Are you in a bind and need some quick cash? Are you getting bills that you do not have the money for? You might consider a payday loan as a way to get through a temporary money crunch. That said, knowing what you’re getting into is key. Keep reading for some tips and information to help you decide whether to get a payday loan.
Know what you will have to pay in full. It is tempting to focus on the money you will receive and not think about the fees. Demand that company provides you with document proof containing the amount you owe. Do this prior to getting a loan so you do not end up paying back a lot more than what you borrowed.
Two weeks is the standard time to repay a quick payday loan. If you cannot pay your loan off by its due date, there may be options available. It is important to request an extension before the due date if you realize that you cannot pay the loan back on time.
Never fall into the trap of believing that everything is fine once you obtain a payday loan. It is not a free pass; you still have to pay off the loan, and be well aware of the fees and due dates. If you don’t pay it on time, they may charge you a large amount in fees.
Investigate what the total cost of the loan will be. Payday lenders have notoriously high interest rates and excessive fees. In addition to these interest rates, payday loan companies may charge high fees for every loan. Sometimes these fees are buried so deeply in the fine print that you will miss them if you do not exercise extreme care in reviewing the loan papers.
Check with the Better Business Bureau to find out which payday loan providers are members or have rating records. Check to see if any complaints have been filed against this particular company through the BBB. If you see this company has many complaints, then it’s in your best interests to look elsewhere.
When attaining a payday loan be sure to inquire about how their rollovers work to see if the fees are deducted automatically. Your lender may have a system that renews your loan and takes fees directly from your bank. Most of these do not require any action from you aside from setting it up. If you fall for one of these scams, you could end up spending thousands of dollars on fees. Educate yourself about payday advances.
When you’re dealing with paying off a few different payday cash advances, it’s important that you do not try and consolidate them, making a bigger loan. If you’re not able to pay the small loans, you’re definitely not going to be able to get a big one paid off. Seek out a way to pay the money back at a lower interest rate, this way you can get yourself out of the payday loan rut.
There is nothing like the pressure of not being able to pay bills, especially if they are past due. Hopefully, you were able to find the answers and advice you need to make a wise payday loan choice.