Cash Train - Responsible Borrowing
As a responsible UK payday loan broker service, it is our duty to lead the way in responsible lending and borrowing. We never charge our customers a fee for using our service - it is 100% free to use.
Cash loans like those we offer here at Cash Train can be great for short term emergencies and if used wisely, for example when you know you can repay easily and on time.
So if you are thinking about taking out a payday loan then it is important to consider the following;
- Never borrow more than you need to meet any urgent requirements such as a late utility bill or an emergency repair bill.
- Always avoid rolling over or deferring a payday loan repayment as these will only create extra charges.
- Think carefully about how you intend to repay the loan and over what period of time. If you do not pay back the money that you borrow on time it is likely that you will be charged late payment fees and of course extra interest on the sum of money still outstanding.
- Only take out one loan at a time. Due to the charges put on to late payments, it is important not to have more than one payday loan and only consider another one if you have been able to repay the first one in full.
This information must not be regarded as advice as we are only permitted to provide you with as much information as possible to make getting a payday loan as straight forward as possible. The customer must make the ultimate decision about taking out credit based on their own individual situations.
With all of this in mind, it would also be a bad idea to take out a payday loan to repay another debt or even another payday loan. Instead of doing this we would suggest going to a debt management company for some help who could potentially reorganise your finances, freeze the interest on certain types of loans and make your repayments of your debts more manageable.
Implications of late payments: Different lenders treat late payments differently so it is important to check with the lender what their late payment policy is before taking out a loan. Some lenders will charge late payment fees straight away whilst others may allow some grace. Also, some lenders will charge fees for sending out letters, making chase phone calls and sending emails for late payments so it is important to consider these points with the lender before agreeing to borrow the money. Therefore it is easier to ensure that you are confident that you can repay the money on time to avoid all of these potential extra charges.