How To Get A Payday Loan
Getting a payday loan is not at all a hard thing to do. If you are in the market for one, you will soon see that there are countless companies looking to earn your business. And why wouldn’t they, the reward for them can be huge, especially if they find an uneducated borrower. Do not be that borrower. If you need to find a payday loan and this is the only source of funding that you have, go into it smart. Here are some things that you should do when you need to get a payday loan.
- Figure out how much you need.
Write out all of your bills that you have and determine what needs to be paid right now to keep you current. Eliminate luxuries that you can do without. You do not want to borrow to pay for a luxury. Also, slash your food budget. If this means peanut butter and jelly for a week, so be it.
- Call creditors for extensions or payment reductions.
Your creditors want you to stay current. They know that if you get behind, you might default and that is bad for everyone. Call and see if you can get extensions on the due date or reductions in payments. Your auto loan company might let you skip a payment. Your credit card company might let you pay interest only.
- Recalculate your financial needs.
Now, recalculate how much you need based on the reduction in bills that you have just negotiated.
- Look for alternative financing.
Ask friends for money, ask family. It can be painful to do but if you have not burnt those bridges in the past, this could be a good option. Also check with your employer to see if you can get a paycheck advance. Finally, sell something. Have some items you do not need, put them on eBay or have a garage sale. Check with a pawn shop and see how much your junk is worth. There might be some gems hiding in your garage.
- Recalculate your needs again.
Put your newfound money towards what you need and see what is left. Do you still need a loan or are you good to go? Still need a loan? Proceed.
- Apply for a loan.
Now you can apply for a loan, asking for just the amount that you need to get by. The less you take out, the easier it will be to repay. Check the rates before you commit. If they seem to high, check with another lender. It is free to apply.