online cash advance
Thinking About Online cash advances? Five Rules to Follow
So, you’re thinking about whether you should get a pay day loan, huh? You probably are hesitating because you have read words like “predatory” applied to online cash advances in the news or on a blog.
Well, let me put your mind at ease. The vast majority of online cash advance customers, more than 90 percent, report that they had a good experience with their pay day lender. The “cycle of debt” that anti-online cash advance lobbyists go on and on about only occurs in a tiny fraction of cases.
Always use online cash advances responsibly
They key to online cash advances is to use them the right way. If you are irresponsible when you borrow online cash advances, you can get yourself in trouble.
But don’t worry, using online cash advances the right way is easy. Follow these simple rules and everything will turn out well.
1. Have a payback plan
One important thing to keep in mind is that a online cash advance is meant to be short term. In order for your online cash advance experience to go smoothly, you must pay back your loan and the service fee on or before the due date you set up with your pay day lender.
A online cash advance is meant to be exactly what it sounds like : a loan that will get you to your next pay day. So make sure you agree to pay back your online cash advance on a date that falls after your next paycheck. Also, make sure you borrow and amount that you can cover with your next paycheck.
2. Figure in other expenses
When you make your payback plan, make sure that you’ll be able to pay back the full amount of your online cash advance and still have enough money to cover your other expenses.
You don’t want to end up needing another online cash advance during your very next pay period, so don’t borrow more money than you can afford. Make sure to factor in your other bills.
3. Emergencies only
Online cash advances are not meant to be used for entertainment or unnecessary expenses. There are a few specific situations when it does make sense to use a online cash advance for something besides the very basics — food, car, heat, etc. — but we’ll get to that later.
Examples of when it’s appropriate to use a online cash advance are when your car breaks down, when your cupboards and your bank account are both empty, to avoid getting your power shut off or when using a online cash advance will save you money.
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