Payday loans!

ArtyC · 02-05-2013 11:36AM #1

Although very common in the uk, not so much here. I'm in a tight spot. Very tempted .... Well desperate more than tempted. Anyone here have good/ bad stories about these loans. Font want to make my situation worse. I'm in full time employment but after a week of weetabix I could do with a loan I could pay back gradually. Bank and credit union a no go

Hootanany · 02-05-2013 11:39AM

Bad idea i think 1000%

lertsnim · 02-05-2013 11:40AM

Steer well clear. They are gangsters

Anyone · 02-05-2013 11:41AM

ArtyC wrote: »

Although very common in the uk, not so much here. I'm in a tight spot. Very tempted .... Well desperate more than tempted. Anyone here have good/ bad stories about these loans. Font want to make my situation worse. I'm in full time employment but after a week of weetabix I could do with a loan I could pay back gradually. Bank and credit union a no go

Not available over here thankfully. They are a bunch of robbing b*****s. 1000-2000% APR and they take the money from your bank account.

Ask a friend/family member, ask your employer is there a chance of an advance. Long term, fix whatever you did to make the Credit Union a no go

SebBerkovich · 02-05-2013 11:43AM

I'll lend you some cash for only 999% APR.. we should talk...

ArtyC · 02-05-2013 11:43AM

I've no savings with the credit union. Lovely staff in there but with no savings = no loan.

Irishcrx · 02-05-2013 11:44AM

There is one available , they have a website but I can't remember the name. As far as I know it doesn't work like the UK, you can apply online and that but they send a guy down to your house to sign you up and give you the money and he then calls over to collect it. So it's just really a loan shark online.

I'd steer well clear , it's not worth the hassle and you'll end up paying through the nose so what ou get , try friends and family first these are a last resort and even at that your just putting yourself in more bother.

syklops · 02-05-2013 11:45AM

ArtyC wrote: »

Although very common in the uk, not so much here. I'm in a tight spot. Very tempted .... Well desperate more than tempted. Anyone here have good/ bad stories about these loans. Font want to make my situation worse. I'm in full time employment but after a week of weetabix I could do with a loan I could pay back gradually. Bank and credit union a no go

If you're in full time employment, where is your money going that you have to live on weetabix? Instead of looking for a quick fix, try and find a long term solution.

A friend of mine says the solution to not having any money the week before payday, is to not spend any money the week after you get paid. I don't quite follow his advice, but it is easy to do a big splurge the weekend you get paid, only to arrive into work on the Monday, 2 days after being paid and realising, you have very little left. Keep a diary of what you are spending money on, so that you know where it is going, and try to make adjustments.

The payday loans are a bad idea, as they are just kicking the can down the road.

SicklySweet · 02-05-2013 11:46AM

Is this a serious thread??

Don't do it! Want to know why it's not so common in Ireland? It's because since being screwed over so much people have been suspicious with their money! IMO anyway. If it's too good to be true, don't even try. I can't even begin to explain how bad your thoughts are. I actually feel like i'm talking someone out of taking their gun from their head.

Don't do it or i'll

i'll

Uh

I'll be very disappointed in you!

Anyone · 02-05-2013 11:46AM

ArtyC wrote: »

I've no savings with the credit union. Lovely staff in there but with no savings = no loan.

As I said, long term, you should change that. Put 5-10 euro a week in there so when this situation happens again, you have a better option.

Senna · 02-05-2013 11:48AM

Getting paid monthly is a PITA, Weekly is so much better.

hardCopy · 02-05-2013 11:48AM

Talk to MABS

syklops · 02-05-2013 11:48AM

Irishcrx wrote: »

There is one available , they have a website but I can't remember the name. As far as I know it doesn't work like the UK, you can apply online and that but they send a guy down to your house to sign you up and give you the money and he then calls over to collect it. So it's just really a loan shark online.

I'd steer well clear , it's not worth the hassle and you'll end up paying through the nose so what ou get , try friends and family first these are a last resort and even at that your just putting yourself in more bother.

Stay well clear. When they go out to you they'll be all "oh what lovely net curtains you have", but once repayment is due they will be like "it could be very difficult to properly appreciate your net curtains with 2 broken legs, wouldn't it?"

tiger55 · 02-05-2013 11:49AM

ArtyC wrote: »

Although very common in the uk, not so much here. I'm in a tight spot. Very tempted .... Well desperate more than tempted. Anyone here have good/ bad stories about these loans. Font want to make my situation worse. I'm in full time employment but after a week of weetabix I could do with a loan I could pay back gradually. Bank and credit union a no go

they can be OK if you have the money to pay back the loans.

Most high street loans do it for you borrow £100 and you payback £125 at payday.

It is £25 for every £100 you borrow.

syklops · 02-05-2013 11:51AM

tiger55 wrote: »

they can be OK if you have the money to pay back the loans.

Most high street loans do it for you borrow £100 and you payback £125 at payday.

It is £25 for every £100 you borrow.

Thats 25% interest. Instead of paying 25 quid to them on payday, put 25 quid into a savings account, for situations like this.

FTA69 · 02-05-2013 11:51AM

Don't do it. A lad I worked with took out a £500 loan one month and he's paying it back a year later. Tough out the Weetabix for another week and as others have said above, keep a spending diary every month.

How these f*cking vultures are allowed to trade is beyond me, them along with the cash for gold chancers should be shut down.

mathie · 02-05-2013 11:55AM

syklops wrote: »

Thats 25% interest. Instead of paying 25 quid to them on payday, put 25 quid into a savings account, for situations like this.

Did you work for Enron?

byronbay2 · 02-05-2013 11:57AM

You don't pay back a Payday Loan gradually. They give you a loan on (say) the 15th of the month and you repay the money (+ usurious interest, of course) when you get paid at the end of the month - interest is accrued daily. If you don't repay at the end of the month, it gets "rolled over" to the next month and that is when it starts getting REALLY expensive.

As long as you understand what you're getting into and know that you can definitely repay what you owe on time, then you can decide for yourself. I certainly wouldn't advise it but you know your situation better than I do.

Is there any chance that you could get a credit card, even with a limit of €500 or so? This would allow you to spend money you (temporarily) don't have but with free 56-day credit rather than an APR of (give or take) 1367%!

syklops · 02-05-2013 11:59AM

mathie wrote: »

Did you work for Enron?

No, Barings Bank.

tiger55 · 02-05-2013 12:00PM

syklops wrote: »

Thats 25% interest. Instead of paying 25 quid to them on payday, put 25 quid into a savings account, for situations like this.

Only done it twice, and paid it off on pay day.

beano345 · 02-05-2013 12:01PM

big thing in canada! interest is unreal for every 100$ you borrow you owe 120$ back,glad i ripped them off!

donegal_road · 02-05-2013 12:04PM

beano345 wrote: »

big thing in canada! interest is unreal for every 100$ you borrow you owe 20$ back,glad i ripped them off!

I remember this in Canada alright, their ad was 'loans til pay day... when there is more month than money'

get yourself a fishing rod ArtyC. You will have peace and quiet to think of a ground breaking money making idea, and fish and chips for dinner..

petes · 02-05-2013 12:04PM

Provident is the place you are thinking of. Get €500 and pay back €650 :eek:

beano345 · 02-05-2013 12:06PM

donegal_road wrote: »

I remember this in Canada alright, their ad was 'loans til pay day... when there is more month than money'

get yourself a fishing rod ArtyC. You will have peace and quiet to think of a ground breaking money making idea, and fish and chips for dinner..

their everywere in toronto! money mart,cash money etc its a vicious circle because when you pay it back you more or less need to take out another one!

Ruu · 02-05-2013 12:07PM

Bloody things are on every street corner in the US, they go after your car here.

galwayhillbilly · 02-05-2013 12:11PM

Short-term Go to the vincent de paul and explain your sitation, long term go to MABS stay away from the pay day loan as you end up having to get the same loan every time before pay day only it gets bigger and you have to start taking it out earlier each month.
Also some credit unions will allow you to take out a a loan without savings, especially if you are in danger of falling into the hands of loan sharks. It will hurt nothing only your pride if you go in and ask the worst that can happen is that they will say no. and you have only lost 1/2 hour of your time
To state the obvious, If you cant make ends meet there are 2 courses of action, reduce your outgoings or increase your earnings. Look at both, if you can do a bit of both then you might solve your problem. it is coming into the summer, there might be a bit of part time bar work, waiting tables or farm labouring going somewhere. Jobs where there is food being served = the possibility of free leftovers
No. 1 piece of advice though, go to the charities today, they will give you something even if it is only a can of soup.
On a positive note you must have a very well cleansed bowel after a week on weetabix

FTA69 · 02-05-2013 12:14PM

beano345 wrote: »

their everywere in toronto! money mart,cash money etc its a vicious circle because when you pay it back you more or less need to take out another one!

London is destroyed with them too. Usually sandwiched between cash for gold, bookies and bloody charity shops.

beano345 · 02-05-2013 12:22PM

FTA69 wrote: »

London is destroyed with them too. Usually sandwiched between cash for gold, bookies and bloody charity shops.

i think one of the big banks RBC or one of them is behind them in canada,lot of controvery over them when i was there,they should'nt be let operate!the only good thing was they cash your cheque if you were illegal over there......with a hefty cut for themselves:rolleyes:

biko · 02-05-2013 12:25PM

Hell no. Keep living on cereal OP, at least you have that.

the groutch · 02-05-2013 12:25PM

galwayhillbilly wrote: »

Short-term Go to the vincent de paul and explain your sitation

no, no, a million times no!
the OP is in full time employment, that's not what SVDP is for.
there is always ways to save money in his/her budget and avoid "living on Weetabix" without taking a charity's money away from those who really need it.

SEPT 23 1989 · 02-05-2013 12:28PM

+1 on the VdeP

free food

Payday loans!

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