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Has anyone had experience of these?
Doorstep lenders are where they coming knocking on your door and lend you a sum of money and call back to collect payments every week/fortnight
Payday Loans are the ones you see advertised on TV where you borrow a sum which is repaid with interest from your next pay cheque
Both can involve high rates of interest so it is vital to check this before borrowing ANY money. It is all too easy to find yourself in difficulty with the repayments
Anyone who is struggling or would like to know the best way to mange their money can send an email to our Debt and Benefit adviser by clicking here. You can send an email in confidence for free, expert advice
I remember the provident Sally. I too had to borrow from them, before I even had my son. Got in debt because of an ex basically! Anyhow, like you say, took me ages and the interest was absolutely awful.
My message to everyone, is steer clear.
Hi Louise
Think we have all had a Provy loan but these new things are awful. I work in the business of getting people out of this situation and these payday loans are nothing more than legal loan sharks.
HM
It is despicable isn't it. People use these lenders because they are living on the breadline, but they are getting ripped off the most. Wrong, wrong, wrong.
There is some helpful content on the Which? Consumer Rights website regarding payday loans,
In particular,
What to do if you can't pay back your payday loan
A letter template to complain to your payday lender about hidden charges
Getting a refund for hidden charges on your payday loan
I hope this is helpful
Thanks, eb1989, that looks really helpful
ive ad loan from provident 150, paid bk 225, and i got loan from wonga,bad mistake,never again, all paid
Gosh kiera that is a lot more than the original loan isn't it! Good to hear that it is all paid off. I haven't seen the interest rate for Wonga, but I take it from your message that it is pretty high - and to think they advertise it to OAP's, tut tut.
Who uses catalogues?
Back in the day when i was struggling i would loan money from provident, took ages to pay back and the huge amount of interest is ridiculous.