There are countless avenues to turn to when getting assistance with your finances, but not every avenue will lead you in the proper direction. Risking your hard earned money by not fully understanding the road you are on will not support a working budget. In this day and age, most families are struggling to keep up with all the financial demands of running a household while maintaining a way of life for the family. Cutting out expenses can help keep the budget to stay on task, but sometimes, emergency costs place a much higher demand on income.
When you are having trouble with your finances, you will want to to have a clear picture of the debt you have and reflect on the income you have to cover your expenses. Here are some tips on how to help keep your finances working in the right direction if a payday loan is the direction you are using for financial help.
If you are going to take out a payday loan or cash advance, you will want to make sure you are clear on the payoff demands.
Try your best to pay the payday loan off in full at the scheduled time.
Read the fine print and understand your cash advance contract before you sign it.
Consider alternate choices for funding before you take out a payday loan or cash advance: family, friends, banks, credit unions, or even credit cards.
Show accurate bank statements with up-to-date direct deposit information. You will want to be approved based on accurate proof of income. The more honest you are with yourself and the payday company, the more chances your loan will be taken care of properly.
Schedule the payoff date according to your next paycheck so you are better prepared to pay off your debt in full and on time.
Try your best to start saving an emergency fund. Even if it takes you a year, you will be glad to have the extra cash when emergencies arise. Once you use any of it, be serious about paying it back as soon as possible.
If you find yourself using payday loans or cash advances often, you may want to seek credit counseling. These short term loans are meant to be used sparingly. You are not protecting your finances by depending on outside sources of money. Learn how to budget and save so you can be more financially independent.
If you have insufficient funds when your payment is due, you will be charged a fee from the payday loan company for lack of funds in your account and your bank may also be charging a fee for the withdrew attempt. Bounced checks are known for having fees, but when automatic withdrawals go bad, there will be fees as well.
You have rights as a consumer. If the payday loan company does not follow the rules of the contract, you can file a complaint with your state agency showing that the company was unfair or illegal in its practices.
When you know what you are getting into before you sign, you will be better prepared to notice anything that may inappropriately happen while your account is active. Keep all paper records of any bank transactions and take notes on any phone conversations.