Payday loans!

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

You don't pay a payday loan back 'gradually'. You pay it back in full on your payday. Otherwise you're screwed.

Far easier to stick on the weetabix for another week

They are what they are you just need to be able to use them. It is like a credit card to an extent. People who use them incorrectly are the one that the fault lies with.

A short term loan with a high interest rate.

Wonga actually operates out of Ireland. I wouldn't even apply for a job with them as I find it morally questionable.

I personally wouldn't use them and luckily don't ever see a need.

This thread has (genuinely) made me hungry for Weetabix.

Don't do it OP

Goolay wrote: »

This thread has (genuinely) made me hungry for Weetabix.

Don't do it OP

I just had some rasher sambos,yum.

Aldi & Lidl,ftw. There's enough in their fruit & veg offers to knock up a half decent meal for about €2.

@The op,avoid the sharks that are payday loan crowds.The BBC did a piece on them,a lot of people ended up getting a loan then getting another from a different crowd just to pay back the original one-a vicious circle.

beano345 wrote: »

maybe if world economies didnt have the average joe in debt or on the verge of it they would'nt need to exist!

its always the world economies fault .... blame the government, blame the EMF, blame the IRA, blame another acronym !!

take feckin' responsibility for your own actions .... OP... monitor your finances, if you can afford weetabix you can buy the cheaper brand in Aldi, Lidl, Dunnes, Tesco etc and I'm guessing that weetabix is not dry so you'll probably have milk/sugar or a piece of fruit with it.

try buying a big bag/box of porridge - cheaper than weetabix and more filling...and better for your dietry system.

Payday lenders are loan sharks without the menacing money collectors with a baseball bat.

Our firm was asked to consider in investing in one and whilst we did some due diligence, we declined on ethical grounds. Some of their practises are extremely wrong.

The interest they charge is effectively 25-30%on a monthly basis, annualised in the 1000%s. Borrow £100, pay back £130.
If you can't pay, they will keep hitting your bank account with random direct debot amounts until they recover their money without considering any extra charges or impact this has because of failed bank direct debits etc.
If you have more than one payday loan within a year, you will not get credit from other banks etc.
They encourage people to roll over their loan and so they keep taking interest. We saw teh history of oepoor woman who borrowed £100 and ended up paying back £310. And that wasn't an isolated case.
They will phone up your work and home demanding payment at all sorts of unreasonable hours. If you want your work colleagues to know you have money problems, they will make sure that they find out.

There are a myriad of other reasons.

If you need cash for an emergency, then I would suggest family and friends first. If that fails, music magpie - sell your old cds and dvds etc. Even ask your work for an advance loan. A payday loan should be the absolute last last resort and only if you have to have the cash.

If it is not for an emergency, then you shouldn't even consider it.

Offering someone a payday loan who is desperate is the equivalent of landing a lovely creamy pint of guinness in front of an alchohloic who has just taken the pledge. Yes we have personal responsibility but we are human and we make mistakes. Those payday loans, gambling/bingo websites are blitzing day time TV with ads, the people watching them are completely vulnerable. These ads need to be banned in all formats and all medias and we need to have them banned in the UK too as lots of irish people are watching uk channels too, (free to air before any of you start going on about giving up Sky tv)
Anyway to those of you who say the Vincent De Paul is not for employed people, I think they themselves would dispute this, and other charities would be the same. Also in this instance I was trying to stop the OP from making a serious mistake. Going to the VDP now will prevent the OP from going into a cycle of debt which would could lead to homelessness and dependence on the taxpayer and the charities in the future. Yes he does need to manage his finances better but if a food hamper or a few free meals gets him to pay day I cannot see anything wrong with that.

If you can't manage your money being paid monthly, the simple solution is to set up two current accounts, have your wages paid into one, out of which your bills can be paid and get a weekly direct debit paid into your every day account.

But, yeah payday loans are a dangerous cause they get you in a vicious cycle. Paying the interest off one month, leaves people short the following month, so they take out money again. They thrive off these repeat customers. People rarely only use them once.

I really think financial literacy and budgeting should be a compulsory subject in school. It's one of the most crucial skills in life, and yet one which so many people have difficulty with.

Sad story from Bolton as a guy set himself on fire due to debts he owed to payday loan companies, http://www.dailymail.co.uk/news/article-2324769/Father-owed-payday-loan-firms-1-600-set-bombarded-phone-calls-text-messages.html

A father struggling to cope with mounting debts to payday loan companies died after setting himself on fire, an inquest has heard.

In the hours before his death, Antony Breeze was bombarded with calls and text messages from three different loan firms reminding him he owed them £1,600.

On the day he ended his life, the 36-year-old told his girlfriend, Amanda Lowe, that he was buying petrol for her father's lawnmower.

Minutes later he went to a secluded alleyway near his home in Horwich, Bolton, where he set himself on fire.

A man who tried to help him told the inquest that before being put into the ambulance Mr Breeze said to him 'I've had enough. I'm in debt'.

Retrovertigo wrote: »

Wrong, they are not entitled to do this and risk losing their licence with the FSA if they do. They are entitled only to try again on your next scheduled paydate be it weekly/monthly etc.



Also wrong. Having a payday loan won't affect you and most people turn to payday loans after already being refused by a bank.



Wrong again. Under data protection regulations they cannot speak with a third party regarding the loan. If someone calls your workplace and even leaves a message for you this is broken and you can report them. They also can ONLY call you during regular working hours, up until 8pm IIRC. Payday loan companies are terrified of these reports as it doesn't take many before they're heavily fined and/or lose their license.

This guy must work for some of these cowboys or something. i know, from personal experience, they do all this stuff.