It’s getting towards the end of the month and there’s nothing left in the account. You still have some bills to pay and you don’t know how you’re going to meet them. Sound familiar? Then, as you’re watching TV, up pops an advert for a payday loan company. Hey presto, all you need to do is make a quick telephone call, or go online, and all your financial woes will be a thing of the past!
Sadly, that’s not quite how things work. A payday loan will not solve any financial problems – just create new ones. In fact, your financial difficulties may well end up getting worse, not better. Payday loan companies are not charities; they don’t lend you money out of the goodness of their hearts. They know you’re desperate and probably can’t borrow money from anyone else, so they lend it to you at exorbitantly high rates of interest. And if you can’t pay it back when it’s due, and have to roll the loan over from one month to the next, the interest charge will rocket.
Payday loans are usually taken out by people who have low incomes and who are willing to suffer the high interest rates charged in order to avoid falling behind with bills or to meet an unexpected emergency.
If you feel you need to go to a payday lender you probably have serious, deep-rooted debt problems. That’s nothing to feel ashamed about; you’re just like many thousands of others.
Get in touch with us at tri group today. We won’t charge for listening to your problems, evaluating your situation and coming up with the right insolvency advice for you – a solution tailored to your specific personal needs. The members of our Team are all experienced insolvency professionals who’ve dealt with problems exactly like yours many times over.