When applying for a payday loan, get an itemized list of fees and costs from the lender. Never trust lenders who hide their fees and rates. Make sure you can pay your loan in a timely manner, and that you only use if for what it was intended.
When you take out a payday loan, you might as well kiss your next paycheck good-bye. This paycheck will typically have to repay the loan that you took out. If you do not take this into account, you may end up needing an additional loan, which leads to a mountain of debt.
Do everything you can to pay the loan by the due date. Pushing the loan time out further with refinancing can cost you high interest rates that can quickly bury you further in debt.
Do not simply head for the first payday loan company you happen to see along your daily commute. You might already know that particular location, but you may be able to get a cheaper rate elsewhere. Doing some research could help you save hundreds of dollars.
Never lie when you are applying for a payday loan. If you do not tell the truth, you could be charged with fraud, which will end up costing you much more if you end up going to jail.
Shop around for the best interest rate. Along with traditional payday lenders, a lot of lenders can be located online. Each company wants your business and better terms may be available. Many will also give you a deal if you have not borrowed before. Review multiple options prior to making your selection.
Cash advances can be a lifeline for people with bad credit who run into an emergency situation. You shouldn’t use these to pay monthly bills or increase your cash flow. If you take out too many of these loans, you may find yourself in a circle of debt.