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Payday/instand cash loans, are they any good?

Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
Are they a con? I wanted to borrow, for example, £80, but is there any strings attached?

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    Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    yes, you normally have to pay back ALOT more than you lend.

    the APR is something ridiculous like 2000%.
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    Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    So if I lent 100 pound, how much would I have to pay back on payday?
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    Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    well, it depends on what firm you lend from.

    if you lent money from http://www.paydayuk.co.uk/, you'd have to pay back £125 when you next got paid.

    complete rip off really.
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    Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    What's the best one you'd reccomend?
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    Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    well, i've never used one so can't recommend. i wouldn't recommend one using one at all to be completely honest.
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    Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    You're probably right. But is the only catch you paying back £20 or so on top of what you owe or is there more catches?
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    Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    They're SHORT TERM loans of about 2-3 weeks. You borrow say £100 then 2 weeks later you pay them back £120ish. But ofc next payday you'll be down £120 so maybe you'll need to go to them again. That's the catch.

    Just struggle through till your next payday.
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    Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    As others have said, there is no catch other than the interest. Assuming that you are monthly paid then you borrow the money and repay it on your next payday. As long as you can do that and survive the following month then there are no problems. You can also defer the repayment to the following month, again at a cost.

    I have used these services before with no problems, you just have to make sure it doesn't become habit and that you can repay when you say you will, otherwise your credit rating will be affected.

    Decent sites to use are:

    paydayuk.co.uk
    paydayexpress.co.uk
    poundstilpayday.co.uk
    quickquid.co.uk
    wagedayadvance.co.uk

    I think those are the correct URLs for those companies but you can always google them.
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    Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    You're better off setting up an overdraft with the bank.
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    Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    Whowhere wrote: »
    You're better off setting up an overdraft with the bank.

    :yes: Or asking people to lend you money.

    That quickquid has apr of something like 2356%.
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    Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    well, it depends on what firm you lend from.

    if you lent money from http://www.paydayuk.co.uk/, you'd have to pay back £125 when you next got paid.

    complete rip off really.

    Sorry to be boring, but the verb you want is "borrow" not "lend". If you need money, you borrow it from a loan company. It is the loan company that lends the money to you. If you are lent something that you have to give back at some point, you borrow it.

    Here endeth my English lesson ;)
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    Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    oh i do apologise!!!! :rolleyes:
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    Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    oh i do apologise!!!! :rolleyes:

    It was Lyric's mistake originally ... I meant no offense.
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    Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    Oh dear, another grammar Nazi. You should play WoW.
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    Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    Why WoW? And, surely it's better to be corrected than to continue to make the same mistakes?
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    Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    Whowhere wrote: »
    You're better off setting up an overdraft with the bank.

    It's so complicated to get one.
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    Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    Whowhere wrote: »
    You're better off setting up an overdraft with the bank.

    Lyric, I know it can be difficult when you don't have much of an income to start with. I know I sound like your nan or something, but actually you really need to learn how to budget. By that I mean that you look at what you spend each month - and what you spend it on - and compare it with your income. I am (hopefully temporarily) in this position myself. My husband pays most of the bills from his pension, so I am lucky in that I have few regular outgoings. (If you live with your parents, we may have more in common than you think.)

    So, I add up my estimated phone bill, contact lenses, cosmetics, cat food (sad picture emerging here ...), and subtract them from my monthly income. I usually have a reasonable amount left over, out of which I put aside a monthly amount for a rainy day and everything else is mine to spend on frills and fripperies. With my hand on my heart I would tell you that I am the very personification of thrift - only my husband is ROFL.

    Laugh as you might, I lived for years, between the ages of 21 and 27, putting aside a percentage of my earnings every week for big expenses like a summer holiday, and it worked. The best bit is that, however pathetic the interest rates are at the moment, the banks pay YOU to save. Don't get conned into paying exorbitant interest rates.
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    Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    lyric wrote: »


    It's so complicated to get one.

    Is it? I rang the bank up when I started college and asked for one and they set it up over the phone. I then had to go into the local branch to sign something. Hardly rocket science.
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    Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    Whowhere wrote: »
    Is it? I rang the bank up when I started college and asked for one and they set it up over the phone. I then had to go into the local branch to sign something. Hardly rocket science.

    I went a couple of weeks ago and my account was still a childs' one so they ahd to change it over to an adults' one and they said they would call me when it's changed and they never called me.
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    Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    Lyric, I know it can be difficult when you don't have much of an income to start with. I know I sound like your nan or something, but actually you really need to learn how to budget. By that I mean that you look at what you spend each month - and what you spend it on - and compare it with your income. I am (hopefully temporarily) in this position myself. My husband pays most of the bills from his pension, so I am lucky in that I have few regular outgoings. (If you live with your parents, we may have more in common than you think.)

    So, I add up my estimated phone bill, contact lenses, cosmetics, cat food (sad picture emerging here ...), and subtract them from my monthly income. I usually have a reasonable amount left over, out of which I put aside a monthly amount for a rainy day and everything else is mine to spend on frills and fripperies. With my hand on my heart I would tell you that I am the very personification of thrift - only my husband is ROFL.

    Laugh as you might, I lived for years, between the ages of 21 and 27, putting aside a percentage of my earnings every week for big expenses like a summer holiday, and it worked. The best bit is that, however pathetic the interest rates are at the moment, the banks pay YOU to save. Don't get conned into paying exorbitant interest rates.

    I spend loads and loads on clothes though.
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    Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    lyric wrote: »


    I spend loads and loads on clothes though.

    Good for you. And you look very nice in them, if I may say so.

    However, if you only have a little money/don't earn very much, it is all the more important to budget for the things you want, rather than borrowing/running up overdrafts. It doesn't mean you can't have nice clothes, but you might need to save up a bit between purchases.
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    Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    lyric wrote: »


    I spend loads and loads on clothes though.

    Well spend less on clothes then! It really is as simple as learning to budget and only spending what you earn. Apologies if this sounds like tough love but it is. There are lots of things that I'd like but can't afford, so I have to make sacrifices, budget and save. It really is that simple.

    Those payday loans companies are ludicrously expensive and are not to be trusted.
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    Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    lyric wrote: »


    I went a couple of weeks ago and my account was still a childs' one so they ahd to change it over to an adults' one and they said they would call me when it's changed and they never called me.

    Well why didnt you query it?
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    Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    G wrote: »
    Well why didnt you query it?

    This is what I would do. I had to ask for my student overdraft - not a problem.
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    Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    lyric wrote: »


    I went a couple of weeks ago and my account was still a childs' one so they ahd to change it over to an adults' one and they said they would call me when it's changed and they never called me.

    And you've not rung them back yourself because?

    It'll be in the bank's interest to change your account.
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    Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    Hey there lyric,

    Hope all is well financially and otherwise. Payday loans can be confusing so your concerns are understandable.

    There have been some great responses on here already. Thanks to overthehill and everyone else who has contributed. :)

    You ask about payday loans so I'll talk about them first. The Citizen's Advice Bureau has an informative page on them; Payday loans.

    Essentially, you want to know what you're getting yourself into and if you can afford to do so. Read through all the terms and conditions carefully, and ask someone independent (a friend or family member) if you're not sure about anything.

    The Money Super Market website has a comparison tool for them which might make it easier for you to see which one is suitable for you.

    Also, if you have any debt problems then seek help sooner rather then later. You can call the National Debt Line on 0808 808 4000 (opening times are Monday-Friday 9am-9pm, Saturday 9.30am-1pm).

    Hope this helps.

    Keep us posted. :)
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    Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    lyric wrote: »
    So if I lent 100 pound, how much would I have to pay back on payday?

    you wouldnt pay back anything if you were the one lending the money. Theyd be paying you back
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    Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    ermmm this thread is 6 months old... naughty mod :p
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    Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    you wouldnt pay back anything if you were the one lending the money. Theyd be paying you back

    Shhhs,



    If you lend me £100 lyric, I'll let you only pay me back £150.00, thats fair, yeah?
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    Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    Closing this now ;)
This discussion has been closed.