I'm on my last resort of a payday loan

Benc98

So I am a 20 year old student, completely in my overdraft being charged a fee everyday, I'm in personal life debt as well with my mother, as she has had to pay for things with me due to me only working for minimum wage I'm not earning enough to be able to afford education as well as travel expenses etc. I hardly have any wasteful spending, apart from a social life which I try keep to £30-£40 a week to be able to do everything I need to. I've tried with the bank to extend my overdraft but they won't budge (amazingly they won't budge from £250 I thought they'd try get as much fees out of me as possible). I've also tried the bank for a personal loan but they will not do that because they don't think I'd be able to pay it back (which fair enough I guess, they have to cover their own backs and a student in debt already isn't someone I'd give money to either). Ive tried for money transfer cards none of the three available at the moment will accept me, same reason as the loans I'd presume.

But the bottom line is, I've ran out of ideas, and until I finish for the summer I can't start working full time to pay things off. So I can't concentrate on my education. My last resort is a payday loan. I know there's massive warning signs around them, and that people shouldn't use them. However, if I can make it through a few months then work full time I'd be able to pay everything off and then have a money clear mind. So I was wondering what are some of the lowest interest rate loans?

campbell19925

Surely you can knock the social spending on the head for a few months? There's an extra £160 per month for you straight away.

Benc98

That wasn't just for social stuff that's what I keep myself every week for everything. Travel etc. The rest goes on food and I have to keep enough in the bank each week to make sure the od fees don't take me into minus figures.

BrassicWoman

Have you been to the student welfare office for advice?

benbay001

Benc98 wrote: »

That wasn't just for social stuff that's what I keep myself every week for everything. Travel etc. The rest goes on food and I have to keep enough in the bank each week to make sure the od fees don't take me into minus figures.

When was the last time you had alcohol? Be honest.


Im not saying you shouldn't drink as a student, far from it. Im just saying you shouldn't be drinking if you are seeing a pay day loan as your only option.

squawkbox

Go to your student welfare office. They usually have funds available to support students in need.

DCFC79

A payday loan is called such as it would need repaying on payday, how would you repay the loan if you were to get one ?


As mentioned your best option is the student welfare office.

JayRitchie

Benc98 wrote: »

So I am a 20 year old student, completely in my overdraft being charged a fee everyday, I'm in personal life debt as well with my mother, as she has had to pay for things with me due to me only working for minimum wage I'm not earning enough to be able to afford education as well as travel expenses etc. I hardly have any wasteful spending, apart from a social life which I try keep to £30-£40 a week to be able to do everything I need to. I've tried with the bank to extend my overdraft but they won't budge (amazingly they won't budge from £250 I thought they'd try get as much fees out of me as possible). I've also tried the bank for a personal loan but they will not do that because they don't think I'd be able to pay it back (which fair enough I guess, they have to cover their own backs and a student in debt already isn't someone I'd give money to either). Ive tried for money transfer cards none of the three available at the moment will accept me, same reason as the loans I'd presume.

But the bottom line is, I've ran out of ideas, and until I finish for the summer I can't start working full time to pay things off. So I can't concentrate on my education. My last resort is a payday loan. I know there's massive warning signs around them, and that people shouldn't use them. However, if I can make it through a few months then work full time I'd be able to pay everything off and then have a money clear mind. So I was wondering what are some of the lowest interest rate loans?

Go to the dealing with debt forum and post an SOA. Show how your finances are split - with a student loan and some work you should be able to survive without needing pay day loans.

soolin

I know it is not always good form to look up posting history but I think your threads show a pattern with debt. This one mentions not having used your full overdraft as at yesterday and also a fairly reasonable estimated monthly salary for part time work.

https://forums.moneysavingexpert.com/discussion/6005534/part-time-workers-getting-accepted-for-loans

On this one you are looking for balance transfer cards and again seem to be not using your full overdraft

https://forums.moneysavingexpert.com/discussion/6004793/halifax-balance-transfer-to-lloyds

Your income is probably more than many students manage on and it is a concern that you find yourself in difficulty enough to even be considering a pay day loan, you are young, starting with these high interest loans so early in your working life is really not a good idea.

I echo the comments above, stop spending, do a proper budget and post your SOA on the debt free wannabe forum. Luckily you haven't hit the debt spiral hard yet and you can sort this without making it worse, there are some brilliant people over on the wannabe forum who can look at your SOA and give you some real advice. It might seem harsh at the moment when all you want is money in your pocket and a new laptop, but you will look back and thank them a few years down the road when you are not saddled with more debt than you can manage.

Also, again as above talk to your student welfare office, perhaps there are travel deals or other forms of help that you can access that you were unaware of.

Good luck on your course.

PasturesNew

Benc98 wrote: »

I hardly have any wasteful spending, apart from a social life which I try keep to £30-£40 a week to be able to do everything I need to.

That is more than many single persons have left to live on after rent/council tax/travel to work, basic food, basic utility bills.

You're overspending on your social life and normalising it.

Why can't you spend £0/week, like other less well off people have to?

custardy

Benc98 wrote: »

So I am a 20 year old student, completely in my overdraft being charged a fee everyday, I'm in personal life debt as well with my mother, as she has had to pay for things with me due to me only working for minimum wage I'm not earning enough to be able to afford education as well as travel expenses etc. I hardly have any wasteful spending, apart from a social life which I try keep to £30-£40 a week to be able to do everything I need to. I've tried with the bank to extend my overdraft but they won't budge (amazingly they won't budge from £250 I thought they'd try get as much fees out of me as possible). I've also tried the bank for a personal loan but they will not do that because they don't think I'd be able to pay it back (which fair enough I guess, they have to cover their own backs and a student in debt already isn't someone I'd give money to either). Ive tried for money transfer cards none of the three available at the moment will accept me, same reason as the loans I'd presume.

But the bottom line is, I've ran out of ideas, and until I finish for the summer I can't start working full time to pay things off. So I can't concentrate on my education. My last resort is a payday loan. I know there's massive warning signs around them, and that people shouldn't use them. However, if I can make it through a few months then work full time I'd be able to pay everything off and then have a money clear mind. So I was wondering what are some of the lowest interest rate loans?

come on? £120 to £160 a month on social life and talking about payday loans?