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Payday loan advice

24

Comments

  • shaunnnny
    shaunnnny Posts: 33 Forumite
    I'd rather go to an ATM and see if it allowed me to overdraw first before I went on payday loans again.

    I didn't need a payday loan but tried it tosee if they said yes, then I got greedy and used it as everyday money because it was too easy to get. It took me a year to break the cycle!

    DON'T DO IT!

    Get a credit card so you can use it for emergencies
  • [Deleted User]
    [Deleted User] Posts: 0 Newbie
    Eighth Anniversary 10,000 Posts Debt-free and Proud!
    In your shoes (if I was really desperate) I'd go to a doorstep lender like Provident, for the following reasons:-

    1. It doesn't damage your Credit Rating like a PDL.

    2. You spread the repayments, so you aren't in the same situation next month.

    3. You can reclaim some of the interest by settling early, should you have the money.
  • rodgerramjet
    rodgerramjet Posts: 26 Forumite
    Eighth Anniversary Combo Breaker
    Normally I wouldn't ever tell anyone to get a payday loan however vivus do the first loan interest free.

    As stated above your taking money out of next months budget so be careful
  • DCFC79
    DCFC79 Posts: 40,644 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    Wonder how the OP is getting on.
  • fart
    fart Posts: 376 Forumite
    matttye wrote: »
    DON'T DO IT.

    Some lenders view the presence of a payday loan as an instant decline when people apply for credit.
    So you wouldn't be able to get even more credit. And this is a bad thing why?
  • RingKing
    RingKing Posts: 16 Forumite
    fart wrote: »
    So you wouldn't be able to get even more credit. And this is a bad thing why?

    I wouldn't say that it would be an instant decline but the presence of a payday loan check on your credit file may put off some lenders due to the nature of those loans.
  • matttye
    matttye Posts: 4,828 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker Debt-free and Proud!
    fart wrote: »
    So you wouldn't be able to get even more credit. And this is a bad thing why?

    Because the credit they want next time might be another mortgage or a loan for something important.
    What will your verse be?

    R.I.P Robin Williams.
  • fart
    fart Posts: 376 Forumite
    matttye wrote: »
    Because the credit they want next time might be another mortgage or a loan for something important.
    Not being able to borrow money is a good thing.
  • matttye
    matttye Posts: 4,828 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker Debt-free and Proud!
    fart wrote: »
    Not being able to borrow money is a good thing.

    Not when you can afford to pay it back!
    What will your verse be?

    R.I.P Robin Williams.
  • John1993_2
    John1993_2 Posts: 1,090 Forumite
    fart wrote: »
    Not being able to borrow money is a good thing.

    Did you buy your first house with cash, then?

    How is being unable to get a mortgage a good thing, in general?
This discussion has been closed.
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