Unfortunately not all experiences with payday lenders uk have been all good news, although the fault lies more with the loaner than the lender…
An only child, Helen had always loved clothes and beautiful (and always expensive) trinkets. Everything had to be of the utmost quality and from only the best of brands before she would touch it. “I was a complete nightmare” she told us “my poor parents, I’m surprised they didn’t kick me out!”
This foible of Helen’s continued throughout college and even when she left home. She applied for and got many different credit cards, all of which she ran up to the limits. “And when I got to the limits, they lifted them! I thought I was loaded” she said.
It is true that credit card companies do often lift the limits on credit cards when the customer gets near the existing limit and it is very tempting to just keep on spending.
This is what Helen did. It got to the point where her whole monthly wage packet was going on credit card bills. She defaulted one too many times on her rent and was evicted and returned to live with her parents.
This however only solved the problem of the rent. Helen was still spending a huge amount each month on her credit cards. She saw quick loans advertised in the newspaper and immediately applied “with no real idea of how I was going to budget or use the money to best effect” she told us.
She was of course approved and the money hit her account that day. Helen being Helen couldn’t bear to pay all the money off her credit cards and it wouldn’t have done her much good if she had as the interest rate on the UK Payday Loan was of course higher than the credit card, albeit over a shorter term.
It turns out that Helen has a compulsive disorder which manifests itself in behaviour such as shopping to ease the symptoms. The company she borrowed the UK Payday Loan from had no way of knowing this, nor did they know her credit history. It’s a definite that if they had known, she wouldn’t have had the money.
Yes, so this is an extreme case of how things can go wrong but there’s no doubt that same day loans can be a huge help if used responsibly.