If you have a payday loan right now, you probably want to repay it as soon as possible. You are also likely to ensure you need not get another such loan unless you must. It’s also possible you have never had one before and are just doing some research beforehand to be on the safe side. Regardless of why you’re interested in cash advances, you can learn about them here.
If you’re taking out a payday loan, understand that this is essentially your next paycheck. You’re going to need to think about how to live on what you get until the following paycheck, since you’ll be using much of your next one to pay for this loan. Not being aware of this can result in another payday loan, which can start a vicious cycle that can be difficult to get out of.
If you must secure a payday loan, the standard time period for repayment is two weeks. However, there are sometimes unexpected circumstances that may arise, and if you cannot pay the loan off by the due date, you don’t have to default on it. A lot of lenders give you the option to subscribe to a ‘roll over’ feature, which usually includes fees.
Checking Account
Often times, you must have a current checking account in order to get a payday loan. This exists because lenders typically require you to give permission for direct withdrawal from the checking account on the loan’s due date. The date is usually the date your regularly scheduled paycheck is due to be deposited.
Keep in mind that the agreement you sign for a payday loan will always protect the lender first. If the debtor goes into bankruptcy, they will still try and collect their money. They can also pressure borrows to sign agreements which state that they can never be sued for any reason.
You should go to a lender with an instant approval option to save time. Instant loan approval is possible because of the Internet and the instant access to information.
Cash Advances
Before taking out a payday loan, consider other lending avenues. Credit card cash advances carry lower interest rates than payday cash advances. You should also discuss your financial issues with friends and relatives who might be able to help, too.
Check with the BBB to be certain the payday lender you are considering has a good rating. Look into whether or not a company has complaints filed with the BBB. If you find complaints, you may want to take your business somewhere else.
It is important to be 100 percent sure that funds will be available when the payday company plans on pulling funds from your account. Depending on your individual situation, not everyone gets paid on time. If your bank account is short, you will owe bank fees and additional money to loan company.
If you aren’t backed into a financial corner, explore alternatives to payday advances. These loans can easily put a person in some financial trouble. You have to sign a strict contract and pay a ton of interest and fees. Make a wise decision, and look for alternate methods to solve your money problems.
Interest Rates
Understand that annual interest rates on payday cash advances are as high as 651%. This number varies but cash advance loans generally have a very high APR. Interest rates can be hidden in the contract. You may have to read a little closer, because that fine print is famous for hiding details.
Hopefully, this article has helped you understand more about payday cash advances. After reading these tips you should have a working knowledge of cash advances. Make sure to implement the tips you’ve read.
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