Payday advances were originally created to help consumers with emergency situations that were beyond their financial control. These situations often included emergency car repairs and home repairs. However, people began taking payday advances for all kinds of reasons, such as gambling events, department store sales, and other things for which they could have waited. This creates a lot of unnecessary financial hardship, and a lot of painful blow-back and legislation against the payday advance places. In order to help these businesses stay in business and keep them available for your financial emergencies, you should stick to using payday advances intelligently.
Handle the Advance Like a Credit Card Advance
Most people who take out a payday advance do so because they do not have a credit card or cannot take any more advances on their credit cards. A payday advance, in many ways, is like a credit card advance. It is a small sum of money lent for a short time with high interest that should be paid off as soon as possible. If you look at a payday advance as a credit card advance, then you may fare better at managing the money you receive from it and paying it off quicker to avoid interest charges and fees.
Only Take the Payday Advance as a Last Resort
Payday advances are great, but they should not be your "go-to" cash source for money problems. Even payday advance lenders will sometimes suggest that you seek financial counseling to help you with your financial problems so that, when you need to, you can pay all of your bills. The payday advance should be your last resort in a desperate situation, not your "paycheck boost" when you want more money to spend and cannot earn it.
Stick to a Two-Week Repayment Schedule
There are payday advance places that offer flexible repayment terms, but this often leads to forgetting to pay or missing a payment. Sometimes, some people will just blow off making a payment because of the flexible payment options, which is not good either. Instead, stick to the two-week repayment schedule your contract stipulates. That way, your loan is repaid quickly, you do not run into additional financial issues because of the loan, and you show that you are worth taking a risk on and lending money to, a plus for any borrower/lender relationship.
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