a loan and repay it on 30th with no problems.

Now you are even shorter next month as you had to repay this loan.
If next month is the same as this, you will have £1 left in your purse only half way through the month.

This is where the cycle starts, you need another loan next month to carry you through and so it goes South, very quickly.

matttye

DON'T DO IT.

Some lenders view the presence of a payday loan as an instant decline when people apply for credit.

You'd be much better off applying for an overdraft or a credit card.

Clouise44

I've never had a credit card or an overdraft. How long does it take to apply for those? How quick do you get the card, or access to the overdraft?

RingKing

I have had two credit cards and both of them came within a week. I have never had a overdraft but I believe those can be setup within a day or two

matttye

Clouise44 wrote: »

I've never had a credit card or an overdraft. How long does it take to apply for those? How quick do you get the card, or access to the overdraft?

You can usually get an overdraft instantly. Sometimes applications might be deferred for human consideration, but a computer decision is instant (as in the money is able to be withdrawn immediately).

Clouise44

Thanks guys, I'll take a look at the overdraft section as waiting a week for a credit card would be too late. (i'll have turned into a human shaped flea by then)

CLAPTON

depending upon which bank you are with you may be able to apply online (assuming you have online banking) and sometimes get an instant response


however, for the future it is essential to build up an emergency fund for situation like this (and don't rely on the OD as if you do you will live soon be permanently in debt)

brendon

Do you have baby shampoo, or shampoo with little fragrance? That should be fine to wash the cat with.

[Deleted User]

Can you not try ask your employer for a sub in advance?
After all no one knows your employer or salary (if you should even be considering taking a payday loan OR any credit for that matter in the first place)

Credit Union - but that usually requires some form of previous savings whether large or small amount saved if any (after all help has never been greater) I'm not sure

I also live near a town that ideally you sell unwanted clothes by the bag so it doesn't have to all be about jewellery selling - even for pence beats giving them to that charity shop never to be seen again and well because charity begins at home, when needs must it soon amounts to something!

maghater

Have you investigated credit unions?