If you’re struggling with debt problems, payday loans aren’t the answer. They’re a short term type of loan and will usually have a significant amount of interest.
Payday loans are short-term, high interest loans intended to be used for small purchases until your next payday. They’re usually for between £50 and £1,000 and are intended to be taken for a few weeks.
Help with the financial impact of coronavirus
A number of measures are being rolled out to help people who are struggling financially because of coronavirus. These include mortgage payment breaks and payment holidays for some other forms of credit, changes to overdraft charges, help for renters and the extension of the moratorium period for debts in Scotland.
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If you can’t afford the repayment things can get out of hand. Fail to repay and you’ll owe the outstanding balance of the loan plus interest and any fees or charges from the lender. If you're considering a payday loan, think carefully about whether you can afford it and look at your alternatives.
Interest rates on payday loans are usually very high. Repaying money at high interest rates is a main cause of payday loan debt.
Payday loans are not a debt solution and can make your financial situation worse. Watch our video to find out more about these high-interest loans.
Are you looking for information about claiming a refund from QuickQuid, the payday lender who recently went into administration?