Question by xxsxxm: Help with my payday loan issues please? when i lost my job last year i was left in a really bad financial state, but after a few months of struggling like mad i got a new job that i was really happy with however i had to wait 5weeks before i was paid, so stupidly i took out a payday loan even though really it was literally my only option, now i owe around 500 to lending stream and 400 to quick quid plus 100 to another, i get paid 1200 a month and am currently paying them off in installments but it is like a never ending cycle as i am needing to get more loans out each months to cover me after paying these big installments, My issue is i cannot get a small loan from my bank or an overdraft as i have bad credit and no company i have found will accept me for a 1500-2000 pound loan. i would like one just to clear these payday loans and have just the one monthly payment to pay as i do have a steady income, ideally the loan would be over a year or two. Is there any companies that would even consider me for this loan, any advice welcome? Best answer for Help with my payday loan issues please?:
Answer by Gabrielle
Sorry you're having to go through this, life has been tough financially for myself as well a few months ago where I had considered gettingthat kind of loan but was able to withdraw money from my registered retirement savings... All I could suggest is that you tie your belt a bit tighter for the next two months, pay them 500 a month for 2 months and that should clear them, if the amounts you wrote are exact. If you have rent to pay and utilities you could take arrangements to pay them a bit later for those two months but it shouldn't be so bad, or you could divide it in half and pay you loan off within 4 months if it suits you better. Good luck. I know it's tough but keep your head up, don't worry about it too much because the stress and anxiety isn't worth it :)
Answer by Madame Pico
This is really, really tough and there are lots of people in your situation living from one payday loan to the next - this is the pitfall of the payday loan. UK answer (since your question stated £'s and UK Payday Loan firms) Speak to your local citizen's advice bureau. You'll already be used to living on a fraction of your earnings due to paying these loans each month - get them to help you write to these firms and get the repayments agreed over 2 to 3 months - this will stop the interest and finally get you free of this payday loan trap. This is messy - another loan is NOT the answer. Getting shot of this problem in the shortest possible time IS. Note: when prioritising your debts and outgoings you should always ensure you pay your rent and utilities FIRST - you should always prioritise your basic needs of accommodation, warmth and food before debt repayments.
Answer by Ed Fox
You're just not a mature realistic person. You want to maintain a normal lifestyle even though you have loans requiring repayment. Most people in debt make sacrifices to pay off their debts realizing that a temporary restricted lifestyle is worthwhile and the most sensible thing to do. You appear to be a loanaholic seeing endless loans as your way out of problems. You need a debt counselor fast
Answer by John B
The only way you have right now is to get another job at a fast food restaurant and put every dime to these loans and get them paid off. Then you might like the money and just keep the job or NOT. I love the attitude of just don't worry it is not worth the stress. Well one needs to worry and figure out how to get out of debt, yours is very small at 1K, and certainly payable. Oh but forget the 1500-2000 attitude you need 1000 only to pay this off more is just another debt you can not afford if you can not afford the 1K in debt you have now. You could pawn all your "stuff" for awhile and cut off the cell phone and other non essentials for a couple of months, there are all kinds of ways to get 1K but you will likely NOT get a loan unless you jump from the frying pan into the fire. Good luck and don't worry to much but figure out a way.
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Thousands of women and men in United Kingdom are to live on monthly salary or wages which they are paid in the beginning of the month. What they earn in this way, is limited and fixed and is far short of the practical need. Naturally, their purse is found to be emptied within a few days and they are to look for small finance to meet unavoidable demands. 500 pound payday loans have been introduced by the finance market to support the salaried class of this country. It should be reviewed how beneficial this kind of finance is. This article contains pros and cons of 500 pound payday loans in brief.
500 pound payday loans are offered within £50 to £500 which is definitely a small amount. This loan amount provides great support to the borrowers when they are to meet urgent demands.
The borrowers applying for 500 pound payday loans are not instructed to fax their personal details in large number of documents. Faxing is not necessary in this kind of loan program. There are loan seekers who have ruined their credit status. They are also eligible for 500 pound payday loans, because creditworthiness is not checked while the lenders offer approval for the loan payment. Moreover, the borrowers obtain the loan amount within 24 hours after the loan application is passed for payment. Processing of loan payment is made faster when the loan seekers submit the loan application online.
On the other hand, 500 pound payday loans are offered against the paycheck of the next month. This implies that the paycheck is treated as security. The loan amount is still paid in unsecured variant. The borrowers are to pay the interest charged at rates higher than normal. The repayment tenure is also shorter. The borrowers must clear the loan amount within 14 to 31 days. Fines or penalties are charged for non-repayment or miss-repayment.
The citizens of England can apply for 500 pound payday loans, but they must be at least 18. Thy must be holder of bank account. It is required that they have sizeable monthly income and that they are employed in a legally approved organization.
 More 500 Pound Payday Loans: Pros and Cons Issues
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