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payday loan advice

mohoney
mohoney Posts: 5 Forumite
in Loans
Hello,

Just wondering if anybody has any knowledge on payday loans
I have just asked for a loan,completed the agreement.I then received a message saying to update my payment method..well after pondering for a while I have decided to not go through with it..my loan status on my account says loan on hold..

all I want to really know is..will I still have to pay this back..if they haven't given me the loan?

I know this is a little vague..just wondering if anybody knew about this kinda stuff??

thanks :)
«1

Comments

  • [Deleted User]
    [Deleted User] Posts: 35,242 Forumite
    Part of the Furniture 10,000 Posts Photogenic Name Dropper
    If they haven't given you funds, then there is nothing to repay.
  • Dobbibill
    Dobbibill Posts: 4,199 Ambassador
    Part of the Furniture 1,000 Posts Mortgage-free Glee! Name Dropper
    Have you given them your debit card details? They may take an admin fee if you have.
    I’m a Forum Ambassador and I support the Forum Team on the Budgeting & Bank Accounts, Credit Cards, Credit File & Ratings and Energy boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.

    If you can't be the best -
    Just be better than you were yesterday.
  • mohoney
    mohoney Posts: 5 Forumite
    that's kinda what I'm thinking/hoping :/
  • DCFC79
    DCFC79 Posts: 40,641 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    Dobbibill wrote: »
    Have you given them your debit card details? They may take an admin fee if you have.

    I suspect not since the OP mentions about the loan Co wanting the payment method to be updated.
  • mohoney
    mohoney Posts: 5 Forumite
    My account has my bank details..but they don't have my debit card details..which I believe is what they were asking for through the txt they sent me..im just thinking if they don't send me the loan payment..then surely I can not go through with it.. :/
  • DCFC79
    DCFC79 Posts: 40,641 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    mohoney wrote: »
    that's kinda what I'm thinking/hoping :/



    What made you apply in the first place ?
  • Dobbibill
    Dobbibill Posts: 4,199 Ambassador
    Part of the Furniture 1,000 Posts Mortgage-free Glee! Name Dropper
    If they have your sort code & account number they can credit your account so would need no further details.

    If they are asking for your debit card to pay the money then this is because they want to take a payment OUT.

    Check the T&Cs of the loan company though, they may even set up a DD to take an admin fee if they have searched for a loan for you.
    I’m a Forum Ambassador and I support the Forum Team on the Budgeting & Bank Accounts, Credit Cards, Credit File & Ratings and Energy boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.

    If you can't be the best -
    Just be better than you were yesterday.
  • DCFC79
    DCFC79 Posts: 40,641 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    mohoney wrote: »
    My account has my bank details..but they don't have my debit card details..which I believe is what they were asking for through the txt they sent me..im just thinking if they don't send me the loan payment..then surely I can not go through with it.. :/

    I see, maybe you will be ok.

    Maybe call tomorrow and ask.
  • mohoney
    mohoney Posts: 5 Forumite
    Emergency really..but its not needed now..i still havnt received the payment..so I guess they wont be sending me the loan :/
  • mohoney
    mohoney Posts: 5 Forumite
    I think its best I do call them tomorrow!
    thanks for your reply..appreciated
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