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Are you thinking of going in for a payday loan to meet an unexpected expense?
If so, look into these five things before you finalize one. This checklist can
help you make smarter choices. You might even end up saving some serious cash!
- First thing to consider -- do you really need that cash advance? Sure, you
need cash right away, but have you looked at other options? The fact is, a
payday loan is an extremely expensive source of funds, with Annual Percentage
Rates (APRs) ranging from 300% to 1000%. So before you take one, see if you can
arrange money by taking an advance from your employer or from your credit union.
You could also consider borrowing money from friends or family. Depending on
your situation, credit card funding might be an option too, because it's usually
cheaper than a payday loan.
- Ask yourself how much you can really repay when the next payday rolls
around. Work out an exact number you can commit to. Take a cash advance only for
the amount you can repay, considering all charges as well. Obtain funds from
other sources for any additional requirements you may have.
Here's why. If you choose to roll over all or part of the payday loan, you
end up paying much more -- additional charges, late fees, etc. Your APRs start
climbing rapidly and you may even find yourself trapped in a vicious cycle of
payday loan debt. Stay clear of this trap.
- Apply only for one payday loan at a time. Your application gets reported to
a consumer tracking database used by payday lenders and banks. If you apply for
multiple loans, the lenders may see the multiple applications and you might end
up being rejected by all of them.
- Go through the lender's approval criteria very carefully. Apply only to one
where you can qualify. If you apply to a company that has stringent criteria and
get rejected, that can actually hurt your chances of getting approved by another
company with more relaxed criteria.
- If you're applying online, ask yourself if the lender's website seems
professional and well-organized. Do they have clear information and guidelines
on the site? A comprehensive FAQ?
Most important -- do they have an SSL certificate on the application page?
This indicates data is being transmitted securely. Secure pages have web
addresses that begin with "https:" instead of "http:" and in addition, you'll
see a lock symbol displayed in your browser. If a lender is using a non-secure
page to collect information about you, find another lender!
Acting on the above points will help you make better choices about payday
loans. The best solution is, of course, to get your personal finances into
excellent shape so that you never need to borrow in an emergency.
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