If you must have money fast, a payday loan may be just what you are looking for. Even though payday loans can really help you out of a tough situation, they can also put you in a much worse financial spot than you were in before. This article has all the information you need to know about payday advances.
Never be tempted to refinance a payday loan. Do everything you can to make the payments on time. If you extend your loan, you might find yourself facing a snowball effect and spending a lot of money on extra fees and interest rates.
Regardless of your circumstances, never piggy-back your payday advances. Don’t go to more than one company to get payday cash advances. You’ll be in a position where you can never get caught up with payments, no matter what you make.
Payday lenders utilize all kinds of methods to get around interest rate laws that are meant for protecting consumers. Instead of interest, payday lenders charge fees. As a result, a loan can accrue as much as ten times the interest rate of a standard loan.
Some payday lenders are shady, so it’s in your best interest to check out the BBB (Better Business Bureau) before dealing with them. This is well worth your time, because the Bureau can let you know about any suspicious behavior or customer complaints that the lender has racked up.
Research any payday loan company before filling out an application. There are a lot of con artist lenders who will promise you a loan, but only steal your banking information. Look for reviews from previous customers to learn other important information.
The loan amount you may qualify for varies from company to company and depending on your situation. This depends a great deal on your level of income. Lenders take a look at your salary and figure out what they are willing to give to you. You need to keep this in mind when you accept payday loans to meet expenses.
Examine all options that you have available. By comparing payday loans to other loans, such as personal loans, you might find out that some lenders will offer a better interest rate on payday loans. It all depends on your credit score and the amount of money you wish to borrow. Doing a bit of homework in the beginning can save you a lot of money in the end.
If you’re nearing the date when your payday loan needs to be repaid, but are short on cash, ask the company to give you an extension. Payday loan companies may offer you one or two day extensions. However, using up one of these extensions may mean that you have to pay a lot more than if you were to pay on time.
You should have some money when you apply for a payday loan. Some documentation is needed to get your loan. You must have a proper ID card, proof of banking information and a few of your recent paycheck stubs. However, requirements are different for every company. You should give the business a call to determine the items that you should bring with you.
Keep an eye out for lenders that keep rolling over your finance charges every pay period. Most of the payments made by people will be towards their excess charges, rather than the loan itself. It isn’t uncommon to pay upwards of five times the loan amount.
Be on the lookout for scammers while shopping for payday loan companies. There are some who merely pretend to offer cash advance loans when they are actually trying to get your personal information so that they have access to your account and take your money. If you are interested in a particular company, visit Better Business Bureau’s website to research their credentials.
Be sure to only borrow what you need when taking out a payday loan. While true emergencies do happen, payday lenders charge so much interest that you would be better off finding funds elsewhere if you can. Make sure you keep your costs as low as possible by minimizing your loan amount.
Don’t panic if your payday lender asks what your bank account numbers are. A lot of people don’t go through with getting the loan because they think that information should be private. The reason payday lenders collect this information is so that they can get their money once you get your next paycheck.
If you plan on applying online, only apply through the actual company. Try not to use sites that request your information, as you want to be as safe as possible.
Cash advances serve as a valuable way to navigate financial emergencies. You might not like the rates or fees associated with the loan, though. Use the guidance and tips in this piece so that you understand what cash advance loans truly involve.