Payday Loans e.g. QuickQuid

[Chriss]

Hi,

To settle an argument, can anyone tell me if they're taken one of these out? If so, how much and what for?

I'm very curious.
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TheShaggyDA: I've got 3 or 4 pairs that predate my wife, so at least 11.5 years old.

[Wafer_Thin_Ham]

Hell no, have you seen the APR rate?!? Seems like a slippery slope to me.
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[RichieZX6R]

Avoid them at all costs! A friend borrowed from them and ended up borrowing every month just to keep herself afloat.. good idea for those that are making money from it! Bad idea for any one considering it!

Go over the 3 days (or 3 months in some cases) and your royally screwed!

Try a 0% credit card if you can get one or even a bad rate credit card if your desperate..
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[pinkyfloyd]

I wouldnt go near then or recomend them. Think about it this way:

You need, say 100 quid to tide you over until pay day. This is because your last months wage hasnt stretched. So next month you'll have to pay their 100quid back and their intrest rate of say 20 quid. Thats 120 quid that you've lost on a wage that you couldnt survive on last month.

So what do you do next month? Oh yes you'll have another loan from these sharks only you'll want 120 this time to cover the interest that you had to pay last month.

See where this is going? APR on these things is over 2000%. I may not be the smartest peanut in the turd but I know thats extortionate even if you work that out as a daily rate. 2000/365=5.48% per day.

Not even Mad Martin the loan shark has that kind of rate!
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Teflon-Mike:I think I agree with just about all Pinky has said.

[AL-]

The APR on these sort of things make me cringe

[Wafer_Thin_Ham]

[Chriss]

This is kind of the point of my argument. I cannot think of any reason what so ever to get one! My wife says there must be a good reason sometimes, but can't name it. She once crashed her bike into someone else and had to take cash out from the cash machine via credit card to avoid a claim. I winced at 30% apr for cash advances from her card.

I have a credit card in case of emergency, same reason as I pay for contents insurance. I hope I never have to use it, but if I do damn I'm glad of it!
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TheShaggyDA: I've got 3 or 4 pairs that predate my wife, so at least 11.5 years old.

[G]

It's not the APR, more about saving an ever bigger fee, fine etc which you'd have to pay if you don't have the money.

For instance, you might only need an extra £20 to pay your car insurance which will mean you can go to work, but the bank will charge you an extra £22 to go past your agreed over draft limit... while for the four days say, one of these loans will be relatively a lot cheaper.

[The Artist]

I have had a couple off wonga.com. Partlye for cash, partly to help my credit rating, borrow some money, pay it back and it may help.

They are the best IMO. The others have had bad reviews online but wonga seem sensible. So long as you pay back when you say you will. No hidden charges etc.

Not a good idea as a loan, more an emergency thing that is very useful. I can get upto 1k in my bank in 15 minutes if I was ever desperate.

[Skudd]

They are for those very short periods of a day or so, or if you get under paid one month and know you will get it back the next.

I woldn't use one but I can see why some would.
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[Chriss]

[Chriss]

I guess actually my question should be, why don't people use credit cards instead? Even with bad credit ratings nearly everyone will give some sort of credit card.
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TheShaggyDA: I've got 3 or 4 pairs that predate my wife, so at least 11.5 years old.

[G]

One reason may be they don't trust themselves with a credit card.

Also, thought they generally took a few days to get to you, so when suddenly put in to the position, probably aren't an option.

[Louise]

Ive used Wonga a few times and never had a problem.
If im short I will borrow - if paid back early you do save on some interest.
However -

[thegubner]

Borrowed from one for a month, borrowed a hundred quid, I paid it back well before the agreement as I only needed it for a few days, cost me about 8 quid on top.

Bargain for people who need it and can pay it back quick. Only if you think about arseholes like provident etc.

Was wonga.com I used..

[TimNorwich]

I'd borrow off my partner or parents if I was desperate, I have a £100 overdraft set up just incase aswell.
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[WildGoose]

Problem with these kind of things is the people they are aiming them at, are the last people that should be using them.

If you cannot budget month to month, what is the likelyhood of being able to control short term high interest loans or credit cards.

Yes, we all get in the shit from time to time, but from the impression I get these things are regularly being used by people who are living beyond their means every single month, which isnt solving the problem, and also more often than not, it gets out of hand and these people go down deep into the shit.

For example, the people that are right on the limit of their wages every week/month are generally not the sort of people that, for example, would put cash away for a rainy day, they just go "yay" and blow it, as a bonus.

If you are 100 into the red at the end of the month, you are also 100 quid behind the next month, most people don't seem to grasp this. They just see that once they have been paid they are back on an even keel again.

I wouldn't touch them on general principle,their behaviour is unethical and documented as such. They prey on the weak.
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[Wilson12345]

I know loads of people who have taken these out, quite a few of my student friends have had to borrow large sums of money to pay off Wonga after their initial loan was doubled, tripled or more :l I know a girl who got a Wonga loan when it first came out, she never bothered to pay it back and is getting warning letters through the post but nothing has come of it yet
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[CaNsA]

Ive used it a couple of times.

they are Legal Loan Sharks.

Handy though, never given me any hassle.
Works out to be expensive tough.
borrow 400 pay back 600.

[iooi]

[Slacker24seve...]

I've used Wonga.com successfully to avoid overdraft charges/interest when I got caught short at the end of the month. As G said, as a loan the make no sense. To dodge potentially greater charges they are a good idea - I just smoked roll ups and cut down on the beer the following month and I was in a better situation that when I started.
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