Hiya guys,
I'm writing an article for an online magazine called Planet Ivy about students taking out short term/pay day loans. I had one myself whilst at uni (just graduated in July), and I definitely wouldn't recommend it, but I'm looking for some general stories about/thoughts on them, if anyone's willing to share.
Thank you
Very dangerous and best avoided I would say, due to the huge interest rates etc. You're probably better off using a credit card/getting a loan from the bank
They are a bit like drugs. Only dangerous if you abuse them.
I currently owe over £15,000 to payday loan companies. All my own fault but some of them are still shocking.
One called me up and offered me a £800 loan even though they knew I was in debt management and that I have a compulsive gambling problem and I told them that I was soon to be bankrupt. I now owe over £2,000 for that particular £800 but I guess the joke is on them because my bankruptcy is soon to go through and they will get nothing.
They basically want people to pay back the money but accept that they will have to write off 15% of what they lend. There is no incentive for them for people to fall behind on payments - it ruins their margin rather than improving it. Think about it would you be happy to let someone who owed you money and hadn't paid you back keep it on the basis that you could tell them they owe you more money or would you rather get it back and lend it at the same interest rate to someone likely to actually pay you back.
OKAY THANK YOU
Thinking about taking loans :lol:? Worried about interest? then visit https://paydayiom.co.uk/
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