The payday loan industry has made it into the black economy a thriving free market enterprise and three times over the last year we have started to hear of borrowers being victimized by payday lenders. Using a reputable bank to obtain a payday loan works well in some cases, but it isn’t always the best option, especially in the U.K. Payday loan companies do not take on any responsibility for the lenders, even after paying back the loan. I’m to believe that as part of their standard business practice, most payday loan companies are required by law to provide an immediate 100% of their funds back in equal monthly payments of £200.00.
The problem is that this situation is not good for the consumer. It definitely doesn’t work in the long run, it is often a loss on the consumer’s part. Because there is no reimbursement for lost rent, electricity, gas or postage, there is almost always an imbalance as paid installments for rent and utilities dance in around the clock.
Furthermore, if this is not done within the timeframe customers want it for, it means under-funding who isn’t able to pay off the loan. This is precisely what led to a student loan slippage last year and a number of defaults, where the personal accounts of borrowers shirked the hard work of going to the bank to get these types of funds.
Harassment is likely to occur, make an effort to send over notices showing a decent level of repayment after initial repayments have been made but don’t forget there is no guarantee you will get paid back. If you cannot get the funds off the books, contact the bank, the banks normally have a financial advisor helping them with this type of situation. Similarly, these funds should only be paid out when the loan returns £500.00 each month, which should be when you completed your other repayments against the borrowed funds.
We all know that home life is very complicated with a large percentage of all available mortgage applications jumping ahead of you. This is especially true of the average family mortgage application. Only one quarter of those approved will make their anticipated mortgage payment check. Luckily, this is not a fight anyone wants in the job search. If you are currently approved but you make a small contribution towards your mortgage repayments, it will stave off rage from your self. If you did apply, this should help you get back your unmet loan obligation, hence leaving you free to put yourself on track for your dream job and considerably happier with your financial situation.
Till the peak of this historic financial crisis, the best way of avoiding being driven to a hard place by emotional strain is to be as transparent as possible. Keep your work portfolio up to date. Keep an e-mail online or a website so you are ready to be paid back. Be transparent all the time even if you are being pursued by a loan shark, just keep fighting on. It works!
Remember, you will never get back what you have lost.