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Where is a good place to go for a Payday loan?
8 Answers
Where is a good place to go for a Payday loan?
Answers
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Nowhere is good - extortionate interest rates for one thing.
If you absolutely MUST get one and can definately afford to repay it next payday, go via Quidco to PaydayUK. They will give you �50 cash back.
So basically it works like this - I don't even need a payday loan but have taken one out for �80, I paid back �100. Quidco have paid me �50 so after the �20 interest charge, I have made �30 for doing nothing...
If you absolutely MUST get one and can definately afford to repay it next payday, go via Quidco to PaydayUK. They will give you �50 cash back.
So basically it works like this - I don't even need a payday loan but have taken one out for �80, I paid back �100. Quidco have paid me �50 so after the �20 interest charge, I have made �30 for doing nothing...
All short term loams will carry a very high APR - you need to ignore this and look at how much it will cost in real terms.
As an example, if I leant you �25 this week and you gave it back to me next week and bought me a pint (say cost �2.50) for helping you, that would equate to a 3 figure APR (something around 300%). Obviously, most people would not have any issue with this deal, but if you said would you like a loan @ 300% APR, they would run like the plague!
A{R is only useful for comparing 2 loans over the exact same period.
As an example, if I leant you �25 this week and you gave it back to me next week and bought me a pint (say cost �2.50) for helping you, that would equate to a 3 figure APR (something around 300%). Obviously, most people would not have any issue with this deal, but if you said would you like a loan @ 300% APR, they would run like the plague!
A{R is only useful for comparing 2 loans over the exact same period.
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