Payday Loan Checklist
Payday loan may be a convenient short-term solution, it is inappropriate for long-term cash needs. Before Taking out a payday loan you should check the informations as below:
Verify the License of the Payday Lender
Contact your state Department of Financial Institutions to verify that you are dealing with a licensed lender by verify a license online or call to them.
Consider Alternative Solutions
Ask about delaying or making payment arrangements on your non-interest bills like telephone and utility bills. Talk to a friend or family member about borrowing money. Ask your employer for an advance on your paycheck.
Read the fine print in any and all documents/terms of agreement you are asked to sign/agree to. NEVER sign or agree to anything you don’t understand.
Comparison Shop
Comparison shop or online lenders for the lowest fees and penalties. For example, some credit unions offer payday loans with lower fees.
Borrow only what you can afford to pay back
Borrow only as much as you can afford to repay with your next paycheck. Because if over due a payday loan come with high interrest rate and fee.
Avoid borrowing from more than one lender
Avoid borrowing from more than one lender at a time. If necessary, always inform the lender first.
Know when your payment is due
Know when your payment is due and be sure to repay the loan on time and in full.
Take advantage of organizations
Local organizations are available to help you with your financial situation. Many of these organizations offer help with budgeting, credit repair, debt repayment, and more. Contact your local consumer credit counseling service or asset building coalition for more information.
This payday loan checklist are primary information that you must concern. We suggest you to develop a budget plan for the future by making a realistic budget to help avoid the need to borrow for emergencies and unforeseen expenses.