As long as you follow these tips, payday loans won't put your financial security at risk.
There are things you should and shouldn't do with payday loans to keep your money safe.
Don't do business with a payday loan company that contacted you without you asking them to. Most of the time, these loan companies or loan providers are fake and only want to take your money. Always do business with a payday loan company that you chose yourself, was recommended to you by a trusted family member or friend, and has been approved by the proper authorities, such as the Federal Trade Commission (FTC) and the Better Business Bureau (BBB) (BBB).
Do compare each payday loan site's rates, features, and services to find the best one for you.
Know what you are getting yourself into. Don't sign anything until you've read the site's terms and conditions when you've finally found a site you can trust to give you payday loans. Even though the way it looks and how long it is make it hard and boring to read, you are the best person to do this job.
Know that where you live is very important. Because of the laws in New York and Delaware, it will be hard for you to find a payday loan company that will work with you. In this situation, it might help your case to talk to a customer service rep at any payday loan company.
If you don't have a job or a steady source of income, don't bother applying for a payday loan. Payday loans are easy to get because they rely on the fact that you have a steady source of income, which they can use as a guarantee to get their money back. Even if you have money in the bank but don't have a steady source of income and don't know if you have a job or not, there won't be many companies willing to hire you, if any at all.
Don't borrow money if you don't have to. Payday loans are fine for occasional expenses, but if you use them every month, that's not a good sign at all. If you keep going like this, you'll soon be using payday loans like a credit card.
Don't borrow more money than you need. This will keep you from wasting the money and going back into debt. If you want to borrow a little more than you need just in case of an emergency, that's fine, but make sure you only add a small amount. Anything more than that, and you're not really thinking of emergencies, are you?
Do decide ahead of time how much you want to borrow and how you will pay it back. Paying back a payday loan is never easy, and you need to realise that. If you accept, your mind can stop trying to make you feel bad about yourself and just look for ways to pay off your loan. Make a Plan B, but it will also work to have a Plan C.
Don't give up on your plan once you've made it. What's the point if you're not going to use it? As was already said, payday loans are a pain, but don't let yourself be tempted to just pay the interest because you can't pay the principal. Slowly but steadily stick to your plan until you can pay off your loan.
