quick cash payday loans

Alternatives to payday loans to fund Christmas Even after a regulatory crackdown the costs of these loans are still eye-watering As Christmas approaches, festive shopping has begun in earnest. Whether you are splashing out on gifts, getting the house fixed up ready for guests or doing the big food shop, we’re all expected to spend a lot over the next month. In total we’ll each spend an average of ?397 on Christmas this year. But, many of us won’t be funding the festivities out of our savings: 30 per cent of us will have to go into debt to pay for everything, according to . If you are going to have to borrow to pay for Christmas this year, think wisely about who you borrow that money from. Last year 1.4 million people were expected to turn to payday loans to fund Christmas, according to the Money Advice Service. Here’s why you shouldn’t follow their lead. What is payday lending? This is a form of borrowing that came across to the UK from America several years ago. The idea is you borrow enough just to tide you over until your next payday, hence the name. Because the loans are meant to be very short-term, and you get your hands on the money very quickly, the interest rates are massive. It used to be that lenders could charge what they liked – and they took advantage with some loans having APR rates of over 2,000 per cent. But last January an interest rate cap was brought in by regulators. Lenders now cannot charge you more than 0.8 per cent a day, but that is still pretty expensive. Borrow ?100 for 14 days with Wonga and you’ll still have to repay ?. That’s a jaw-dropping interest rate of 1,509 per cent APR. Moreover, if you needed that ?100 because your pay left you short or unable to afford extras in the first place, you might struggle to repay that ?110 and have to borrow again. Is it a good idea? Absolutely not. Payday loans are extremely expensive and have led to thousands of people becoming trapped in a debt cycle as they borrow more to repay the first loan. […]

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