HayleyJayne Posted December 17, 2009 Author Share Posted December 17, 2009 See I cant get a credit card and called my bank today and they wont help me so I am stuck and dont know what to do... I will have pleanty of money next month, usually I consider myself very well off for a student but new job and a month without commision = tough times... my basic just hasnt seen me through. I dont have any family to ask... thats the problem, no parents and I just dont ask my sisters for money ever - we just arent that close. I dont have any bills to go out which is great and I get paid next week, just no money until then and not much food in! I am going to try and manage... would rather not borrow money if I can, maybe a payday loan is not the way forward. This is the first time I have been stuck for money like this in a long time... I will just need to make sure it doesnt happen again. Thanks Link to comment Share on other sites More sharing options...
Guest sibon Posted December 17, 2009 Share Posted December 17, 2009 See I cant get a credit card and called my bank today and they wont help me so I am stuck and dont know what to do... I will have pleanty of money next month, usually I consider myself very well off for a student but new job and a month without commision = tough times... my basic just hasnt seen me through. I dont have any family to ask... thats the problem, no parents and I just dont ask my sisters for money ever - we just arent that close. I dont have any bills to go out which is great and I get paid next week, just no money until then and not much food in! I am going to try and manage... would rather not borrow money if I can, maybe a payday loan is not the way forward. This is the first time I have been stuck for money like this in a long time... I will just need to make sure it doesnt happen again. Thanks Hi Hayley. There are two problems with a payday loan. First, the APR is massive. This is a bit irrelevant if you only take a one month loan, as a tenner is probably a fair price to pay to tide you over. The second problem is linked to the first. If you borrow a hundred quid now, you will be a hundred quid short next month and so on. If you are certain that you can do without it, then fine. If you think you might need a second ( or subsequent) payday loan, then that massive APR will become more and more significant. Have you considered selling something, or taking part time work, or even pawning something. Any of these would be preferable options. Good luck, but choose carefully. Link to comment Share on other sites More sharing options...
HayleyJayne Posted December 17, 2009 Author Share Posted December 17, 2009 Hi Hayley. There are two problems with a payday loan. First, the APR is massive. This is a bit irrelevant if you only take a one month loan, as a tenner is probably a fair price to pay to tide you over. The second problem is linked to the first. If you borrow a hundred quid now, you will be a hundred quid short next month and so on. If you are certain that you can do without it, then fine. If you think you might need a second ( or subsequent) payday loan, then that massive APR will become more and more significant. Have you considered selling something, or taking part time work, or even pawning something. Any of these would be preferable options. Good luck, but choose carefully. Well I get paid AND get my student loan around the same time so will have more then enough money... I usually very good with my finances, just a bad month - it would be paid back within 2 weeks and the minimum is £80 so would just go for that and only spend what I need... Do you think it would just be the £10 then if it was paid back so soon? I know they try and get you hooked in but I know it would be a short term thing to tide me over... paying it back would be no problem. Link to comment Share on other sites More sharing options...
Guest sibon Posted December 17, 2009 Share Posted December 17, 2009 Well I get paid AND get my student loan around the same time so will have more then enough money... I usually very good with my finances, just a bad month - it would be paid back within 2 weeks and the minimum is £80 so would just go for that and only spend what I need... Do you think it would just be the £10 then if it was paid back so soon? I know they try and get you hooked in but I know it would be a short term thing to tide me over... paying it back would be no problem. If you are certain that it is a one month thing, then a tenner seems a reasonable price to pay. Make sure that you get the T+C in writing and read them carefully. They really should be satisfied with 150% APR, or whatever it works out to be:o You might be safer going to a pawnbrokers though, but I don't know how much they charge. Link to comment Share on other sites More sharing options...
harvey19 Posted August 22, 2011 Share Posted August 22, 2011 Why not try to get an advance from your employer ? It was called getting a sub years ago in the building trade and widely used. Link to comment Share on other sites More sharing options...
chem1st Posted August 22, 2011 Share Posted August 22, 2011 http://www.sheffieldcreditunion.com/index.php?id=8 You could get a better rate at the credit union (although maybe not the best). Link to comment Share on other sites More sharing options...
Chris_Sleeps Posted August 22, 2011 Share Posted August 22, 2011 As already noted, th4e APR is irrelevant on this type of loan No it isn't. It is highly relevant because they are not friends, they are a financial service. It is akin to borrowing a tenner off a mate and owing him £15,000 6 months later. Link to comment Share on other sites More sharing options...
Jeffrey Shaw Posted August 22, 2011 Share Posted August 22, 2011 Still, the interest rates on such borrowings are extraordinarily high- because of the degree of risk to the unsecured lender. Link to comment Share on other sites More sharing options...
FACEBOOK Posted August 22, 2011 Share Posted August 22, 2011 Nothing wrong . Link to comment Share on other sites More sharing options...
Chris_Sleeps Posted August 22, 2011 Share Posted August 22, 2011 Except you can't have it for 6 months, so your example is incorrect. If someone can't afford to pay it back then my example is highly relevant. In most situations with unpaid loans from these companies, the debt is sold quite quickly so I doubt the interest would accrue to gigantic levels, but it is still something to consider. If a payday loan is the last last possible place, and nothing else is possible, then they serve a purpose. Beyond that they are awful financial services. Re: The Credit Union. You need to save with them for about 12 weeks, and what you save they will lend you double that amount on your first loan. They are much better to borrow from in the grand scheme of things. Link to comment Share on other sites More sharing options...
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