Payday Director Warns Customers About Upfront Fees
When making the decision to take out a payday loan form a lender like simple payday, you will want to check that the company that you are borrowing is responsible and legal. So how can you be sure?
If want to check whether a payday company is regulated, then there are a few important things to look out for. The first is that they are displaying their Consumer Credit License Number, like the one that you can see on the bottom of the Payday Power homepage. Another thing to make sure that you can see is that they are clearly displaying their Representative APR (so 1940% in our case). This APR number must also be at least 1.5 times larger than the other text on the site. This means that we are regulated by the OFT (Office of Fair Trading).
Managing Director of Payday Power Michael, said of these loan companies: “One of the most important things you should be wary of when applying for a loan, is a company who asks you for upfront fees to get a loan offer. Some companies who are not licensed will offer you something like an ‘example loan’, you will then click through and they will ask you for a processing fee. Here at Payday Power we do not charge any fees to use our service.
Another thing to look out for is if the company says they have an overseas head office. It’s always a good idea to check where the company is actually based, which should be on their website. So, for example Payday Power is a UK only based company, offering a payday loans service to UK residents.
Although there are some UK payday loans companies with overseas head offices, it’s quite rare, so it’s probably best to always check first. If you are ever in doubt, then it would probably be a good idea to get in touch with the company directly, before signing any loan agreements.”
If you are looking to take out a payday loan to cover emergency costs, then why not check out the FAQ pages on Payday Power to find out more information before borrowing any cash. You’ll be able to find out everything you need to know regarding the whole process, what payday loans are and repayment costs.
If you are worried that you may have paid money that you shouldn’t have, then you should get in touch with the Financial Ombudsman. Also please get in touch with Action Fraud if you have experienced any fraud so hopefully these people can be stopped.
Financial Advice From The Over 50s
With personal debts on the rise, many people are looking to find different pieces of advice to help them with their finances.
With this in mind, insurance company Aviva arranged for a survey of a group of over 50’s to give financial advice to younger people, sharing their wisdom. The results found that they said that would advise the younger generation not to have lots of children, to be more careful with their shopping and also not to spend too much on their weddings.
This is probably good advice as an average wedding can cost as much as £18,500, which many of those surveyed said that if they could go back in time, that would be something they would save cash on. The survey also found that around 1000 of the over 50’s said that they believed that one way to have a more financially secure retirement would be to have less children.
Nearly 60% of those surveyed said that they believed that younger people needed to ensure that they shopped more frugally to avoid financial difficulties. The majority said that they thought that another way to save money would be to avoid credit cards and not spend as much on expensive cars.
Of course this is all good advice, but most of the time making these savings aren’t practical. We can plan as much as possible but if an emergency finance pops up, it can be difficult to be able to know where to turn. If you’re struggling with covering costs and just need a bit of an extra financial boost before the end of the month then Payday Power could help. Through us, it’s possible to get access to a quick cash loan which you then simply pay back on your next payday. Although taking out a payday loan isn’t the most economic alternative for everyone, it could be the best option for you.
Pet Bills a Key Reason for Payday Loans
We are all aware that as the price of our daily essentials goes up and we accumulate more and more expense, this can be tough on our wallets and our overall financial situation. On a daily basis and throughout each month from the moment we get paid, we pay out on a number of essentials including food and drink for the family, fuel for the car to travel around the country, gas and electric bills for the home, mobile phone insurance costs and even pet bills.
With all of this expense it’s no wonder that at times we can really feel the financial strain and pressure to pay off all of these essential and even the grand total on a monthly basis. These are just a number of the main expenses that we need to pay out for on a regular basis without taking into account the hidden extras that can pop up during the month such as car repair costs and friends and families birthdays.
Sometimes we manage to pay off all of our bills and still have enough money to see as through to the end of the month, meaning that you can spend the extra money on the things you want to enjoy and when this does happen this is a great feeling. However, occasionally with the added hidden costs we can often find ourselves struggling to pay for that last thing on the list before payday arrives.
Pet bills are just one of the examples in this situation where we need to pay out for something extra in order to make sure our cuddly friends remain in good health throughout the year. If you own a cat or a dog then you will no doubt be used to this process as you are probably already paying for pet food, bills and insurance. Pets are our loyal friends, they give us comfort and reduce our stress levels and so we value them as an important part of the family and do all we can to protect them and keep them in good health.
If, in the unfortunate event your pet becomes ill and requires a trip to the vets, you may have to pay out on bills. This is the best things to do, as you obviously want to see your pet make a speedy recovery back to full fitness. In this scenario when you are financially struggling, as you have paid out for a number of things throughout the month, you could consider a payday loan to help you get by.
Payday loans are a great way to get hold of that extra bit of cash before your next payday. All you need to do is pay the money back with the interest added on the agreed date and to qualify for the loan you need to prove that you are over the age of 18, employed and earning over £500 a month, living in the UK and that you have a valid bank account. Once your application is accepted you will have the money in your bank account on the same day and sometimes within one hour after applying. The money is then yours to spend on essential pet bills to allow them to make a full recovery.