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I Took a UK Payday Loan I Can’t Pay. – Tom

Written by Jon Emge

“Dear Jon,

I was in debt i took a 500 pound loan from firm http://www.emonthloans.co.uk/ and unable to pay on time..

I too the loan of 500 from a firm and unable to pay it on time, the APR rate is 1734% so just i want to know what exactly will be the amount i have to pay..

Tom”

Tom,

Have you discussed this with the company you took the loan out with? They should be able to tell you what the payments will be.

It sounds like you took out a short-term loan, like a payday loan. Is that correct?

In using the company’s interest calculator on their web site it looks like you would be paying back around £650, so about £150 in interest. But that is for the short-term.

APR are annual percentage rates and are so high because these are meant to be short-term loans, not paid back over a period of 12 months or one year, hence annual percentage rate.

Why can you not pay the loan back? If this is a payday type loan, you may be able to roll it over, but that can be very costly as the loan amount grows and grows.

Do you have any other debts you are struggling with as well?

Get back to me and we can look at this closer.

Regards,

Jon

Jon Emge is an experienced UK debt advisor who has helped thousands and thousands of people in the UK to deal with problem debt. Jon specialises in finding good solutions for problem debt using a variety of UK specific techniques.

If you have a question you’d like to ask about how to get out of UK debt, just use the online form. I’m happy to help you for free.

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About the author

Jon Emge

Jon Emge is an experienced UK debt advisor who has helped thousands and thousands of people in the UK to deal with problem debt. Jon specialises in finding good solutions for problem debt using a variety of UK specific techniques.

If you have a question you’d like to ask about how to get out of UK debt, just use the online form.

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