Beware of unseen costs when applying for payday loans

juliefootnerhughes

Please, please, please read the small print when applying for payday loans. I didn't and it has cost me almost as much as the loan i was applying for (and didn't get!)

I was desperate for a payday top up and so went online to try and get a loan. I filled in all the forms and kept getting rejected but sent to different sites so i kept entering my information. A few days later I checked my bank account and 2 payments had been taken out one of £19.99 for Mango Money and the other for £19.98 for Credit Boost. These were definitely not payments that i was aware of, but when i contacted the Post Office where i have my account they said that they couldn't stop the payments as i had given my details. It seems i had somehow signed up for some type of credit report whilst i was applying for the loans and this was the payment.

I have had to cancel my bank card, cancel all of my direct debits and have run out of credit on my mobile from the calls to try and get this resolved.

Please be careful, i only wanted a small loan to get me through a difficult month and am severely paying the price now.

MEM62

You may well have signed up to loan broker service. If you have now read the small print you will know that the money is refundable (minus a small admin fee) if you follow the cancellation procedure - but you need to follow it precisely.