Should I take out a payday loan? advise please !

[MsWeatherwax]

Honestly, don't do it.

 

I don't want to sound patronising, but they were nearly the death of me. They are the most financially crippling thing I have ever done, and I have been the queen of ridiculous financial decisions in the past. If you think you are in financial dire straits now, wait until this lot are taking 2/3 or more of you monthly pay-check, and there's nothing you can do to stop them....then the only way out of it is to change your bank account and cancel your cards....then the phone calls start where they tell your colleagues that you owe them money...writing to your payroll department...using cancelled cards and old information to take money whenever they feel like it. Sadly, the stories are all over this forum.

 

If you really need a loan, try your local credit union - you can find your nearest one here:

 

ABCUL

 

If you are just after paying off some bills though, I would try negotiating with your creditors first. Trust me, they will be far easier to talk to than pay-day loan companies.

[MsWeatherwax]

Just imagine you bought a Tv which cost £300 but you had to buy it for £600... Would you buy it?? I'm guessing thats a no.

 

From me, it's a "no", but yesterday, I looked in the window of my local Brighthouse at a sofa that appeared to be second hand - it was £750 before "service charge" (my sofa doesn't require servicing, can only imagine why this one would need to be!!) and interest, and £1600 afterwards!!!

 

Bottom line is, if you're totally broke and your fridge breaks down, you'll buy one from cowboys like Brighthouse, because needs must when the devil drives. Same principle with PDL's - if you're in a tight corner and can't find a way out, people will use them. That's what makes them such a disgrace - nobody who isn't totally desperate and highly unlikely to be able to repay is ever, ever going to take out a pay day loan. If you can afford one, you don't need it!!