Is a Payday Loan Right for Me?

Life can be unpredictable at times. Sometimes it can feel like emergencies never happen when you are ready for them. The worst emergencies are those that require immediate solutions with no time to prepare. Maybe your car broke down on the way to work or a pipe burst in the bathroom. You are left feeling overwhelmed with the stress of not having the money to put your life back on track. A payday loan may just be the helping hand you need.

Life doesn’t wait for you to get paid. When you need cash help fast, a payday loan can give you the money you need in the time you need it. You can be approved as quickly as today, and get your cash in your bank account as fast as tomorrow, if approved.

What Should I Know Before I Request a Payday Loan?

1. A payday loan can be a huge relief to anyone stuck in a desperate situation. Before you request a payday loan you should keep in mind that it is not a long term solution to all of life’s troubles. These loans must be paid back, typically on your next payday, and include interest and processing fees on top of the amount you borrow. You should only plan to borrow if you can afford to pay the loan back.

2. Determining how much to borrow is just as important as making the decision to borrow. Those taking out a payday loan may have the option of borrowing more than they need. This may be an appealing idea at first, but think again. Borrowing more money than you need on your payday loan will cost you a lot of cash in the long run when you calculate interest and processing fees. So, before you borrow a payday loan, determine exactly how much money you need to cover your emergency cost and only request that amount.

3. Carefully read the terms of your loan and familiarize yourself with your repayment due date. Payday loans are just that – a loan on your upcoming paycheck. You should expect that you will have to repay your loan by your next paycheck or you may incur high penalties, fees, and even damage to your credit. If you think you might not be able to pay back your loan at the due date, you will want to contact your lender immediately. Your lender can help you, but you have to call first.

Will a Payday Loan Harm My Credit?

Requesting a payday loan will not harm your credit. This can make your payday loan more appealing than a bank loan, which will require a credit check and will only lend to those with good credit. If you do not pay back your payday loan, your lender can report your nonpayment to the credit bureaus. This could make it difficult, if not impossible, to borrow for a car or a home in the future. Therefore, only borrow if you can afford to repay.

Know Who to Trust

Requesting your payday loan will mean that you need to enter personal information, such as your date of birth and income, on a loan request form. There Internet can be a dangerous place, so you want to make sure you are applying on a website you trust. We value your privacy and use advanced encryption technology to protect you personal information, including your loan request.