10 Tips on Payday Loans and Cash Advances
Tips to remember before applying for a payday loan or cash advance
There are many factors to consider
before taking out a payday loan or cash advance. The following are 10
tips we encourage you to carefully consider:
1. Always try
and repay your payday loan or cash advance in full when it is due
without extending it.
2. Make sure
you read the fine print of any payday loan or cash advance contract
before you sign it. If you do not understand anything or have doubts, do
obtaining a payday loan or cash advance, check with the Better Business
Bureau to see how reputable the company is and if it has any complaints.
consider alternative loan sources before you decide on a payday loan or
cash advance. Consider family, friends, your credit union, a local
bank, even a credit card.
5. If you
intend to obtain a payday loan or cash advance, make sure you have access
to your recent employment pay-stubs as well as your bank account
6. Be sure to
know exactly when your payday loan or cash advance is due and take the
necessary steps to repay that loan on time.
7. Start saving
an emergency cash fund of, say, $500. That way, you can avoid payday
loans in the future.
8. Unless you
use payday loans and cash advance loans very sparingly, we strongly
suggest going for credit counseling in order to learn how to
successfully budget and save.
9. Beware of
bounced checks when you have insufficient funds to repay a payday loan
or cash advance company. These fees can add up quick and can sometimes
be quite high. In addition, your bank might also charge you fees.
10. File a
complaint with your state agency if you feel you have been treat
unfairly or illegally by any payday loan or cash advance company.