No matter how well you manage your money, there'll be times you need quick cash. Car repairs, unexpected bills, that difficult period after Christmas; life is full of unpleasant, stressful and worrying financial surprises.
Payday loans have become an increasingly common way to get fast cash over the past few years, with clever advertising making them seem like a great way to get through a period of financial difficulty.
You don't need to dig too deep to discover the dangers of taking out an instant payday loan though. The astronomical interest rates, with most APR rates well over 1000%, mean you pay significantly more back than you borrow. While you get a quick loan, paying it back can put you in more financial peril than you initially were.
There are dire consequences if you don't pay back on time too. Many payday loan lenders charge fees for late payment, while others use 'Continuous Payment Authority' to take payment from your bank account even if you don't have the required funds. Both can seriously damage your credit rating, which affects your ability to borrow in the future.
To combat the negative press around payday lenders, some companies have started pitching themselves as payday loan alternatives. Take a closer look, though, and you'll find the same offer: short term solutions that could lead to severe long term consequences.
Luckily, there is a real payday loan alternative: musicMagpie.
We pay on the same day we receive your items, with the cash ready to spend the next working day. The sooner you send your items, the sooner you'll get paid! All you need to do is get an instant value for your CDs, DVDs, Games, Books and Tech, pop them into a box and send them to us – and it's all completely FREE.
There are no interest rates or repayment fees to worry about; you just get a one off quick cash payment that you can spend however you want – a real, responsible alternative to payday loans. With no financial risk, you can even use musicMagpie to raise some quick cash for a day out or a little present for yourself! It's simple, safe and completely free. We've paid out hundreds of millions to our happy customers. If you need fast cash, why not join them?