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AIBU?

Share your dilemmas and get honest opinions from other Mumsnetters.

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Original poster

AIBU To consider a payday loan

47 replies

FlockOfTwats · 04/03/2015 13:23

So this month has been totally and utterly disasterous with one thing after another going wrong. Im absolutely broke and now on emergency electricity.

I have an offer for a payday loan, but ive heard all the horror stories and im not sure. Theres zero chance of getting anything from mainstream lenders and i think if i pay it on time is it that bad?

OP posts:

Heels99 · 04/03/2015 13:24

CredIt Union?

Original poster

FlockOfTwats · 04/03/2015 13:29

I think you have to be with them for a few months

OP posts:

Splodgeses · 04/03/2015 13:31

They aren't great because if the massive interest rates. If you had another hiccough before your wages were paid, would you be able to pay it off in full and on time? Also, they can have a negatove impact on yohr credit rating as it demonstrates you 'haven't budgetted' etc which in turn leads to you needing money to cover gaps.

I used Wonga in the past, it was fine. The only reason I had to was due to wage payment system changing from 4 weekly to the last day of tje calendar month. Unfortunately, it was timed when we had a pay day in the middle of the month, so they made us wait 6 weeks til we were paid again.

If you do decide to use the loan, make sure you only borrow what you absolutely must, and give yourself enough time to repay it.

monkeysaymoo · 04/03/2015 13:33

Take a read through this and please consider it an absolute last resort

www.moneysavingexpert.com/loans/payday-loans

CremeEggThief · 04/03/2015 13:33

Unless you really, really have no choice (overdraft? Credit card? Children's savings? Borrow from family?), don't do it.

Original poster

FlockOfTwats · 04/03/2015 13:34

Thats whats making me nervous splodgeses. A lot of its because of OH being on a zero hour contract.

If he ends up with a week with no work i know i wont be able to pay it back.

OP posts:

Splodgeses · 04/03/2015 13:39

Then it makes sense not to do it. Is there no one, family, friend who could loan you a small amount just to cover the most basic things until payday.

The problem with these loans for essentials is that you get to a point where you need an 'advance' of your wages. Take the loan and use it to buy things for this week you normally would, get paid, repay loan and not enough is left for next weeks things. So loan again, to cover this week etc etc.

I know it is incredibly difficult living like this, but I am terrified of debt, so I only took my loan because I knew it would be 100% paid off. The reason I didn't use my bank for a loan is I wanted to keep to an absolute bare minimum and not have to take more than necessary. I refuse to have an overdraft myself, but that would be a better option if you will be needing the fall back option for a few months.

LadyintheRadiator · 04/03/2015 13:39

This reply has been deleted

Message withdrawn at poster's request.

loudarts · 04/03/2015 13:42

I would only take one out if there was absolutely no other option.

Original poster

FlockOfTwats · 04/03/2015 13:44

splodge - Me too, it really scares me.
I only have my mum and shes no spare money and i know if i ask her she will start panicking.
Ive no idea where my dad has swanned off to.

we dont have any overdrafts the bank refused.

Lady - We get paid weekly but because OH had no work last week we wont get any money this week. Electricity and food mainly. nothing else is urgent.

OP posts:

IAmAShitHotLawyer · 04/03/2015 13:47

Can you go without electricity for a few days?

Shesparkles · 04/03/2015 13:48

I know electricity won't be the only issue, but as it's the thing you've mentioned, can you speak to the provider before your emergency credit runs out, and try to come to some arrangement with them?
If there's the slightest chance you might not be able to make payment on a payday loan, please don't take one. I know it's very much frowned upon on this forum but I'd rather send you money if a payday loan is your only option.
I can only suggest the usual ways to get quick cash, facebook selling sites, gumtree etc for selling something which isn't essential
Sorry you're in this position

loudarts · 04/03/2015 13:48

Could you use a food bank?

LadyintheRadiator · 04/03/2015 13:48

This reply has been deleted

Message withdrawn at poster's request.

IAmAShitHotLawyer · 04/03/2015 13:49

Food bank?

What have you got in your cupboard and when will you have some money?

Can you sell something on ebay? or on those facebook websites?

Original poster

FlockOfTwats · 04/03/2015 13:49

Yeah lawyer ill tell my kids not to get hungry for a few days.

OP posts:

monkeysaymoo · 04/03/2015 13:49

Food bank? Sell something on facebook local selling page for a bit of money for electricity.

Given your circumstances with your OH's work I think a payday loan will just create a cycle of debt

Splodgeses · 04/03/2015 13:50

It must be awful right now, but weekly pay is a good thing. Hopefully things will be back on track soon.

In the meantime (as horrible as it may sound) is there no way you could raise £30, perhaps selling a couple of unused items on facebook or something. There is a great thread going right now on how to feed a family of 4 for a week using just £20, I am sure you and oh would manage. There are some fabulous ideas there. You could put a little on the electric that way and just hold steady until wages come back in.

I hate zero hour c/t for this reason. I hope you get through ok

Original poster

FlockOfTwats · 04/03/2015 13:51

I dont really have anything i can think to sell. Gonna go for a look around the house. Thankyou for the suggestions xx

OP posts:

IAmAShitHotLawyer · 04/03/2015 13:52

"Yeah lawyer ill tell my kids not to get hungry for a few days."

I'm just thinking out loud and trying to come up with suggestions.

Hope you manage to work things out.

Splodgeses · 04/03/2015 13:53

Oh Flock I didn't realise you had dc. It is a worry and struggle for many of us.

Pop over to the other thread, call your electricity company, they will do all they can to help you not be without electricty with dc in the house.

GotToBeInItToWinIt · 04/03/2015 13:55

In your situation I definitely wouldn't. What if he has no work next week? You won't be able to pay it back and you will need to borrow more money to find that week.

Bloody zero hours contracts.

Splodgeses · 04/03/2015 13:57

If you had £20 to feed a family of four, for a week (10 meals), what would you make?

That is the other thread, I hope it helps. Not much use if you can't source any money though, so I hope you find some bits around the house.

I really don't want to sound patronising, but make sure you are in receipt of benefits that you are entitled to, every penny counts.

babygiraffe86 · 04/03/2015 14:05

if he's getting under 16 hours he can claim income support too.

don't know if that's any help but may be worth looking into?

my brother is on a 0 hour contract and for the weeks he gets under 16 he can sign on

x2boys · 04/03/2015 14:22

I have used payday loans in the past they are not great but sometimes there is no other option obviously I would only advise getting one if you absolutely have too borrow the minimum you need and pay it straight back if you can the one I used charged£25 for every £100/borrowed.

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