Payday Loan 5 Things To Consider Before Taking Out

payday loan

THIS POST MAY CONTAIN AN AFFILIATE LINKS.

Taking out a payday loan can be a really good decision or a really bad decision. How your decision plays out depends on several factors. If you are employed, can repay your loan quickly and don’t have any other financial issues, a payday loan can work for you.

If you are unemployed, have a myriad of other issues and don’t know when you are going to repay the loan, it may be worth avoiding a payday loan.

Do you want to start making money online? Join My #1 Recommendation

1) Are You Employed?

This is an important question to answer because you need to have some way to pay back the loan that you just took out. While you don’t need a job to get approved for a payday loan, the penalties and interest can add up quickly if you don’t make payments when they are due.

 

2) Can You Repay The Loan Quickly?

Typically, you will get up to 15 days to repay a payday loan. In some cases, you may get 30 days to repay the loan. If you are really lucky, you may be able to repay the loan in several monthly installments. It is always a good idea to compare payday loans to see which loan offers you the most flexibility when it comes to how long you have to repay the loan.

3) How Many Other Payday Loan Do You Have Out?

Borrowers who have other outstanding payday loans may not be able to take out any new loans. This is partially due to lender policy and partially due to state laws that may limit the number of loans that you can take out at one time. Therefore, it may be a good idea to focus on repaying old loans before taking out new ones.

4) What State Do You Live In?

In addition to limiting the number of loans that you can take out at once, your state may limit the amount of money that you can borrow at one time. Additionally, not all lenders are eligible to do business in all 50 states. This means that you have to carefully compare payday loans to make sure that you find a loan that meets your needs while conforming with state law.

5) What Other Debts Do You Have?

Resist the urge to take out a payday loan if you have other debts that you must also take care of. Instead of taking out a payday loan, ask your friends or relatives for money or an advance from your employer. Failing to pay back your payday loans on top of failing to make a house or car payment could lead to losing your property, filing for bankruptcy and ruining your credit score.

Payday loans are not meant to be a way to sustain your finances. If you have to take out a payday loan, you should think long and hard about your overall financial situation. In some cases, it may be easier to declare bankruptcy. Another idea would be to sell your house or car to lower your debt. If you can think of a way to lower your debt, you won’t need a payday loan to cover your bills.

This has been a guest post from Fonthip Ward who is a business consultant at http://mybusinessfirst.com.au

PS: Please let me know about your experience with a Payday Loan or any kind of Loans you have made in the past. Please leave your comments section below! You can also send questions on Contact us above or email me at moneymakersites.com(@)gmail.com.

Blessing to you,

~Julius Orias

Do you want to start making money online? Join My #1 Recommendation

JOIN MY #1 RECOMMENDATION

4 Comments

  1. David Snodgrass March 20, 2016
    • Julius March 21, 2016
  2. Olivia March 25, 2016
  3. Julius April 11, 2016

Leave a Reply

CommentLuv badge