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13 Feb 2014

Just three weeks ago, I had my first ever payday loan.  I was reluctant to have it but then I had no choice. My girlfriend’s birthday was coming. Got her a mobile phone deal as my present. I know I should have just waited when I have the money already but I did not want to disappoint my girlfriend. I had to give her something and so I convinced myself payday loan was a great idea at the time.

Long story short, I just borrowed some cash and I successfully paid everything yesterday. It was not at all a bad idea since I managed to pay on time. The interest does not seem so huge when you borrow a small amount. I am blogging just to give friendly reminders to those who will get their first ever payday loan.


It’s for your needs only.

Ideally, payday loans are great options for broke people who have bad credit and in immediate need of cash. Since it is quick and easy to get them, there are people who find it hard to resist the urge of borrowing so they can buy whatever they want. It’s obviously a bad decision. But if you have a tendency to say yes to your impulsive buying behaviour, at least make sure that you can pay the loan you will get on time or be prepared to pay for the consequences.


What you need to know about payday loans.

Payday loan is quick and short term. You can borrow up to £1000 and receive the money on your bank account in 30 minutes or so. You would have to pay it on your next payday – hence the term. Charges could be anywhere from £25 for every £100. The lender will automatically charge your account on the day of the payment. It’s important that you understand the contract you signed to. You could be facing hefty charges and fines by failing to pay on time.

How to get out of it all.

To make sure that you can pay your loan on time, plan how you’re going to pay it. You usually need to pay the loan within 30 days. Make sure the money on your payday is enough for both the payment and for your other experiences since you may end up with nothing and as a result, you’d have to borrow again to cover your expenses. If it turns out, you don’t have enough to pay what you owe, remember you can stop your bank from releasing your money to the lender. If you have come to this point, consider other options in which you can pay your obligations to the lender.


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