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Whether you’re new to the lending process, just weighing out your options, or looking for creative ways to save money, find the answers you’ve been looking for right here on the Always Money blog. Every week, we’ll update you with the latest loan tips from industry leaders and share insight on practical money-saving tips to put extra cash in your pocket! Also remember, if you like a post, share it with friends!

3 ways to avoid payday loan pitfalls - simple money advice that works!

Categories: Payday loan companies, Fast Cash, cash advance

Bills piling up, and thinking about taking out a payday loan but want to avoid a payday loan pitfall? You’re not alone. With these three steps below, you’ll learn simple money advice that actually works, so you can wisely get what you need from any lender without digging yourself into a deeper financial jam!

 3-ways-to-avoid-payday-loan-pitfalls

  1. Go to a trusted lender. A lender’s reputation shouldn’t be the sole reason you do business with them. You should also weigh in on the representatives’ transparency and knowledge-base about the services they’re offering as well. One way to do that is to choose is a trusted lender with representatives that willingly answer any questions have about the loan process and make sure you fully understand the terms of the loan contract upfront. From there it is up to you to decide if the loan and terms are right for you and your budget.
  2. Create a plan to pay off the loan and get back on the right financial track. Payday loans can be a viable short term solution typically for two to four weeks. However, borrowers often use these loans over a period of months, which can be expensive. By creating a realistic plan upfront, you may find that in addition to your cash advance, you may need to take on additional work (even if it’s babysitting or mowing lawns on the weekends) to help you get back on the right financial track.
  3. Expect the unexpected in terms of other outside expenses that may arise. If it’s not one thing, it’s usually another, which is why planning ahead could save you a lot of headache in the future. Unexpected expenses could pop up in the form of medical costs, car repairs, or even traffic tickets. For this reason, it’s important to give yourself some room for these types of events when considering how much debt you can really afford.

 

Hopefully the three steps above will help you be well equipped to confidently make the best decision for you whenever you’re in need of some quick cash.

 

For over 20 years, Always Money Finance has been a regional leader in providing affordable credit solutions to customers across the southeast looking for a convenient and confidential way to meet their needs. Getting a handle on your money takes time, and Always Money understands. If you’re in a jam and need immediate help, any of Always Money’s small personal loan options may be just what you need to get you going in the right direction. 

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Related articles: How Does a Payday Loan Work? | When should I get a Payday Loan? | When should I not get a payday loan?

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