Payday Loans

Has anyone ever had any issues with these.
If i have insufficient funds to clear the loan for this month do you know anything about how they calculate interest, Ive researched on google and i hear stories of simple loan of 200 going up in excess of 500. I will have missed one month surely it wouldnt increase that much for a month of non payment?

Has anyone ever had any issues with these.
If i have insufficient funds to clear the loan for this month do you know anything about how they calculate interest, Ive researched on google and i hear stories of simple loan of 200 going up in excess of 500. I will have missed one month surely it wouldnt increase that much for a month of non payment?

DO NOT TOUCH THEM

ive cleared the majority of them now i was stupid a while back and learning from my mistakes.
basically i am unable to pay the interest on this month
i owe 295.00 and my installment for this month was 62.75

if im unable to pay this months installment anyone know if they can legally charge hundreds for this or whether they just add intrest for the outstanding balance and take it next month

Has anyone ever had any issues with these.
If i have insufficient funds to clear the loan for this month do you know anything about how they calculate interest, Ive researched on google and i hear stories of simple loan of 200 going up in excess of 500. I will have missed one month surely it wouldnt increase that much for a month of non payment?

Mate a lot of these pay day loan companies have very high APR infest rates. I see quid quick on the TV all the time, advertising an intrest rate of 1700%. These companies are glorified loan sharks, if you can pay back the full amount ASAP.

I don't know much about them but at a summer meeting of the FSF it was voted that Wonga and such companies that were similar to Wonga should be boycotted...the interest rates are huge.I would suggest a bank loan is far better and safer.

thanks for your help guys. as soon as i pay these off i wont veen need a bank loan. Has anyone on here ever had an issue with a payday loan

ive cleared the majority of them now i was stupid a while back and learning from my mistakes.
basically i am unable to pay the interest on this month
i owe 295.00 and my installment for this month was 62.75

if im unable to pay this months installment anyone know if they can legally charge hundreds for this or whether they just add intrest for the outstanding balance and take it next month

Depends what your contract is.

A lot of these firms add administrative costs for late payment. You need to check out the contract.

im having murder finding the contracts.
the loans are
1month loan
wageday advance (who have agreed an installment plan so basically its just the 1month loan

Call them up and speak to them. I've dealt with a couple of these companies in the past, and so long as you keep them in the loop, a lot of them will try and help you.

The worst thing you can do is nothing.

im having murder finding the contracts.
the loans are
1month loan
wageday advance (who have agreed an installment plan so basically its just the 1month loan

Look, i don't know your personal cicumstances but if you are working, borrow the money you owe these sharks from someone in your family or a very close friend and pay them back asap, then arrange to pay back your family/friend at a rate you can afford and don't go anywhere near these companys again, how they are allowed to advertise on national tv is beyond me.

I think they serve a purpose to be fair.

A mate of mine recently took out a £100 loan for 5 days with wonga to cover a direct debit and see him to payday and it
cost him £10.

£10 to borrow £100 for 5 days seems ok to me, especially for an emergency. His alternative was £25 charge from his bank for a returned Direct Debit and god knows what the company who his direct debit was with would have charged aswell.

We are all adults and the amount you borrow and pay back is there in black and white so I don't really get the hatred towards
them.

If you take out large loans knowing you cant pay it back you only have yourself to blame sorry.

My stepson borrowed £400 of wonga I didn't know about it , he's in the army .I had to lend.him £927 to pay it off . He had the £400 for 5 weeks £100 a week interest for 5weeks . Well that's what he told me , may have borrowed it longer than that . So keep away from them .

My stepson borrowed £400 of wonga I didn't know about it , he's in the army .I had to lend.him £927 to pay it off . He had the £400 for 5 weeks £100 a week interest for 5weeks . Well that's what he told me , may have borrowed it longer than that . So keep away from them .

Call them up and speak to them. I've dealt with a couple of these companies in the past, and so long as you keep them in the loop, a lot of them will try and help you.

The worst thing you can do is nothing.

This is the best advice.