How to Keep Payday Advance Fees Low
You may heard, "Payday advances are a great tool if used wisely." Chances are, you've read a thing or two regarding payday advances and you feel that this is the best recourse for your particular situation. Of course, you also know that there are certain rules to follow with any financial decision. You know the interest rates are high and you may have messed up before. So how can you avoid messing up again, borrowing wisely and responsibly? Here are some helpful tips.
First of all, only borrow what you need from your payday advance lender. It can be tempting to take the full £ 800 (as you imagine what a "cushion" that would be for your situation). Remember to remind yourself that this money needs to be repaid within four weeks. Also, the more you borrow, the higher fee you'll pay. If you only need £ 100, then just borrow that amount and pay the £ 15 fee.
Another thing you may want to do is compare payday advance fees and interest rates. These may vary from lender to lender. You will want to ask your lender about filing for an extension if necessary and pay close attention to these rollover fees as well.
Thirdly, pay back your payday advance as quickly as possible! Don't take advantage of your lender. If you need money again the following month, you can take out a new loan if need be. The last thing you want is high interest rates, bounced cheque fees from your bank and any additional nonpayment fees. If you think you've miscalculated and that you'll have trouble paying the lender on time, you can discuss repayment options with them. Don't ever let these things go!
Lastly, be sure that you're using your payday advance for an actual emergency. Most borrowers use their loans for a medical emergency / prescription medication, unexpected car repairs or to avoid bounced cheques and shutoff notices. If you're using your payday advances to pay off other creditors, then admit that you have a financing problem and seek proper credit counseling to help you get out of your hole. Payday advances are a tool, not a cure-all solution.
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