Opinions on Payday loans?

Have you ever taken a payday loan? What is your opinion?

  • yes
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  • no
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  • seldom
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And you are? I'm a GirlI'm a Guy

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Most Helpful Guy

  • dont do it if you dont have to the interest will kill you. to me they are just legal load sharks

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Most Helpful Girl

  • I have. A few times. Usually it's £30 interest on each £100. If you miss a payment by a day, you're totally fucked and it'll mess you up, if you know 100% you'll have the money in time it's not too bad. I usually give myself a week extra, so if I know I get paid on the 30th, I'll ask to borrow til the 7th, to give myself 7 extra days because you never know when things might go wrong.

    I wouldn't advise it unless you're absolutely desperate and know you will definitely pay back on time though. A cheaper option is a bank over draft. A planned overdraft is usually free. Some banks let you have accounts with benefits, one being an overdraft, that you pay a monthly fee for. Check with your bank.

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What Guys Said 2

  • No, never! I've read that payday loan companies can charge up to 2000% why anyone would consider this is beyond me. So essentially if you borrow £50 then you may have to pay up to £1000. Where is the logic i that?

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  • No no no

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What Girls Said 3

  • Payday loans are not a good idea! I get sometimes we feel we need money right away, but if anyone can wait, it's way better than taking the loan. The interest rates are high and I've known many people who have gotten into trouble with pay day loans.

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  • You end up worse off. Have you never seen Til Debt Do You Part?

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  • The interest rates are so high that there's not even any point in borrowing the money in the first place. It's just asking to be in debt.

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