PaydayUK

[droptastic]

Hi Guys

 

I found myself short of cash at the end of last month and (stupidly I know) took a payday loan to tide me over for last week, repayment being due end of DEC. I realised pretty quickly that I didnt want to get in a messy debt with the comapny so after being paid at end of NOV I called them and asked how much it would cost me to settle early.

 

Much to my surprise I was told that because the loan had been less than 14 days all that I needed to repay was the amount borrowed and that no intrest at all was payable. I have kept a traanscript of this chat.

 

They have now taken the loan back from my card.

 

Will this be the end of the matter.....I hope so.

 

Also does this mean payday loans are free if settled within 14 days?

 

I have checked my account online and it shows no balance outstanding.

[ALFIE1978]

Lenders tend to vary.

They all have to give a 'cooling off period' of 14days - Some will let you pay back interest free within the 14 days ,others will charge an 'admin fee' which is usally, surprise surprise ,the same as the interest charge.

 

But

 

It is a good tool to use if you only need to borrow for a week or so , but read t/c's before applying.

[garysonjack]

yes definately read the T&C's

 

if you want a loan for 7 days, you might aswel apply for a 3 day period and then send a letter to cancel after 7.

 

They will call collect the payment but when i didnt i got no confirmation until i rang them to check!.

 

they dont like giing out money for free