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

I have taken out two over the past five years and my view is that people really scare mong them.

When somebody takes out £100 they pay on average £125 over 30 days. The media however likes to report the huge annual APR sums because it suits their agenda despite the fact that the loans are not over a period of a year.

Would i advise taking one out? No (Get a dam job). Are they as bad as the media suggests however? No. When one looks at the people that take them out and keep renewing them it's typically to maintain their lifestyle because there not willing to give up coffee ect.. and strip down to the bones.

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

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