Christmas is a time when people are meant to be happy, easy if you have the money and the people around you that you need and want, right, well money isn’t everything. Quick loans are an option, however there have been plenty of times when I have been totally broke over this period of time. It’s tough and there are no magic wands, beware of people that offer you this instant solution or fix, problems are not made in such a way and can rarely be solved as quick.
Friend of a friend
I’ve got a friend at the moment and he hasn’t been working for a little while, he’s drained what savings he had and now is scratching around trying to work out what he should do, or more importantly where he belongs in society and what he wants to do. The truth is none of us rarely have that privilege, speaking from my own personal experience I have no real idea of what I ‘want to do’ and find it a little frustrating, but hey good for them, when I know of people that decided when they were 6 to be a Doctor or something similarly rewarding. I had opportunities to achieve in different areas of what would be termed as a career, studying design at University, no I didn’t study loans, but even though I had aptitude for the subject and was reasonably god, I didn’t have the real passion where some people I met along the way did, where they would wake up and want to work at their projects. Art school is great however, there are a lot of privileged people there and at the end of the course I couldn’t really afford to do another course or go travelling for a year, I had to work, well sort of on and off. That’s the problem I’ve never been that inspired to stay at a low-level job that long. In between jobs I occasionally sold some stuff to bump up my income. But I think that this friend of mine is feeling the same thing, anyway not to go to on about it, I spoke to him the other day and he was saying to me that he wanted to earn some fast cash and that he’d been in contact with this ‘escort agency,’ that had promised him that he could make some money by taking discernible ladies out for dinner or whatever the hell they want. They had said he would be getting a lot of money each time he does this, now, lets call him Rupert, has loans, likes going out, debtors and has never been that good with money, hence he never has any. When he heard what this lady was promising him he was obviously interested.
So he was telling me about this and I was telling him about my work at the moment and the payday site etc, I thought it was a good idea and that he should go for it, nothing ventured nothing gained and all that. It wasn’t until later in the conversation that he revealed that they wanted a £275 joining on fee. Straight away I said it’s dodgy, I’ve seen programmes where the men sign up and then never get called or a client, it’s just to much of a risk I told him, anyway he’s going for it because his judgement is clouded and he’s desperate for some fast and easy cash. This is an example of what can happen when you need money badly, you will lose your normally sound judgement, it’s like when people take out one loan to pay off another or with other loans/credit cards. No thought for the long-term plan.
So I am trying to counsel Rupert at the moment to warn him against it, with not much luck. People have to make their own mistakes, and who knows this might even be legit. I will keep you updated.
In other news I am eagerly awaiting tonight to see who is the Christmas No. 1, I am willing it to be RATM, and am going to download 5 of the singles as soon as I get off here. I don’t particularly like the song, although when I first heard it years ago, I must have been about 11, I was pretty shocked that there could be a song like that, now I just find it funny. I wonder what the chorus would have to be if it does go to number 1. Just all bleeped out I suspect.
Some truths about payday loans
I’m going to lay down a few facts about payday loans for you, maybe I’m feeling frivolous or maybe I feel that if you don’t already know then you deserve to know the truth. For a start they are not good value for money, in fact they are terrible, even ridiculous, did you know they are banned in certain US states as the interest rates were so bad, they are in fact illegal in certain parts of America. That’s ILLEGAL, just like drugs and murder, they are considered in the same category as both. Now if you can’t compute what that means, in Lehman terms it’s not very.
The fact that people still persist in getting these loans escapes me, there are slight benefits to online loans and I may touch on those later, however, I am more interested in laying it on the line for you about what should be obvious.
An online cash advance, whatever you wish to call it, a rose by any other name etcetera etcetera, is designed or rather it has been thought up to extort as much money from the borrower as possible. Fact. The loan should be taken out over the space of 1 month; in fact to take it for any time more than this is beyond silly. The reason for this is simple, for every extra month you do not repay the loan then the interest is deducted anyway, for example if you take out a £200 loan with interest of £25 for every £100 borrowed, if you fail to repay it as agreed, i.e. after a month, you are liable for the same charges every month it is not repaid. So if you go over by 1 month you will be charged £100 on a £200 payday loan, doesn’t look to good does it? My math’s isn’t the greatest but that equates to a 50% charge on what you borrowed. You can just hear the lenders rubbing their hands together at the thought of it.
Of course all borrowers would claim they go into it with their eyes wide-open to the risks, really? So why do so many fail to repay it after the first month. Oh yeah FYI I know this as the lenders pay such a high price for every customer a site refers, I couldn’t possibly divulge that, I will however say that it is pretty close to the interest for a payday loan of £100. The lenders know they can pay this amount as more often than not the borrower will go over the 1 month and incur more costs, ummm the infamous payday loan trap, I can’t say that I know this exists although it is talked about often in many forums by people hell bent against the idea of payday loans.
The reason why I think this doesn’t happen (people taking out more payday loans to pay off ones they already have) is that in this country unlike the States there are only about 3 lenders, that means a person cannot spend to much time jumping from one lender to another as they will be refused a loan if they already have one with a lender and will soon run-dry of lenders, that’s not to say they don’t try, the majority of people on this site applying for a online payday loan are refused for this reason.
I might break more ‘truthful’ news on payday loans on another occasion, however for this post I feel I have said enough to put you off from applying for a loan, if though you have no-one else to turn to I feel your pain and wish you the best of luck in your search for an answer. What about selling your TV? All that’s on is celebrity nonsense these days anyway, that’s got to be better then running the gauntlet of greedy lenders and payday loan trap-doors.