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4 Things To Consider When Applying For A Payday Loan That You Can Pay Off

If you are considering applying for a payday loan that you can pay off, there are plenty of things that you need to take into your careful consideration. You have to be very careful in your approach because this type of lending programs can turn out to be very risky. Here, one wrong move can push you deep into a viscous cycle of debt. Short-term cash advances are easy to obtain, but since they charge extremely high rate of interest and the repayment period is very short, people often fail to pay off the loan within the set due date. This forces them to take another cash advance to pay off the previous ones. Many people eventually end up having multiple payday loan debt accounts. Soon, the debts become so much overwhelming that they do not have any idea on how to get rid of their debt problems. Therefore, before you sign up for this type of loan program, make sure you have a plan in advance to repay the same within the set time limit without destroying your monthly budget. Following are some tips and suggestions that you will find quite useful in this regard.

Make Sure You Have No Better Alternatives

Before you start looking out for a payday loan that you can pay off, the first thing you have to do is to make sure that no better alternatives are available to you. Some of the possible alternative that you may like to consider include requesting an advance from your employer, getting a favor from a friend or a family member, getting a short-term small loan from a credit union or bank, or just avoiding some unnecessary expenses and use the money thus saved to meet your financial emergencies. If no such alternatives are feasible in your case, you should first make sure that you will have enough money on the next payday to pay off the loan in full on its set due date. If you have the slightest of doubt that you will not be able to make the repayment in time, you must think at least ten times before you go for it. Don’t borrow a cash advance if you cannot afford to repay.

Considering Getting A Payday Installment Loan

These days, many lenders have started offering payday installment loans, which can make a better choice for those who cannot afford to repay cash advances in full through a one time payment. If that is the case with you, this is the type of payday loan that you can pay off. However, you will have to do an extensive research in order to find out such lenders. Make sure that the pay day loan company you are signing up with is not only duly licensed to offer such loan programs in your state but is also a reputed one with no or very few complaints against them. You can contact the Better Business Bureau to check their past records. To get more detailed information, you should consider checking their records with the FTC (Federal Trade Commission).

Apply For It Only If You Genuinely Need Some Instant Cash

Just because payday loans are easy to qualify for and can bring you some instant cash, it does not mean that they are a great source for easy money. It is very important for you to understand that this is a high-rate loan after all, which you must repay within a very short period of time, usually within 14-31 days. Therefore, if you are considering borrowing a payday loan that you can pay off, you must first make sure that your need for instant cash is a very genuine one, such as to avoid a possible financial disaster. If you want to apply for a payday loan so that you can have sufficient amount of money in your account to make the monthly installment on your mortgage or car loan, a better idea will be to talk to your mortgage to car loan lender about your problem and request them to allow you to miss a couple of monthly payments (you can offer them interest only payments for one or two months before you continue to make the regular payments). This way, you can solve your problem without needing to get into a risky payday loan debt.

Have Your Own Repayment Plan

If you must take a payday loan that you can pay off, you must first create a repayment plan, which means you must have a clear idea on where you are going to get the money from to pay off the loan in time. Your strategies may include structuring a tight budget where you cut down your other expenses to a very low amount to arrange the extra cash needed to ensure timely repayment of the payday loan. Likewise, you can also consider working overtime or getting a second job to earn that extra money.

Overall, if you keep in mind the above four things before applying for a payday loan that you can pay off, you will definitely be able to safeguard your financial future.

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