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Pay Day Loan Debts

This section covers what you can do if you are struggling with pay day loan debts.

Most of us have experienced running short of cash towards the end of the month, when we simply don't have enough funds to see us through to our next pay day. Most of us get through these days or weeks by resorting to an overdraft, or using a credit card to pay for day to day expenses.

This is all well and good, providing you have a plan to clear the debt as soon as possible, and of course providing that you actually have the option of using an overdraft or credit card.

Unfortunately, with many millions of us now in debt, with the cost of living soaring, a lot of people find that their overdraft is at its limit, and they have exhausted all mainstream types of lending, and have turned to Pay Day loans to make ends meet.

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The TV adverts show a Pay Day loan as an easy way of borrowing a few hundred pounds to see you through the money gap. There's usually no credit check, they can be applied for online, and approval is almost certain provided you have a regular income and a bank account with a suitable debit card.

There's no doubt that these payday advances can be a lifesaver, but there are two very significant problems: extremely high cost, and getting trapped in a payday loan debt cycle.

The Pay Day loan Trap

The problem is the ease of 'renewal' of these loans. Simply by paying another charge, you can defer repayment of your debt for another month. It's easy to see how this can become a real problem, with the borrower becoming dependent on taking out a new loan each month because they can't afford to repay the original one, and being charged sky-high fees each month to do so.

What to do if you are in the Pay Day loan trap

It's when they become a permanent feature in your monthly finances that the warning bells should be ringing loudly. If you find yourself in theis position, it's not your fault, as some would argue this product has been designed to suck people into the trap of constant borrowing at high cost. Don't worry there is a way of beating the Pay Day loan trap.

Take the debt test now, and see if you can beat the Pay Day loan trap, pay back what you can afford, and freeze interest and charges.

Need Debt Help Now?

Our panel of specialists can quickly advise you on what to do if you have fallen behind with Pay Day loans. Simply call the team FREE on 0800 088 2208. Alternatively take the online debt test and find your best solution..

  • Last updated 18 October 2015

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