anyone used a pay day loan?

Hi has anyone used a pay day loan?im wanting some cash and currently have funds going from my paypal to my bank but will take a few days.

just wondering if these are to be avoided?


thanks

15 Comments

i used them just for the £65 quidco cashback - i think it will show on your credit score but they were fine borrowed £80 - paid back £100 with the cashback a profit of £45 :thumbsup:

ps. dont know how much they are offering atm ;-)

Original Poster

wht one did u use

strobez1977;6654875

wht one did u use



will check brb

it was paydayuk through quidco - they are now offering £40 cashback :-D

Charlie Scene;6654830

i used them just for the £65 quidco cashback - i think it will show on … i used them just for the £65 quidco cashback - i think it will show on your credit score but they were fine borrowed £80 - paid back £100 with the cashback a profit of £45 :thumbsup:



Strange, I worked that out to be a loss of £20? Perhaps my maths aint what they used to be.

Perhaps I'm a bit hasty here, hang on whilst I get my head around it!

deek72;6655049

Strange, I worked that out to be a loss of £20? Perhaps my maths aint … Strange, I worked that out to be a loss of £20? Perhaps my maths aint what they used to be.Perhaps I'm a bit hasty here, hang on whilst I get my head around it!



Borrowed £80, then paid back £100 (without spending any of the loan I'd guess)
so loss of £20
but got £65 cashback, £20 to cover the earlier loss £45 profit.

Original Poster

im wanting to borrow £180 so was wondering what the total i would have to pay back inc using quidco etc..,also how long does it take to get the money?

natversion1;6655084

Borrowed £80, then paid back £100 (without spending any of the loan I'd g … Borrowed £80, then paid back £100 (without spending any of the loan I'd guess)so loss of £20but got £65 cashback, £20 to cover the earlier loss £45 profit.



Soz, I missed the quidco bit, you're right £45 prof.
Quidco shows only £40 now so your profit would only be £20. Not sure it's worth the (quidco) gamble though for the profit alone, unless you really needed the loan.

deek72;6655049

Strange, I worked that out to be a loss of £20? Perhaps my maths aint … Strange, I worked that out to be a loss of £20? Perhaps my maths aint what they used to be.Perhaps I'm a bit hasty here, hang on whilst I get my head around it!



You get £80 for the loan. You get £65 cashback. = £145

You pay out £100.

You get £45 more in than you pay out.

deek72;6655113

Soz, I missed the quidco bit, you're right £45 prof.Quidco shows only £40 … Soz, I missed the quidco bit, you're right £45 prof.Quidco shows only £40 now so your profit would only be £20. Not sure it's worth the (quidco) gamble though for the profit alone, unless you really needed the loan.



Lol I agree I'd say maybe for £45 but I doubt I'd bother for £20 personally

strobez1977;6655111

im wanting to borrow £180 so was wondering what the total i would have to … im wanting to borrow £180 so was wondering what the total i would have to pay back inc using quidco etc..,also how long does it take to get the money?



You'd pay back £225. Then £40 back from Quidco so the loan would cost you £5, assuming Quidco tracked/paid.

£50 cash back through cashback kings

deek72;6655049

Strange, I worked that out to be a loss of £20? Perhaps my maths aint … Strange, I worked that out to be a loss of £20? Perhaps my maths aint what they used to be.Perhaps I'm a bit hasty here, hang on whilst I get my head around it!



bit hasty there deek! :-D

i did it purely for the cashback, i think this guy actually needs the loan though :thumbsup:

I have used Wonga in the past.
They pay you out in 2 hours.
Have a ridiculous apr (something like 1500%)
but bear in mind if its 50£ for 10 days its maybe 65£ to be paid back.

Wow their typical apr is only 1737%. Be better to see if your bank to offer a overdraft on a current account? Plus would you want this on your credit report as well?
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