If you want a responsible, fast cash solution, a payday loan may be worth investigating. While payday loans aren't appropriate for resolving all financial situations, they can be an excellent choice when you need an occasional short-term money solution. To make it easier to decide if a payday loan is the best option for you, here are some tips that detail when a payday loan is appropriate and what you need to qualify:
Make sure your need is short-term.
Payday loans are not intended as an ongoing financial resource. Your payday loan is meant to cover a one-time expense or shortfall, and must be paid back on your next payday. If you find that you need month-to-month help, consider a professional long-term solution.
Plan ahead.
Your payday loan comes with a flat lending fee that is included in the amount to be repaid. Make sure you know ahead of time what you will be charged. Lenders should have their terms posted for your reference.
Make sure you can pay off your payday loan on the due date.
Find out what your lending fee will be and factor the total into your monthly budget.
Make certain you have no outstanding payments to other lenders.
Responsible payday lenders will only lend to those who have no outstanding payday loan payments.
Check to see if your lender will honor your source of income.
Most will honor full and part-time employment, temporary employment, contractors, self-employment, commission, social security, disability, even alimony or child support, if properly documented.
Have proof of income on hand.
For your safety, you may be asked to provide your most recent pay stub to verify your regular source of income. This is to ensure your credit will be protected when you are able to repay your payday loan on time.
Make sure your phone numbers are active and will be throughout the period of your loan.
Payday loan representatives need to be able to communicate with you to make sure you're aware of approaching due dates, for your convenience.
Be ready to verify your current bank account.
If you're applying for a payday advance loan from a retail location, be sure you have current checks on hand when you got to apply for your loan.
Be careful how much you borrow.
You may qualify for well over the amount you need at the time you apply for the loan. Make sure the amount that you agree to repay is one that works into your budget for the next two weeks. Take the time to plan ahead to make sure you have the most helpful payday loan experience possible.
Know for certain that you can repay your payday loan on time.
This is the most important tip of all. Remember to be absolutely sure that the funds to repay your payday loan will be present in your bank account on the day it is due. Even if you've planned ahead, the funds must be present for your repayment to succeed and for your lending experience to be as convenient as it was intended. Following these simple steps will ensure that from start to finish, you'll stay in control and feel empowered by your payday loan experience. Payday lenders want to see you enjoy your transaction and get back on track to financial success.
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