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Getting Payday Loan For The First Time
If it’s your first time to get a payday loan, you’re probably nervous about the whole thing and can’t help but second guess your choice. It’s normal given the bad press payday loans are getting. How do you know you’re making the right decision? How do you apply? What happens once your first ever payday loan has been approved? Read on to find out.
What’s The Payday Loan For?
You may be dying to buy guitar online but that can definitely wait until you actually have the money for it. It is not recommended to get a payday loan simply because you have the urge of buying something that you don’t desperately need anyway. Payday loan’s APR is high so if you’re going to get it, make sure it’s really worth it. Save payday loan in times of true financial emergency. The rule is always if the expense can wait; let it wait as it’s definitely not a smart move to get a payday loan for it.
Do A Quick Payday Loan 101
Cash loans approved online in as fast as 30 minutes. That’s the nature of these short term and small amount payday loans which favours those who are broke and have nothing but bad credit. It’s definitely the best thing about payday loans. Everyone’s given a quick access to cash which can prove to be life=saving during emergency. But just as quickly you can have a payday loan, you’d have to pay it quickly as well, typically on your next payday, together with the charge for having it. It could be £25 for every £100 or more depending on the lender you borrowed it from.
The major consequence of payday loan is that once you failed to pay it on time, it means you will have to pay higher than the amount you actually borrowed. That’s why it’s important that you pay it on time so you can avoid charges and penalties as well as make the most out of the loan.
Before you send your application, make sure that you know the rules and the consequences. The worst thing that could happen is for you to fall on a debt spiral simply because you miscalculated your ability to pay.
Things To Be Wary Of
Beware of the tempting offer of extending your loan as it will only increase your debts. Commit to paying your loan on time. Make a payment plan to make yourself more aware of what you owe. It also makes payment manageable.
Also, make sure you have enough money whenever a payment needs to be debited from your bank account. This will help you avoid overdrafts which can create more debt problems for you. If you think your money is not enough to cover the essentials, remember you have the right to instruct the bank not to allow the lender to debit money.