Payday Loan Tips
Payday loans are a fast cash option for expenses that can’t wait for your next paycheck, but as a credit tool it’s important that you borrow your cash advance wisely. Being a smart borrower will keep your finances balanced as you borrow the advance cash you need before payday. Follow these suggestions for smart payday loan borrowing:
Evaluate your finances. Decide exactly how much you need before you borrow. Do you need to advance $100 of your next paycheck to pay the electric bill on time? Do you need $500 for a car repair? Figure out your budget and exactly how much you need to avoid over-borrowing.
Don’t borrow what you can’t afford. If you can’t repay your cash advance and meet your other financial obligations with your next paycheck, then borrow less or don’t borrow at all to avoid trapping yourself in a cycle of debt. If you have no other credit options available, look for online payday loans with payment plans that will fit around your pay schedule and budget. Your lender should be willing to work with you to arrange an installment plan for paying back your instant cash advance loan.
Pay back your loan right away. If you can manage it, repay your loan promptly to keep the interest low. A payday loan that’s renewed or rolled over every month for a year can accumulate triple-digit interest rates in finance charges and service fees. For a low-interest payday loan, pay it back right away with your next paycheck.
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