Ancap Agency

Pay day loans – using them instead of overdraft fees

Have you noticed that your bank charges a lot in overdraft fees?  Have you been stung more than once for an overdraft fee because you’ve made a mistake, or your money wasn’t in your account in time?  I think the solution could be pay day loans.
My account charges me £30 for any returned direct debits.  It then charges me another £25 if I have an unauthorised overdraft that remains for a certain length of time – so if I’m late getting a payment into my account and I’m then fined…It’s a horrible cycle and I’m pretty tired of it.
Before it started this time, I looked into pay day loans
My sister told me that they often charge less per £100 than my bank was fining me – and given I’d be losing the money either way, either to the fine, or interest on the loan, I didn’t really see the problem with looking into it.  But before I did, I tried to get my account in order.
And I’ll be honest, I moved banks there and then – but before I did, I took out one of the range of pay day loans my sister showed me, to ensure I wasn’t fined, then started again.  My bank didn’t care that it didn’t happen too often (but had happened more often since my wages stopped hitting my account on the same day), so I found a more understanding bank, fixed my direct debits and paid back the pay day loan.

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