This week I've been on the receiving end of a lot of stick because I've done an advert for a payday loan company.
A few loan companies have got a bad name because there have been some horror stories of people falling into serious debt with some unscrupulous lenders but I know that doesn't mean everyone offering a payday loan is a shark.
CashLady.co.uk is ONLY designed for people who have a job which is why I agreed to do it. They make things totally clear with information on what you can expect to repay within 28 days and there's no hidden application fees or anything like that.
I asked myself, would I have a problem borrowing such a small amount if I had nowhere else to turn in an emergency and I knew I could pay it back when my wages came in? I know I wouldn't have any issue with it whatsoever so I am not going to be a hypocrite about it. I'd be happy to take one out if I needed to.
I know people who have had emergencies and had no chance of a loan or overdraft from the bank - who just aren't lending - and so they've had real problems which they couldn't sort out any other way. If your boiler's broken down and it's freezing cold or your car's failed the MOT and the banks won't help a payday loan is an option, but that's all it is and no one's forcing anyone to do anything they don't want to do. The service is just there to help out for life's little emergencies and is only ever meant to be a short-term loan
A lot of people have been saying that the annual interest (APR) on these payday loans is extortionate - but surely they are missing the point on this, it's a short-term loan, it's not meant to be taken out for a year. It's like going to a hotel for a weekend break and asking the receptionist what it would cost to have the room for 12 months.
I think a lot to do with all this kerfuffle is that controversy seems to follow me around wherever I go, and I'm sure the irony of me giving out financial advice isn't lost on anyone who knows even a little bit about me and my life. I was made bankrupt, had my house repossessed and made some terrible decisions with money.
But I can hold my head up high, I'm paying off my debts and the one thing I know now more than anything is how to make ends meet for me and my family. And every now and again for people like me when emergencies come up that might mean getting a short-term payday loan.
All I would say is if you get a loan like that make sure you pay it back on time - there's nothing wrong with that!
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