PAYDAY LOANS. Yes or No? Self Employed.

[Garnett]

Ok, first of all I have seen plenty of topics advising of the bull**** that these Payday sharks come up with, however, I am self employed and this month I did pants.

 

So, to cut words short; I need a loan.

 

What options do I have? Do Payday sites accept self-employed applications? What would you recommend?

 

Thanks All replies are considered helpful!

 

[indebt00]

Garnett, do NOT get a payday loan its nothing but trouble. reading the threads on this site should be enough to make your mind up!!!! ask your family/friends to lend you some money or for a mini loan xx

[Doubled123]

Do not ever ever ever get a payday loan!!!!!!!!!!

[Garnett]

I appreciate the replies, however I have no family, and well most of my friends are in the same boat, they are self employed too.

 

I am 18 years old if that helps? And with a Payday loan, I can afford to pay it back next month.

[Magenta_Rose]

I appreciate the replies, however I have no family, and well most of my friends are in the same boat, they are self employed too.

 

I am 18 years old if that helps? And with a Payday loan, I can afford to pay it back next month.

 

Garrett,

 

Unless you have a functioning crystal ball, you can't POSSIBLY say you'll be able to repay it next month; NOBODY knows what's going to happen tomorrow - I don't want to tempt fate, but you could be involved in a RTA and in hospital for 3 months! That won't matter one iota to your creditor - these individuals (I won't elevate them to human

status) only care about the money; all the time you're in hospital, they'll be rubbing their hands in glee at all that lovely interest you'll owe them (and have you seen the rates some of these outfits charge...?! Over 4,000% in some cases!)

 

Default just once, and I can see this being a millstone round your neck until they stick you in a hole - and then your next of kin'll be saddled with it!

 

You're 18, so I can see why you're considering it (you can't have much of a credit history for a bank to want to touch you). What is it you do, anyway? Something computer-related I'm betting...

 

Needless to say, it's about as sensible an idea as riding a motorbike without a helmet.

 

MR

[Garnett]

To be honest with you, Banks will not touch me. Also, I am a regional sales manager for a well known company, non IT related.

 

And I know out of last months figures that I get enough this month, It's like 1 month in hand.

 

So any suggestions?

[indebt00]

garnett, no is the best answer, they can become a habit. but if you do decide to get a paydayloan see you on this thread in a few weeks!!!

[nat8808]

To hopefully post something more helpful ...

 

I am self-employed and I've used Wonga.com ok.

 

Now, regarding whether you should or not:

 

Depends how your self-employment works.. If like me you invoice but often don't get around to invoicing for ages but then invoice for a large amount AND your employers are reliable at paying your invoices then it should be fine PROVIDED you keep in mind the payment date and amount and perhapswhen you do get paid put it somewhere out of reach until your loan payment day does come up. Also it requires your pay day to be well within your loan payment date else any admin errors on your employers part could screw you up too..

 

Personally, I would only use them as a last resort when I KNOW I've invoiced for much more than the loan repayment amaount AND it will be paid to me in good time before the repayment date. If the loan amount is close to your invoice amount then that is going to screw you over for the next month with all the loan fees and you'll be in worse trouble next month than this!

 

Personally I think the 'Pay Day' part of these loans is the part that gets people into trouble - you should only use these loans for extra income ON TOP of your pay. I've used one this month to help purchase a bargain on Ebay which I will be selling on for a profit much larger than the loan fees including any roll over fees should they occur - profit that wouldn't be possible without the loan. "You need money to make money" they say and the payday loans are great for those opportunities that come just at the wrong time! Make sure you only fund opportunites though that you can get out of quickly for no loss (i.e. a bargain on ebay that will sell again very quickly for the same price you paid AND cover your loan fees should you need to dump the whole idea).

 

Try NOT to use them in advance of your only income though - try all else first - delay important payments by communcating with those who need to be paid. The stress of dealing with the loan companies is often worse than just asking to pay your rent/bills late this month.

 

Hope that's helpful..

[Bigkahuna]

Default just once, and I can see this being a millstone round your neck until they stick you in a hole - and then your next of kin'll be saddled with it!

 

 

The next of kin isnt responsible for any personal debt unless its a joint loan!