Payday loans discussion area

Former_MSE_Karl
Former_MSE_Karl Posts: 175
First Post I've been Money Tipped! Newshound! Best Buy Bear
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edited 19 October 2023 at 2:37PM in Loans
This thread is specifically to discuss the content of the Payday Loans guide:

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Comments

  • Cheers, about time it was updated.

    I have not had a payday loan or short term loan in 18 months. (my longest time away now) knowing I never had the job security.
    Though my bank certainly cannot wait to lend to me now, taking home a grand monthly, even with my recent £15,270 job becoming just over £17.5+ in no time. I have had 3 letters in the space of no time at all offering their credit card even when on the lowest of salary which is rather worrying really?. but I’m sure most financial company types are bringing in hard searches anyway under ‘affordability’ so guess no one can say with any certainty it’s guaranteed anymore.
  • boo_star
    boo_star Posts: 3,202
    First Post First Anniversary
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    Cheers, about time it was updated.

    I have not had a payday loan or short term loan in 18 months. (my longest time away now) knowing I never had the job security.
    Though my bank certainly cannot wait to lend to me now, taking home a grand monthly, even with my recent £15,270 job becoming just over £17.5+ in no time. I have had 3 letters in the space of no time at all offering their credit card even when on the lowest of salary which is rather worrying really?. but I’m sure most financial company types are bringing in hard searches anyway under ‘affordability’ so guess no one can say with any certainty it’s guaranteed anymore.

    Being on a low income isn't necessarily going to prevent you from having a credit card, as long as you're sensible with it (only buying what you can afford to pay off in full) there shouldn't be any problems.

    And credit card companies do still make money from people who pay their balances in full every month, even if it's considerably less than those paying interest.
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