Unfortunately, accidents and illness happen and you can’t predict when. When they do it can have an adverse effect on you financially as, very often, your salary won’t be enough to cover those emergency costs. If this is the case for you then read on for some top tips in getting a payday advance.
Always carry out thorough research when you are looking for a payday loan company. While it may seem like an emergency situation, you do need to be careful that you are not paying back more than you should be. Compare interest rates and look for reviews for the companies.
Read the Small Print
Make sure you know exactly what you are paying back. Payday loans are not cheap and they do have very high interest rates. If you can’t pay it back by the due date it will cost you a lot more.
Payday loan companies are going to want a lot of information. Make sure you have your own personal details, including your phone number and your employers. You should also have the details of at least 3 reference contacts in case they request them.
Know What you Are Doing
Be careful about what you are signing up for. If you don’t understand the terms of the loan don’t take it out. Payday loan companies have very strict terms and conditions that can be expensive if you fall foul of them.
Make Sure You Can Pay it Back
When you go ahead and apply for one of these payday loans you will be asked to hand over a check that is postdated. The amount will include the loan, fees and interest and is a guarantee from you that you will pay it back. Make sure that the money will be in your bank on the day the check is presented. If not, fees will be added, not just from the loan company but from your bank as well.
Although many people don’t agree with them, there are payday loan companies everywhere now. They are easy for people to borrow money without having to go through a credit check and they are only a very short term option.
If you have a good income and just need extra cash in a dire emergency, payday loan companies are a handy option. Although they have high interest rates, provided you are careful but about how much and how often you use them they don’t have to be too expensive. As long as you only borrow what you can afford to pay back by the due date you shouldn’t run into any trouble. You will more than likely be offered a higher amount at more favorable terms – don’t be tempted, you will still have to pay it back by the due date.
One last tip – if a lender is charging more than 20% of the loan amount in fees, walk away. You can get better deals than that.