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Payday Loan Go Smoothly

In this economy, where the focus right now is about the unemployed, is really about the under-employed. Those that have been laid-off from good paying jobs only to be hired in positions that pay minimum wage. Those recent college graduates who cannot find employment on scale with their education and skills. Or, those that should have retired by now but are being forced to work longer in jobs that pay less then they are use to.
If you are in need of a quick cash loan, here are a few tips to ensure that the process goes smoothly and you get right back on your financial feet as soon as possible:

1) Make sure that the alternative (the thing or problem that you need the payday loan for) is not more expensive than a payday loan. Example: Let’s say that due to a simple math error on the part of your employer, you did not get paid your full wage and that they will make it up to you in a few days. But, you already have 4 bills that are due to draft your checking account today and, when those drafts bounce, your bank will fee you for each item – not to mention the company you are trying to pay will also charge you returned draft fees.

Let’s say that your bank only charges $5 per draft that bounces and the companies you are paying (car loan, utilizes, rent, cell phone) only charge $5 per item. Then, your total cost of doing nothing and waiting to pay those bills when your employer finally gets your check right is $40. Now, if the payday loan you are seeking costs $45 – then you are better off not taking the loan and waiting.

But, banks charge way more than $5 per item. Plus, those companies you are trying to pay charge way more than $5 for returned items. In fact, when all is said and done, you could be facing hundreds of dollars in fees and penalties. But, if the payday loan fees are less – you are much better off taking the loan. Not only do you avoid those bank and company fees but you keep your accounts in good standing with them (which could be priceless down the road).

2) Understand and be able to meet the terms of the loan. If your cash advance loan requires that you repay the loan and fee with your next paycheck – then make sure that you can and will do so. Extending a payday loan or not paying as agreed can be just as harmful as the situation you were trying to avoid in the first place. All it takes is a little cut back and discipline for a week or two and then you can get back to your normal life.

3) Don’t take more money then you need. While the lender might state that you can qualify for more – only take what you need to overcome your current situation. Not only will most lenders charge bigger fees for bigger loan amounts, taking more than you need puts a larger strain on your next paycheck.

4) Interest rates. Most lenders will tell you right upfront what you will be charged for the loan. However, it pays to make sure you read everything over and completely understand your charges. This will allow you to know what you are getting into and not be surprised later on. Plus, it can help you make the decision to take the loan or not. Know that it is OK to walk way even after they approve your loan request.