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  • FIRST POST
    • Seandrv
    • By Seandrv 13th Apr 18, 4:23 AM
    • 2Posts
    • 0Thanks
    Seandrv
    Payday Early Settlement
    • #1
    • 13th Apr 18, 4:23 AM
    Payday Early Settlement 13th Apr 18 at 4:23 AM
    Hi
    I took out a payday loan on 26th Feb for 250. 1st payment on 16th April. I want to settle early and the figure is 344. Is this correct to charge such a high amount?
Page 1
    • Tarambor
    • By Tarambor 13th Apr 18, 5:21 AM
    • 2,833 Posts
    • 2,051 Thanks
    Tarambor
    • #2
    • 13th Apr 18, 5:21 AM
    • #2
    • 13th Apr 18, 5:21 AM
    Yes. They can add up to 56 days interest as an early repayment charge. At the 1000+ percent interest rates such loans have it adds up to a lot of money in a very short time.
    • Sncjw
    • By Sncjw 13th Apr 18, 7:28 AM
    • 1,766 Posts
    • 1,048 Thanks
    Sncjw
    • #3
    • 13th Apr 18, 7:28 AM
    • #3
    • 13th Apr 18, 7:28 AM
    This is why pekple say don!!!8217;t get a payday loan. The interest rates are crippling
    • Fireflyaway
    • By Fireflyaway 13th Apr 18, 8:21 AM
    • 1,730 Posts
    • 1,883 Thanks
    Fireflyaway
    • #4
    • 13th Apr 18, 8:21 AM
    • #4
    • 13th Apr 18, 8:21 AM
    Yes that sounds about right. Awful companies. Best thing we can all do is put these people out of business by not using them.
    • PeacefulWaters
    • By PeacefulWaters 13th Apr 18, 8:57 AM
    • 8,320 Posts
    • 10,637 Thanks
    PeacefulWaters
    • #5
    • 13th Apr 18, 8:57 AM
    • #5
    • 13th Apr 18, 8:57 AM
    Serious question. What were you expecting? What is the APR?
    • DCFC79
    • By DCFC79 13th Apr 18, 9:13 AM
    • 31,606 Posts
    • 19,943 Thanks
    DCFC79
    • #6
    • 13th Apr 18, 9:13 AM
    • #6
    • 13th Apr 18, 9:13 AM
    Yes that sounds about right. Awful companies. Best thing we can all do is put these people out of business by not using them.
    Originally posted by Fireflyaway
    I agree they are awful but they do serve a purpose if used responsibly.
    Can people stop loaning money/being a guarator to family/friends, it rarely ends well and you lose out as your money is gone or you get shafted with being a guarantor.
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