Payday loans provide a means of obtaining a short term loan when an emergency situation arises and you have no other means of securing the means to pay for it. Before applying for a payday loan you should ask yourself:
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Do you need the cash urgently?
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Have you asked your bank for an ‘authorised’ overdraft?
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Do you REALLY need the money?
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Have you asked family or friends for a loan?
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Are you sure you REALLY need the money?
A payday loan is designed to tide you over until payday and should NEVER be considered for longer-term borrowing. If you won’t be able to repay it in full once you get paid, or you’ll be short again next month a payday loan is not for you.
Failure to repay a payday loan can prove costly and it could harm your credit rating if you default on a repayment. For more information about pay day loans visit the Money Advice Service website.
