I need a Payday loan, bad credit - any input?

[TheBooksss]

Long story short, I either have to pay £190 today or £300 in 11 days. A Payday loan at the generic 30%/month would set me back something around £210, so it's a lot more logical for me to do that.

 

I have a few defaulting/repayment plan accounts with Payday lenders, so my credit isn't very good to say the least.

 

Off the list; Wonga, Quickquid, PDUK, Minicredit & Lendingstream

[renegadeimp]

You wont get any gelp finding one here. Stay well away from pdls.

 

If a pdl is demanding repayment today and yoy cant afford it, then secure your bank account and tell them. They WANT you to take out more loans to make more money. Thats why they try and demand payment.

[TheBooksss]

You wont get any gelp finding one here. Stay well away from pdls.

 

If a pdl is demanding repayment today and yoy cant afford it, then secure your bank account and tell them. They WANT you to take out more loans to make more money. Thats why they try and demand payment.

 

My post with more info from other post on this board;

 

Unfortunately I fell behind on things this month due to illness and thus lower wages, I have a few direct debits coming out between now and my payday (less than 2 weeks away) which total £190, if I don't manage to pay them then by payday it'll total £300+ due to fees. My credit must be awful as I am in default repayment plans with a few payday loansicon. Just looking for advise on what I should do, I don't have anybody to borrow from and I don't think any lenders would take me. Phoning up and asking for extensions isn't something that's realistically going to happen, not to mention that my bank will still take £60 regardless which will incur £70 of OD fees in the first week.

 

Any input appreciated, I need help with this situation specifically, overall my finances are looking up - I have £300/month to live on after all credit/rent is paid, I just don't fancy having £100+ less this month as it's been stressful enough already!

 

 

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Also, PDL's aren't requesting money, Direct debits are. I'll have 4x Returned DD fees from my bank and 7x OD fees from my bank if these DDs don't go out. I *AM* in the position to repay in 11 days, as I have £400 disposable income this month. It's basically pay £30~ to PDL company or £110 to my bank.

[renegadeimp]

Cancel the dds then. You should NEVER pay a pdl by dd or debit card. You are basically giving them permission to strip your account if you do.

[TheBooksss]

The DDs are not with PDL lenders but phone contract, overdraft fees and paying for electronics I had on finance. Whether I cancel them or not I will still get charged £70 for OD fees when they take out last month's £60 bank fees from last month. I don't want to pay overdraft fees again.

[renegadeimp]

Well, and dont take this the wrong way, you need to get yourself on a strict budget. Possible send your bank a letter of appropriation. PDL's are the absolute worst thing you can do. Sure, it might solve your immediate situation, but next payday youll have no money and youll still have your normal debts to pay. THis will repeat and repeat and repeat every month.

 

Why not contact your other creditors and ask them to delay your payment? Phone providers can do it, and also most electronics hire companies will delay payment for a week or two. There are lots of ways to sort your situation out. Dont be tempted into going with a PDL, especially the absolutely terrible ones you have listed.

[TheBooksss]

Just to entirely explain the math of this situation;

 

Bills due between today and payday = £190

Amount due on payday if these aren't paid = £300

 

There is an unavoidable jump of £70 extra to pay in OD fees if I don't get these bills paid today (Bank is taking £60 out today which isn't in there, it won't be returned it will just put me into OD which charges me £10/day) . Even if I cancel all my DDs or rearrange them for later, I will definitely still be charged by my bank.

 

Amount coming in this payday = £1300

 

Amount due between payday (the one coming up) and next payday = £640

 

So, best case scenario right now is a PDL for £190, incurring £30 interest and the £640 outgoing which totals £860, leaving £440 disposable income - some of which will be used to pay extra on my accounts which incur interest.

Or, not getting any money today would cost me the same £190 on Payday, but with £70 OD fees and £40+ in returned DD fees, which could be avoided by cancelling DDs and making phone calls but the £70 still stands.

 

EDIT: I fully understand you don't recommend PDLs but I right now it just makes financial sense, either pay £30 interest on a loan I can entirely afford or pay 2-4x that to my bank.

[renegadeimp]

have you made a complaint to the bank using BCOBS saying their charges are putting you into hardship? They must take your circumstances into account.

[RobbingHood]

What exactly are you asking for here, do you want us to recommend a lender that will take into account your bad credit and existing loans?

 

You won't get any recommendations on here I'm afraid, you have to tread very carefully too as a lot of the companies share information with each other, if your application is rejected with one company they will probably sell your details onto another lender and you will never know which ones, so you might inadvertently get passed to minicredit or wonga etc.

 

If you're that desperate, look at some of the comparison sites like money.co.uk or allthelenders.co.uk etc as they might have a company on there that can help, other than that like the others say, try and avoid at all costs and borrow from friends or family first.

 

I do get your logic regarding the finances, just that usually it's never as straight forward as you'd hope with PDL's, you may end up rolling it over or refinancing the loan for a bigger amount at the end of the month just because you can and it's an easy way to save a bit of money for that month