Repayment: Things to consider when paying back your cash advance loan
Here’s how the payday loan repayment process works. Make sure you’re ready to deal with each of these stages so you can better manage your money and prepare for the future.
- Borrow only what you can afford: We all know the stress that insufficient fund penalties and bounced checks can bring. But make sure you’re borrowing what you can afford when you get your payday loan. If you borrow beyond your means, you put yourself at risk for further financial problems.
- Remember timing: Payday loans have to be repaid quickly, usually in two weeks. Make sure you will have the funds available when your loan is due. You might want to start budgeting now, that way you’re prepared. You might need to cut back on incidental expenses like dining out and morning coffee to afford your loan repayment.
- Start budgeting: Use your payday loan to the fullest advantage. Make your payday loan an opportunity for budgeting and better money management. Start tracking your spending and eliminating unnecessary expenses. Save receipts. Pay for things with cash, not credit. Create a budget, stick to it, and watch your savings grow! This means your payday loan can help you relax, re-focus and regain control of your financial life.