Help with pay day loans
Pay day loans offer short term cash but the interest rate can be higher than normal. You can often pay back more than you intended to borrow. Check out our tips and advice on what to do if you're struggling with a loan or want to avoid getting a pay day loan all together.
What if I can’t pay off my loan?
There are many organisations and charities who can help you manage your money so you can get back into the black and clear your loan. Our own money management section called ‘Money Advice’ can help with tips and advice on managing your money.
Tell your pay-day lender
If you’re struggling or can't pay back your pay day loan, get in touch with your lender. They may be able to freeze the charges and interest you pay. This would be no later than 60 days after your last payment. You will still need to pay back your loan.
If you have a 'CPA' (Continuous Payment Authority) set up with your pay day loan, you have a right to cancel this. Find out more about Continuous Payment Authority and your rights
Get help with your debts
There are different agencies and charities who can offer you help and advice on helping to manage your finances such as the Citizens Advice Bureau and StepChange. You can find out the different companies you can contact.
Let us know
If you think your debts will make it a struggle to pay your rent, don’t be afraid to talk to us. We’re here to help!
Our Home Income Team can discuss your finances with you and help you to make an arrangement to clear any arrears you may have with us. Call us on 0330 1234 034.
Prioritise your debts
How can I avoid getting a pay day loan?
There are different ways you can avoid having to get a loan of any kind, whether it is a pay-day or a loan from your bank or buildings society. You can do this by managing your finances and planning ahead. Check out the links below to help.
Set up a budget planner
Use an online version or print off a paper budget planner. Write down your incomings and outgoings to prioritise who you need to pay and what you need to cut back on. You can also find out what you can cut back on using the ‘budget calculator’. This might save you money each month on items you may not necessarily need.
Increase your income
If you’re unemployed, get advice from your local job centre about how you can get back into work, with a full or part time job. They can also advise on whether you’re receiving all of the benefits you’re entitled to.
Money Saving Tips
We have a host of tips and advice on how to manage your money, including saving money on your utility bills and items around your home. Take a look at our money saving tips and find which ones could help you.
Pay day loans can be seen as a tempting way to get cash quickly for life’s emergencies, but it can be smarter to avoid them and look for cheaper solutions.