Potential Cashback Opportunity: Payday Loans

jessicamb

Quidco have a promotion on for higher cashback on Payday Loans.

In a nutshell:

Go through Quidco for a payday loan and (hopefully!) get £70 cashback. I think this is a promotional offer so is higher than normal.

Take out a loan for the minimum amount - I think its £80, and you pay a horrific £20 in interest when you repay the loan.

The loan gets paid back from your bank account when you get paid.

Obviously theres a risk that the cashback wont track and you are out of pocket by £20 - but I know some people do the bingo offers and so on that work on a similar basis.

I would never recommend anybody take out a loan from them with those scary APRs though :eek: but might of use/interest to someone.

freda

Not convinced that the footprint from an application for a payday loan would look too great on your credit record either....

moneypooh

I think there has got to be better ways of making extra cash than this:eek:
I find this scary, what happens if it doesn't track, £20 down and a credit search to boot.... good luck all you brave souls...

gazza975526570

I do kind of agree and it isnt something i would do - however i believe there is no actual credit check and it appears to be havng a good tracking record

The APR's are terrible though

blanik

Just tried it,

Got turned down - I do not fit their profile.

Suppose it was because I only asked for an £80 loan, to get £70 cashback!!!

Has anyone managed this? ( Just seen jessicamb post in another thread - so at leat 1 ! )

yuliamathew

[FONT=&quot]Okay friends, I fell into the payday loan trap, which I struggled my way out of. Now when I see someone going into one of those places, I just want to run grab them and pull them in the opposite direction. I hate greedy lenders. I think payday loan companies should be banned in every state? And what is your opinion? Thanks a lot.[/FONT]

milliemonster

I notice payday loans are ofering £60 cashback through quidco for new customers, now I have never had a dodgy loan in the past and notice their extortionate rates, however with my moneymaking head on I am thinking of applying for an £80 loan and obviously pay it back on payday which will be £100 to pay back so I'll be netting £40 for my efforts, has anyone else done this?, I don't need an advance on my salary but just wondered if this is worth it?

iNath

People have tried it and been validated on Quidco, see discussion: here.

Only try it if you can afford to lose £20 though.