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Payday loan debt advice

If you’re struggling with debt problems, payday loans aren’t the answer. They’re a short term type of loan and will usually have a significant amount of interest.

Payday loans are short-term, high interest loans intended to be used for small purchases until your next payday. They’re usually for between £50 and £1,000 and are intended to be taken for a few weeks. 

If you can’t afford the repayment things can get out of hand. Fail to repay and you’ll owe the outstanding balance of the loan plus interest and any fees or charges from the lender. If you're considering a payday loan, think carefully about  whether you can afford it and look at your alternatives.

Interest rates on payday loans are usually very high. Repaying money at high interest rates is a main cause of payday loan debt.

Payday loans are not a debt solution and can make your financial situation worse. Watch our video to find out more about these high-interest loans.

 

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Is a payday loan right for me?

It depends on your situation, but there’s a likelihood that a payday loan isn’t a good idea. It’s important to make sure you think things through before taking one out. You should consider:

  • Why do I need a payday loan?
  • Are there other sources of finance available with lower interest rates?
  • Can I afford to repay the debt on time?

If you're thinking about taking out a payday loan, find out how much it might cost you by using our payday loan calculator.

Helping you become debt free...

“I wish to thank your staff for all the great help they gave me when I was in so much debt.
They were a pillar of support to me.” (Leslie, Essex)

Foundation for Credit Counselling Wade House, Merrion Centre, Leeds, LS2 8NG trading as StepChange Debt Charity and StepChange Debt Charity Scotland. A registered charity no.1016630 and SC046263. It is a limited company registered in England and Wales (company no:2757055). Authorised and regulated by the Financial Conduct Authority.

*This is the average rating of our service on Feefo by DMP and DRO clients three months into their solution.

© StepChange Debt Charity 2016