Anyone used it? What's your opinon?

I wouldn't normally even consider it but times are hard and I have no other options (it's only a 5 day loan so not too bad for interest). Thinking of getting £50 until Wednesday means I repay £58.

Cheers.

Wouldn't touch any of them personally but if you have to just make sure you only do it once and don't get stuck in a cycle of using them every time you're due to get paid.

If you stick to that and you are DEFINITELY getting money to pay it back then, go for it. But for the love of god don't miss a payment.

there's stories on the MSE forums people starting at £100 loans ending up oweing a grand due to the 'snow ball' loan effect.

"the most powerful force in the world is compound interest"

Albert Einstein

Yeah I know about the massive hike in how much you owe if you miss a payment, I get paid on Wednesday so I will definately have money.

I always said I'd never revert to this but I literally have no other options stupid economy!

if its possible hang on so the borrowing period is shorter and save you a little bit more on interest

legal loan sharks

dave said:

legal loan sharks

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In a nutshell................ Touch, bargepole, absolutely not.

They are a "bank" yet use puppets on their adverts, that's probably the best reason to stay away.

>2000% interest with these pay day loan companies, ripping off the poorest, it makes my p**s boil.

If you can definitely pay it off by Wednesday it would probably be cheaper to draw cash from a credit card, and that costs a lot.

Could you not just ask a friend/family member to lend you £50 for a little while?

At least then you won't have to pay much interest if any

I know i shouldn't post stuff like this but, they are fantastic!

http://www.morecambebaycu.co.uk/about.php (think this is closest to you)

We use Cumbria credit union,
we save with them, it's ran by the people for the people, put it this way we got a loan, think last one was £500 we pay back the £500+ 2% interest. we paid it back i think it worked out at £515.
Give them a call, our credit union is amazing.
[ame="http://en.wikipedia.org/wiki/Credit_union"]Credit union - Wikipedia, the free encyclopedia[/ame]

As mentioned, would you not be better asking a good friend for it till you get paid? Pay them the £58 for their trouble, but they'd be alot more understanding that wonga would be if come payday something happens and you're skinted again

ascott92 said:

As mentioned, would you not be better asking a good friend for it till you get paid? Pay them the £58 for their trouble, but they'd be alot more understanding that wonga would be if come payday something happens and you're skinted again

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I really wouldn't do that tbh. I'd hate to owe any of my friends money it would eat away at me.

I'd rather owe wonga it tbf. As long as he can pay it off there really is no problem.

hmm. i would ask a mate or family. theres no way i would ever borrow money from a company.
heh people ask me why i never go out or have nice stuff.. try living on job seekers allowance. £114 every 2 weeks of which £50 is saved for when my car insurance is next dew though by then i really hope to be in work. im running out of things to sell lol.

im with jimboys bargepole (no im not touching it!)

gotta love earls bangin tunes though!!!!

I think the whole concept should be made illegal. Anything that prays on the poor to make money is wrong. Just wrong.

volxstu said:

I think the whole concept should be made illegal. Anything that prays on the poor to make money is wrong. Just wrong.

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It doesn't pray on the poor. It prays on the ignorent. It just happens to be a coincendence that the poor are often ignorent.

They are fully transparent and people know the T&C's when they take a loan so it's their problem.

I have exhausted every other option...there is literally no one who can help (everyone is in the same boat). That is why I said I wouldn't usually even consider them but when you don't have any money or food in the cupboards (and I mean literally nothing) you have to do things you normally wouldn't. I know 100% that I will have the money as my wages are larger than my outgoings by around £300.

For the future - can I suggest you look at setting up a budget for your monthly outgoings and stick to it, so you know exactly how much spare cash you have.
SWMBO and I set one up in Excel with a day-by-day breakdown of outgoings and income so we know exactly how much on any given day we have spare - overestimate for things like food and petrol so that you always have more than you expected at the end of the month.

£50 for 3 days food, how many you feeding?