10 Reasons NOT to Get a Payday Loan

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10 Reasons NOT to Get a Payday Loan

• By True Blue Loans
• trueblueloans.co.uk

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Reason Number 1

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

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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

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Reason Number 3

• Dont 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.

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Reason Number 4

• Dont 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.

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Reason Number 5

• Dont 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.

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Reason Number 6

• Dont 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.

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Reason Number 7

• Dont take out more than 1 loan.
• It is easy to get payday loans, dont 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.

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Reason Number 8

• Why look at Payday Loan Companies anyway?
• There are better options including
• Credit Unions
• Instalment Loans

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Reason Number 9

• Dont 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.

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Reason Number 10

• Dont 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.