Hi, I took out one of these silly things and unfortunately got into a little situation due to ill health. Il explain it all so hopefully it may discourage a few people thinking of using payday lenders in future. I had a 100 loan (which was reduced by 19.50 for fast payment charge which i never asked for) over a period of 30 days, Which at 365% meant 130 was repayable on my due date. A few days before my loan repayment was due i became ill and as a result i was unable to arrange to pay it. So i contacted the company to explain my situation and was rudely told that it was my mess, they wanted there money now, they dont do repayment plans and my 130 debt would be 650 in a months time if i didnt repay it all by then (unfortunately all true but what could i do). Within 3 days i repayed them what i could afford which was 95, now it is 2 weeks later and my debt is now up to 255. I have been charge 80 in overdue charges, 14 in interest and about 130 in debit charges from them constantly trying to debit my bank 3 times a day, everyday and then charging me 3 a time for the pleasure....... Right now for my question; they have informed me they will be charging me a one-off 100 charge on my 30th day overdue, this was not mentioned in my loan agreement, unlike the other overdue charges and i am wondering if this is legal? Any knowledge or advice is very welcome
It seems a shame to have put yourself through this for just a £100 loan.
Was there a way in which you could have borrowed such a small amount from a family member? I realise that may be embarrassing and difficult to do, however that small amount of discomfort is preferable to landing yourself into increasingly deeper waters with the payday loan company.
David
Was there a way in which you could have borrowed such a small amount from a family member? I realise that may be embarrassing and difficult to do, however that small amount of discomfort is preferable to landing yourself into increasingly deeper waters with the payday loan company.
David
I'm in a similar situation, I've heard a lot about pay day loans and am very wary of them but I need a couple hundred pounds to fix my car. I'm sure i could pay it back plus the interest, and all on time, but it still feels like a risk. I have a prepaid card with Cashplus and they offer a form of payday loan, they've been pretty good so far so I am tempted to use their iAdvance offer, what do people think?
If there is any other way to release this cash without using them I would do it, I get really riled when I see adverts offering loans with 4 figure interest rates and while they claim to offer a service for those with low income or bad credit records it's pretty obvious that if something goes wrong you gonna end up paying for it big time.
Is there nothing you could sell on ebay? no close friends or family you could borrow off or perhaps if you'll have the money in 4 weeks anyway, just sort the repair then, I know it's going to be an inconvenience but far better than getting in a mess as outlined below.
Is there nothing you could sell on ebay? no close friends or family you could borrow off or perhaps if you'll have the money in 4 weeks anyway, just sort the repair then, I know it's going to be an inconvenience but far better than getting in a mess as outlined below.
I'd prefer not to ask friends or family, it's a bit embarrassing. If I know I can definitely pay it back when I get my monthly wage, then it should be okay. This is the iAdvance payday loan I'm thinking of applying for ttp://www.mycashplus.co.uk/cashplus-extras/iadvance.aspx as i said, Cashplus have been useful when it comes to my prepaid debit card so I'm hoping they'll also be good for this.
I can't check any of the detail as I am not a member and I have to say it's very suspicious that they don't display terms & conditions or interst rates until after you've become a member, particularly as there are fees involved.
There is also the fact that you have to pay your salary into the account to qualify for a loan - I certainly wouldn't be doing it, proceed with caution!
There is also the fact that you have to pay your salary into the account to qualify for a loan - I certainly wouldn't be doing it, proceed with caution!
That's a good point re having to become a member to check the interest rate. Maybe i should just swallow my pride and ask a family member. Thanks for your help.
With so many companies offering you the latest payday loan it is hard to find a payday loan that will not over charge you and make you pay back unnecessary charges. Last year I had big problem with my bad credit card and decided to seek for help from this payday loans company. They did not overcharge me, at least. Give them a try. I haven't been with any other payday loans company so can't give you more 
Can't reiterate enough, avoid Payday lenders like the plague, it may look good on paper if you're in a bit of a hole but you'll find yourself in so much trouble with these sharks (worse than loan sharks coz their 5000%+ rates are legal!!!)
Especially when they are recommended by someone who has just joined, scattered posts all over the place then posted a recommendation to a 'trustworthy' payday loans company
Especially when they are recommended by someone who has just joined, scattered posts all over the place then posted a recommendation to a 'trustworthy' payday loans company
Mod I'm not a spammer, you will see me more often here, especially this topic because i'm just interested
Hello guys payday loan is very popular debt in UK but it's interest rate is very high from others. It gives facility to take as small amount as you can like £100. I think that's why it's interest rate is high.
I believe payday loans, if used as intended, are a decent way to get money if you've not got a good credit score.
A better way is to ask your bank for a temporary overdraft facility. Smile will give you up to £500 without a charge and the Co-op will charge you £20 for anything.
As with any lending, it's down to you to be responsible. Unfortunately with this particular type of lending, even if your leg falls off you've still got to pay them. I see many people who don't use payday loans for what they are intended, and simply end up with thousands of £'s of debt. At the end of the day, those are the people with the big voice who will cry about it all over the internet when they've finally got that plasma TV they wanted, games console, a few drunken nights out and now no money to pay it back. It's swings and roundabouts to me all of this payday loan malarkey. I used to work in debt management so i've seen it all - and believe me, some people are just as bad if not worse than the lenders themselves.
For your situation you've done all of the right things but unfortunately they will go ahead and charge you regardless. Customer service is not a key element of these lenders once you're out of the good zone, but if you can ignore the rudeness and just get on with paying them - and asking them to stop the charges, this will all be over in no time.
A better way is to ask your bank for a temporary overdraft facility. Smile will give you up to £500 without a charge and the Co-op will charge you £20 for anything.
As with any lending, it's down to you to be responsible. Unfortunately with this particular type of lending, even if your leg falls off you've still got to pay them. I see many people who don't use payday loans for what they are intended, and simply end up with thousands of £'s of debt. At the end of the day, those are the people with the big voice who will cry about it all over the internet when they've finally got that plasma TV they wanted, games console, a few drunken nights out and now no money to pay it back. It's swings and roundabouts to me all of this payday loan malarkey. I used to work in debt management so i've seen it all - and believe me, some people are just as bad if not worse than the lenders themselves.
For your situation you've done all of the right things but unfortunately they will go ahead and charge you regardless. Customer service is not a key element of these lenders once you're out of the good zone, but if you can ignore the rudeness and just get on with paying them - and asking them to stop the charges, this will all be over in no time.