Hello, my name is Oscar. Welcome to my site about money services. When I first started my job in a new state, I had to lean on payday loans to establish residency and make it through the first pay period. I am thankful for the ability to secure these loans and pay them off in a reasonable time frame. I hope to use my experiences to help other people secure the financial help they need to make it through difficult times. I will explore all of the different money service options in each region. I hope you will visit again soon to learn more.
If you had a financial emergency come up that you don't have the cash to deal with, one way to pay for it is by getting a payday loan. However, before you sign on the dotted line for a payday loan, make sure you know what you are getting into.
Payday Loans Are Not For Everyday Expenses
The first thing you need to keep in mind is that payday loans should not be used for everyday expenses. You shouldn't use a payday loan to get that pair of shoes that you will not have the money to buy for another pay period or two.
Payday loans should be used be used to pay off emergency expenses that cannot be delayed, not for everyday purchases for things you don't need. For example, if your power is going to be turned off if you don't pay your bill on time, a payday loan can be a great solution. Or if a part on your car is broke and it is your only means of transportation, that is what a payday loan is made for.
Payday Loans Come With Interest
All payday loans carry an interest fee. Be sure to find out what the interest payment will be for your payday loan and make sure that the interest rate is put in writing on your payday loan contract.
Next, make sure that you can actually afford to pay back both your payday loan and the interest with your next paycheck. For example, if your next paycheck will be $800, you probably shouldn't take out a payday loan for $800, because the interest will exceed what you bring home. The cost of your loan plus the interest needs to not exceed your paycheck.
Payday Loans Will Eat Up Your Next Paycheck
Finally, make sure that you are going to be able to make it till your next paycheck if you take out a payday loan. For example, if you take out a loan today and your next paycheck is in two weeks, make sure that you will have enough money left over from your paycheck after paying off your loan to make it till your next paycheck in two more weeks.
If you are not going to be able to make it till your next paycheck without needing an additional payday loan, you may want to see if there is any way you can split up or make payments on your unexpected expense. You don't want to get stuck in a cycle of continually needing payday loans to make it to your next paycheck because all your paychecks are being eaten up by payday loans.
Before you get a payday loan, check your motivation for getting a payday loan. Then, make sure you will be able to pay back the loan and the interest on your loan and still have money to make it until you get paid again before you sign the dotted line on the payday loan agreement; if you will not be able to cover all of that, consider getting a smaller loan or looking into other options for paying off your unexpected expense. For more information about loans, contact a company like Community Resource Bank.Share
29 February 2016