loan sharks !!!everyday-loans!!!

janiio07

Hi, I wounder if anyone could give me any advice, I went to this company everyday loans for just a short loan of 1000, I paid that off with just 200 to pay back then I got a top up loan for another 1000, I notice today thinking any time now I should ov paid it off with paying 53 a week since May last year, I rang them and they said it finishes next year in September so for just under a 2 grand loan I'm paying back nearly 7000 is they anything I can do.?!?!?!?!?!?!

[Deleted User]

Payday loans have huge interest rates because they are designed to be paid off in a very short timespan. If you chose to take out a payday loan and then repay it over a period of many many months you will have fallen foul of the interest rates. You should consult your documentation regarding the loan and look at what you agreed to.

janiio07

Okay thanks, I just wondered I could do something with me being nieve and it's my first loan I should of read everything but it was pretty straight forward when I went to there office like sign this this and this. Thanks anyway

DCFC79

OP this might not even apply to you but if your ever thinking of getting a mortgage the loan from everyday loans may well hamper the mortgage, just a thought if some point you would be thinking of getting 1.

ViolaLass

Did you not notice that you would be paying it back for a long time when you signed? Did you read what you signed?

bargainbetty

If you can earn any extra money to try to pay off the loan faster, that might save you some interest. Don't take out another high-interest loan to do it, but taking on a second job or working from home etc to raise funds might help.

janiio07

To be honest they didn't mention how long or how much I'd be paying back but if they did I would of defo not sign for a 1000 loan out to pay 7000 back that's just ridiculous. Is they nothing I can do then only if I pay it off quicker be a Lil less

fozmcfc

This isn't a payday loan, it's a standard loan.

Everyday loans are one of the few companies left, who actually do lend to those who have bad credit and they aren't brokers, but lenders, but they do charge extremely high APR's starting at about 75% and that's for those at the best end of bad credit.

Paying back £53 a week for 12 months = £2544, so that's more in the 150% APR area.

So it sounds like the OP, has a loan for more than 12 months at an extremely high rate.

I would still never recommend such a loan, but to be fair, it's at least a proper loan with proper standard terms and payments set out and not some dodgy broker companies, who offer nothing, but take your £49.99 - £79.99.

Sounds very much like the OP, didn't bother to read or listen to anything being said/shown/signed for and just took the money, without actually thinking it through for even a split second.

EDIT......Sorry but, I don't believe for a second nothing was ever present to the OP to sign or any conversation about repayments and total costs to be paid, you need to go to a branch to actually make the deal final.

ViolaLass

janiio07 wrote: »

To be honest they didn't mention how long or how much I'd be paying back but if they did I would of defo not sign for a 1000 loan out to pay 7000 back that's just ridiculous. Is they nothing I can do then only if I pay it off quicker be a Lil less

It never occurred to you to look into that? There's a lesson learned...

janiio07

I got the loan last year in October and they said on phone today it will be paid off in October 2015. I mean they was very clever and very in n out I'm sure they did say how much and how long. Like I said I was nieve and my 1st loan. I know I've learnt a lesson always read what u sign.

DCFC79

OP in future if theres anything you dont understand finance wise eg like in this example ask a friend/sibling who may be able to help you understand what your agreeing to.