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10 Reasons NOT to Get a Payday Loan

Some payday loan companies will charge you a fee for being late on the day you are due – even though you are not really late.

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10 Reasons NOT to Get a Payday Loan

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  1. 10 Reasons NOT to Get a Payday Loan By True Blue Loans trueblueloans.co.uk

  2. Reason Number 1 • Are you really in need of that extra few hundred pounds? • You will pay around 30% per month for that loan.

  3. Reason Number 2 • You could end up paying more than just interest. You could have to pay: • Transfer fees • Up to £25 charged by some companies

  4. Reason Number 3 • Don’t be late paying back: • Some payday loan companies will charge you a fee for being late on the day you are due – even though you are not really late.

  5. Reason Number 4 • Don’t roll over the loan or extend the loan. • Payday Loans companies make their money by helping you to keep that loan as long as possible. They want you to keep paying interest on the loan.

  6. Reason Number 5 • Don’t take out another loan to pay off the first loan. • This is the start of the slippery slope towards the cycle of debt. • If you cannot pay off a loan talk to the lender.

  7. Reason Number 6 • Don’t think that going into a payment plan with the lender will save your credit rating – it will not! • Even if you pay off the entire loan on a payment plan arranged because you could not afford the original repayments it will have a negative effect on your credit rating. • This is because you have broken the loan agreement.

  8. Reason Number 7 • Don’t take out more than 1 loan. • It is easy to get payday loans, don’t act like a kid in a sweet shop by taking out multiple loans with different lenders, the repayments will quickly get out of control and you will end up in trouble.

  9. Reason Number 8 • Why look at Payday Loan Companies anyway? • There are better options including: • Credit Unions • Instalment Loans

  10. Reason Number 9 • Don’t believe the puppets! • Websites are full of happy little puppets making it look easy to borrow just another £50 or so. • Websites make it easy to get the money, paying back is harder.

  11. Reason Number 10 • Don’t default! • A default will be really bad news on your credit file. • The default will be clear for all lenders to see and they will know that you did not bother to pay back a relatively small loan. • This could affect you when you try and buy a car or even a washing machine.

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