Hi there

I'm look at a loan and was considering a payday loan, but having read a load of stuff on here about some companies, I'm a bit dubious now. I was wondering if anyone had any experience of them?

Cheers

Martin

Hey,

I've had one in the past. I would say as long as you can pay it back on your next pay day(without leaving yourself short) they are fine. They have huge interest rates so I think if you had to carry it over for another month you could find it very expensive.

The one thing I will say is that the month I had to pay it back I almost had to go back and get another one - which could turn into a vicious cycle. I was lucky, I had a very understanding big brother who gave me enough cash to see myself through until the next payday.

If you're really desperate and can't get money from another source(o/d, credit card, etc) do it, but make sure you pay it at the end of the month.

Sorry this isn't the most helpful, I'm just going on personal experience.

jane_doh! -- Is correct and has hit the nail on the head, with her reply IMO.

They are a very last resort in preference to other methods of short term borrowing, they should only be used where you clearly expect to pay them off in full ASAP, where you cannot see the need again.... due to the exhorbitant interest rates they charge.

Thanks for the input, appreciate it. What other types of short term borrowing are there? I won't get a loan from a bank and my overdraft is pretty much there. My aim is to pay back within 6 weeks max, but I don't want to get stung by big charges for such a short time.

Cheers

If you can't get your overdraft adjusted maybe you could join a credit union. they offer pretty decent loans for people in your situation. I would steer clear from any payday loans completely. if you cant get the two mentioned above then maybe borrowing from a family member would be the solution.