Payday loans may be the only solution when money runs short and an emergency situation arises. If your cash is running out and you need a quick answer to help you pay your rent, get your water turned back on, or making your car payment, then you might need to go this route and seek out a cash advance company. Before you do go this direction, read these tips to help you survive your money shortage situation.
The first thing to do is to make sure your paycheck advance is coming from a seeking help from a reputable payday loan company. How do you do this? One way is to do research and find out what other customers of a business have to say about the business and their experiences with them. You can search for reviews online or even ask friends and family if they have ever received a loan or know anyone who has gotten a cash advance from a business you are considering.
When you get a short-term loan, you will pay very high interest rates. But you can do your research and shop for lower fees. And even the finance fees are similar, look into the other terms for borrowing money. Are there any other charges or extremely high late fees? Do your work ahead of time and don’t get surprised by big fees.
One last tip you should consider is to not pay any upfront fees. Reputable cash advance companies will not lure you in with the promise of extra-low rates and then ask for an up-front fee to get that rate. If a business does this, then walk away as they are likely scamming you.
The best advice is to try and avoid payday loans. However, if you need to borrow money and need emergency funds to make it through the month then use the tips above to make the most of a bad situation.