I'm on my last resort of a payday loan

Debtnomoreplease

If you think you've got money problems now, that's nothing to the problems it'll cause you, if you get a pay day loan!!

I urge you not to take one out... I was young, spending cash like it was my own then took my first pay day loan out... By far the worst thing I ever did, as it totally killed my budget and the next 5+ years of my life... I struggled to get out of the payday loan cycle. Howare you going to cope with lump some payments? By probably taking another payday loan then another, then another and so on... Believe me I know!! I would rather have £0 to live on now than to ever get a payday loan again!!

Cut back, work more hours, get another job and save. When I was in debt I worked any hours I could get, babysitting on a Saturday nights, whilst all my friends were out partying etc, but I'd do it all again if it meant I could stay debt free.

Please don't start the payday loan cycle, I don't know you, but honestly my stomach is churning for you not to do it-you've no idea the stress, worry, anxiety, sleepless nights and everything that comes with them. Sure you'll be happy when the cash first hits your bank, but I can assure you on the day payments from your bank go out; you certainly won't be feeling good.

Stick to this site, create your own spending diary and see where you can save.. Believe me you'll be shocked how much you can actually save when you write everything down.

This site is amazing for advice, tips and support to staying on track.

Bermonia

I echo the sentiments already expressed, sit down and sort out your spending... also whilst payday lenders don’t care too much about credit score, they do however still consider if your income is sufficient to repay them - payday loans are only meant for one off payments, as such you’re only going to end up in a spiral of borrowing that will make your situation worse.

diggingdude

I think you need to increase your income. I have been to uni 3 times so I know what it is like to manage studies and work, but I still worked full time in the evenings and weekends . If you need money this is what you need to do

[Deleted User]

Benc98 wrote: »

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?

I don’t know this for a fact but my own reading up for current experience does indicate these lenders now ask for bank statements and the like to actually prove you are in employment. No idea where you think taking one of these loans is easy from. The checks are done far more rigidly because I’m sure no one likes refunding Dave double whack who take out one of these loans when in part employment/unemployed years later which also has a knock on effect to new customers.

Even someone in a new job would be silly to take out one of these loans for the risk of losing their job/it not working out/not being sure when payday actually is.

That’s how I define it to myself. Why add to the burden. This isn’t a solution for anyone in doubt over the ability to pay back.

enthusiasticsaver

I would echo that a payday loan is a slippery slope and not one you should be going down. I am afraid the social life spending will need to go and you will have to economise on all essentials like travel and food. Take this as a lesson you need to learn to budget better or you need to get an evening or weekend job. You are young and this is a lesson best learnt now. The answer to not having enough money to do the things you want to is not a loan and DEFINITELY NOT A PAYDAY LOAN. Be more selective in where and when you spend your money, budget so you have enough to last you until your next student loan payment or payday from a part time job etc.

Candyapple

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?

Are you a full-time uni student? Most banks offer the biggest 0% interest free overdrafts to students so why are you being charged?

When I went back in the day, Halifax used to give out £1.5k to first year students and up to £3k for second/final year students.

Rather than resort to a payday loan, you need to focus on what you can cut back on now. If you spend £30-£40 per week on your social life that can be sacrificed for a few months. Have you got anything of value that you can sell? Games? Old phones? Consoles? etc.

How much do you owe your mum?

Please list all credit card limits along with outstanding balances. Same goes for any overdrafts/car finance etc.

Can you increase your hours at work?

TripleH

When I was at University I budgeted how much I could afford a week for food, socialising etc and stuck to it (some weeks if I overspent, I had to cut back the following weeks to compensate). For me it helped that I was never a big drinker, so never went on many big benders.

Please take heed of the above, part of being a student is setting foundations for which to build on in the future. Yes you may look at others who seem to be spending like it was going out of fashion but try to think 5 years in the future, how many of them will have to put their lives on hold because they are at the bottom of a big pit?

Sometimes it does mean you appear to be living on cheap noodles and fresh air to make ends meet but to flip it on it's side, you have the light at the end of the tunnel (finishing Uni) and remember the feeling when you had to scrimp to get by, keep hold of that feeling and use it to drive you to never have to be in that situation again.

Sadly there will be those whose parents can support them and 'their lifestyle' and yes it might not seem fair but unfortunately that is life..

Kentish_Dave

If you take out a payday loan now then it’s a fair bet that it’s the start of a spiral that will cause you genuine harm.

You’ve clearly not planned properly, and are blowing money that you don’t have on a social life that you can’t afford.

Unless your degree is one that people would cut off their arm to get on (Physics at Oxford, engineering at Imperial etc.) then are you perhaps better off accepting that you’ve very badly messed up, leaving, working full time for a few years and then trying again?

Is it a degree that will get you a good starting wage (graduates in banking will be on £50k+, lawyers and accountants not too far behind) or will you be coming out with a big pile of debt and nothing to separate you from the rest of the graduates searching for similar jobs?

KeepOnKnitting

I am a student as well. For the love of all that is holy, have a couple of weeks of living on value beans on smart price toast, raiding the work toilet for loo roll, not drinking alcohol, and walking everywhere. Term is nearly over, you can up your hours any day soon. Then work your butt off this summer, pay back your overdraft and promise yourself that you will never put yourself in this position ever again.

Also, go see your student wellbeing types and see if they can do you a crisis grant or loan. Mine were fab for me.

Lioness_Twinkletoes

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.

I think you are still in denial - in a post you put up in May, you said "From my job I can earn anywhere from 400-750 a month depending on my hours worked I am paid weekly also. However, I have no other commitments with my money, such as direct debits and such coming out of my account. But I do spend all my money every week (through choice, because I like to go out with friends as much as I can)"