Confused!!Should I Get A PAyday Loan **

[Kitttykat]

Hi,

I owe my roommate some money, and she wants it back by the end of the week, since she's moving out. I don't have that kind of cash(180 pounds) right now, but i'll be getting my salary in 2 weeks' time. Based on the posts in this forum, I'm not very confident of going through with it. Should i just take the plunge anyway?

[bub1]

My advice is NO!

Try and get the money some other way. Payday companies can be a pain to try and get sorted.

Wont your roommate wait till you get paid?

 

bub1

[BankFodder]

No. You will begin the descent into Hell.

[Kitttykat]

Hi bub,

The thing is, we're not exactly parting on good terms, and i don't have much of a choice i have to pay her back. I'm pretty confident that i can repay the loan on my next payday. Do they give you trouble even if you pay the loan back on time?

[Kitttykat]

Are there any other ways of getting quick cash?i don't think i have any other option really.

[bub1]

If you cant afford to pay her back till next pay day tell her this. You say you are pretty sure you can pay it back on next payday, have you taken into consideration interest added on? You might find you are short of money again and then borrow again. It is hard to sort once you find you cant pay it back I am just in the process of sorting mine, never again will I borrow like this. It is taking a lot of hard work sorting, writing letters to bank etc.,

 

bub1

[robjam1969]

Kittykat - Bub is right, you are better owing money to your 'mate' than these sharks. Even if the wait of two weeks is not ideal for him/her.

[lozzzy]

Have you considered talking to your bank? many banks will temp extend or create you an over draft for a few weeks for no or extremly very little charge!

[RIDDICK]

Kittykat if you need money quick and you have no other sources of getting cash. I would do one of the following.

 

1. Go to The Money Shop or cash converters. This is only if you have a cheque guarantee card and chequebook. You will probably have to pay them £15 per £100 borrowed.

 

2. If you want to use a payday loan company on the internet and require payment today or tomorrow i would use PAYDAYUK (charge 25 per 100 borrowed) or PAYDAY EXPRESS (charge 20 per 100 borrowed).

 

None of these are advisable, but option 1 is your best bet if you can not get the funds elsewhere. Just do this as a one off otherwise your life will spiral into misery.

[sillygirl1]

Whatever payday company you use they will find a way of getting more money out of you - ie phoning you up on your mobile on some kind of reverse charge call, telling you the loan is in default when it isnt and continually threaten to call your employers and have funds taken directly from your salary before it gets to your bank account... all these have happened to people in the last few months, their business is suffering heavily.

[mjc007.5]

Hi there - I am living through this particular hell right now (as I am sure as others) and trying hard to climb out of the very deep hole they have me in.

 

It has already been said but to reiterate do not do it - nothing (even a mortgage payment) is important enough to be deal with these companies. Do not do it! Please! Once they have you in their grasps unless you are either immensely careful or rich (and if you were the later you would not be dealing with them!) they will suck you in and perpetual debt, harrasment and misery awaits. I am sure there are some that will say they have done fine with their "services" but many, many more have not.

 

Best of luck

[Kitttykat]

Thank you for all your suggestions. I have a couple of more days to decide what to do...and i'm going to think long and hard about it. Even if i go with a payday lender, i don't think Payday UK is a good idea, my friends have had problems with them. Thanks again for your support.

[bub1]

Thank you for all your suggestions. I have a couple of more days to decide what to do...and i'm going to think long and hard about it. Even if i go with a payday lender, i don't think Payday UK is a good idea, my friends have had problems with them. Thanks again for your support.

 

 

Hi KittyKat,

 

Have you decided what you are going to do yet?

 

bub1

[Kitttykat]

Hey all,

 

Well, i did it. Things were starting to get ugly with the roomie so i had no other choice. I've taken a loan of £200 from Lending Stream, and they seem to be pretty decent. They have a couple of repayment options, so i'll figure it out as i go. Will keep you posted on my progress, please keep your fingers crossed!!

Edited July 2, 2009 by Kitttykat

[Kitttykat]

Has anybody had dealings with this company?

[T2upNorth]

I've never dealt with them but a quick google throws up less bad press than most of these types - that doesn't mean they are angels - they may be too new to the market to have a history yet.

[Kitttykat]

Hi T2upNorth,

Thank you so much for the input! I did some digging as well, and you're right-they don't seem as bad as the others. They've been around for more than a year now, so i figured it was a safe bet.

Edited July 2, 2009 by Kitttykat

[T2upNorth]

Hi T2upNorth,

Thank you so much for the input! I did some digging as well, and you're right-they don't seem as bad as the others. They've been around for more than a year now, so i figured it was a safe bet.

 

 

Best of luck kittykat - as with all others I'd steer well clear but we all have situations which need resolving quickly from time to time.

 

As a matter of interest, what are their terms/apr etc. ? Not that I want to use them but to see where they fit in this pool of sharks...

[robjam1969]

Hi kittykat

 

As a done deal you will be ok if you pay back what you have committed to. If you treat it as a one off it is not the end of the world. Trouble is will you be tempted again, that is what they are after.

 

G

 

Good luck with your new digs and please make it a one off

[naive_kid]

Has anybody had dealings with this company?

hi kittykat,

 

I'm stuck in a similar situation as yours.I came across your thread and found the conversation pretty interesting. So, tell me how reliable is Lending Stream? I know for sure that PayDayUK and PayDayExpress are not that good options. But still I have my reservations.