im on benefits n want a payday loan is it possible
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can i get a payday loan
Answers (4)
Hi missyl, and welcome to the forum.
There are unscrupulous loan companies out there who just might agree to give you a short term loan at ridiculously exorbitant rates, but I would strongly advise you not to go down that path!
Some of them are total scams, where they will take a deposit from you and that will be the last you hear of them...no loan, and you will be out of pocket by the amount of the deposit as well.
Others may come up with the loan, but will charge you such exorbitant rates that you could easily end up in a spiral of debt that you can't get out of.
If you're seriously struggling, as many are these days, contact the Citizens Advice Bureau. The CAB have trained advisers who can help and advise you free of charge. You may qualify for a crisis loan, or there may be other benefits or help that you're entitled to...
Payday loans are daylight robbery regardless of the company - avoid them at all costs!
Fruiters is spot on.
I was where you are last year and I know how tempting it is to borrow - there are other ways to get cash.
How much are you needing?
Hi missyl and welcome.
Omesdata and Fruitcake has given you excellent advice below and you should follow it.
Out of interest, you say that you are 'on benefits' ... does that mean you are not in gainful employment? if so, a Payday loan only works on PAYE paid employment so you would not be eligible ... it's that 'regular' pay day that almost guarantees repayment but at a price! Do not be tempted if you are in employment alongside your benefits.
I thought that too, Snoops, but if you google 'payday loans', you will see plenty of lenders offering payday loans to those on benefits. It's a scandal!
Doleday loans? That's obscene and it just goes to show the lengths these lenders will go to secure business even based on say ?60 going into the account every week as a benefit payment. But saying that, it must be truly horrible when your next benefit pay cheque is a week or fortnight away and you have no food in the cupboard. No wonder the tally man is alive and well!
But the worst thing is the government do nothing.
Payday loans should be as they say for those in work.
There is nothing worse than getting ripped off when you are on the dole - it takes an already depressing and soul destroying position and makes it worse possibly for some people to the ends of suicidal thoughts just to be free!
Evil!!!
I'd like to see them banned completely!
Thinking about this scenario further where some Payday loan companies will actually lend on benefit income only, couldn't this be regarded as embezzlement of public money, i.e. yours and my money? After all, they would be charging interest on money intended legally for subsistence levels only .... much, much worse than Joe Public spending his dole money in the bookies say?
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