East Payday

If you are going to take out a payday loan, the last thing you want is to be late paying it back. This will only worsen your credit and cost you even more money, so you want to do everything you can to avoid it. There are a few key tips that you can follow to ensure that you pay back your loan by the due date. If you do not pay it back on time, you will be facing some fairly substantial late fees.

Know When Your Loan is Due

You will need to know the exact date that your load is due to be repaid. This will reduce your chances of missing the payment, which will put you in a nightmare of a situation. Mark the date on your calendar or a sticky note if you have to. We all forget things sometimes, but this is one thing that you absolutely want to keep track of. It might even be wise to set a reminder on your phone it notifies you the day before.

Set up Automatic Repayment

You should make it clear to the lender that you are interested in automatic repayment. This is when the lender takes the full amount of the loan from your bank account on the due date. This is common on all services that all you to get same day cash. It will eliminate the possibility of forgetting or purposely putting off the payment. Just make sure that you are going to have enough in your account to cover everything, including the interest and other fees. If you do not, you will most likely be facing a fee from your bank on top of late fees from the lender.

Supplement Your Income

If you think you might have problems paying back the loan on time, try to supplement your income any way you can. This could mean cutting back on certain unnecessary expenses or getting a part time job. You might not have a lot of time to do this, but it is important that you at least try.

Prioritize the Loan Payment

Anyone who takes out a loan must prioritize it above almost everything else, except for mortgage or rent. It is absolutely essential that you make the payment on time, so you will need to take it very seriously. Some people think that it’s not a big deal if they are a couple days late, but there can be some fairly severe consequences. In fact, being just one day late on your loan can make it very difficult to pay it back entirely.

Get the Interest Rate Reduced

If you have a payday loan with a longer term and you are having trouble making your payments, you could possibly get your rate reduced. Contact the lender and tell them that you are having financial problems. There is a chance that they may be willing to lower your interest rate, at least temporarily. This could be enough to let you pay back the money you owe by the due date.

Get an Extension

There is also the option of getting an extension on your loan if you know you won’t be able to pay it back by the agreed upon date. Some private lenders are more amenable than others, so you will have to contact yours right away. You will most likely be able to get a few extra days to pay back what you owe. Depending on how flexible your lender is, you might even be able to get another week or two. It is largely contingent on the amount you owe and some other factors. Just keep in mind that you won’t be able to get an indefinite extension. You may still have to pay late fees in this situation, but not necessarily.

Don’t Borrow More Than You Need

Before you even get your payday loan, you will have to make sure that you only borrow as much as you absolutely need. Those who borrow more instantly increase their chances of being late on their loan. Take the time to do the math and figure out the exact amount that you require. This way you will make your loan far more manageable.

Anyone who thinks they are going to have problems paying back their payday loan should get in touch with their lender. The last thing you want to do is simply avoid them, because it will only make the situation worse. Being late on a loan can do a lot of damage to your credit, which will have lasting effects. If you are planning to get a payday loan, you need to be absolutely certain that you have the ability to pay the money back on time. Otherwise you should put off getting the loan until a later date, as it is the responsible thing to do.

When you are trying to find the right lender to get a payday loan from, you will have to review your options. It is absolutely essential that you spend the necessary time to look at the different lenders you will have to choose from. This will allow you to make the right decision so you get the best possible deal. Selecting the wrong lender to borrow from can mean paying more than you have to for your loan. The tips in this article can help you save money and get precisely what you need.

Positive Customer Reviews

One of the first things that you should look for in a private lender is positive reviews from past customers. This is a very strong indication that the lender is highly reputable and therefore trustworthy. You should make a point of avoiding any lender that has a significant number of negative reviews and comments from customers. Getting this information can make your decision a whole lot easier. There are numerous independent sites that are dedicated to this purpose. Never trust reviews on the actual lender’s website, as they are probably not all legitimate.

Size of the Company

You need to look for payday lending companies that are large and established. While there may be some good smaller ones, there is a good chance some of them are just running a scam. The size of the business definitely matters, so you will need to keep that in mind. Look into how many physical offices each company has. Even online-based lenders will have at least one brick-and-mortar office somewhere. If they are legitimate, you should be able to find an actual address.

Transparency

Take a look at each lender’s website to see how much information they offer to visitors. Ideally you will want to choose a lending company that provides you with a history of their business as well as all of their policies. Spend as much time as you need reading through this information so you can learn what you need to know about each lender. If a company seems like it is trying to hide something, it will show on their website.

Unrealistic Promises

You can always identify a shady lender when you see things like “Guaranteed approval!” on their website. The fact is that no lender can guarantee that you will be approved no matter what. They are going to run a credit check and look at all of the information you submit on your application before making a decision. A lot of people who apply for payday loans end up getting approved, but not every single person. This is why it is important to manage your expectations.

Hidden Fees

Make sure that you find out if there are any fees the lender charges that they don’t mention on their website. You can do this by simply giving them a call or sending an email. If the answer is yes, you will want to move on to another one. Most of these lenders are very upfront about the fees they charge, so you don’t want to put up with this.

Solid Customer Support

It is crucial that you only borrow from a lender that offers good quality customer support. You will be very grateful for this if and when you ever need to contact them with a question or concern. Look for lending companies that have a phone number you can call. It’s also a good idea to find one that offers a live chat feature on their site as well.

This way you will be able to get the help you need at any time day or night. Their website should have an FAQ section that you can potentially get answers from. Make sure the answers to the questions are detailed and helpful. You might even want to call the customer support number to see how professional they really are.

Credentials

Find out what kinds of credentials each lending company has. This includes any reputable associations they belong to. The better their credentials, the more likely they are to provide you with an excellent deal for your loan. You also need to confirm that they fully comply with all industry standards. This is for your own protection, so you definitely want to do it before making a decision.

Many people who get payday loans choose the first lender they find online, but this is a huge mistake. You don’t want to simply roll the dice with something that is this important. If you are going to borrow any amount of money, you need to know that it is coming from someone you can trust. All of these criteria are crucial to consider when you are trying to make the best overall decision on a certain lender.