Paydayloans won’t be a threat to your financial safety just as long as you adhere to the following tips.
Dos and Don’ts for Use of Paydayloans to Keep You Financially Safe
Don’t transact with any provider of paydayloans who made an unsolicited overture. More often than not, these loan providers or companies are fake and only intent on swindling you from your money. Always transact with a paydayloan company that you have personally chosen, recommended by a trusted family member or friend, and approved by the necessary authorities like the Federal Trade of Commission (FTC) and the Better Business Bureau (BBB).
Do compare rates, features, and services offered by each paydayloan website to know which one is the ideal for you.
Do know what you’re getting into. When you’ve finally found a website you feel credible and trustworthy in providing you with paydayloans, don’t sign anything without reading its terms and conditions. Granted, its appearance and length makes it somewhat difficult and tedious to read, but this must be done, and who better to do it than you?
Do be aware that where you live matters a lot. If you reside in New York or Delaware, you’ll have a hard time getting any paydayloan company to transact with you because of certain legalities. In this case, speaking personally with a customer representative of any paydayloan company might help your case.
Don’t bother applying for paydayloans if you are not employed or with a steady source of income. Paydayloans are easy to apply for because they rely on the fact that you’ve got a steady source of income and which they could use as guarantee to get their money back. Even if you do have money in the bank but you don’t have a steady source of income and you’ve no known employment status, there will be only a few – if any – companies who will be willing to take you up.
Do not borrow if you really don’t need to. It’s okay to use paydayloans to cover occasional expenditures, but if you do this every month, that isn’t a good sign at all. At the rate you’re going, you’re turning paydayloans into your credit card!
Do borrow only the exact amount you need. This will prevent you from misusing the cash and again ending up indebted. If you’re planning to borrow slightly more than you need just in cases of emergency then go ahead and do so, but make sure that you increase the amount only slightly. Anything more than that and it’s not really emergencies you’re thinking of, is it?
Do have a plan beforehand on how much you wish to borrow and how you’re going to pay for it. Paying off paydayloans is never easy, and it’s time you accepted that. Accepting will allow your mind to stop with self-denial and simply search for a way to pay off your loan. Create a Plan B but having a Plan C will also work.
Do stick with your plan once it has been established. What’s the point of creating it if you won’t use it? Paydayloans, as mentioned, are headaches but don’t let yourself get tempted into simply paying off the interest because you just can’t afford to pay the principal. Follow your plan in a slow but steady manner until you can finally pay off your loan.