Top 10 Things To Remember About Payday Loans

MDRCOM LogoThere comes a time in everyone’s life when you literally just don’t have enough money to cover your expenses between paychecks. Whether it’s due to an emergency car repair, an injury not covered by health insurance, or some other unplanned emergency, a shortage of funds happens to more people than you think. Almost everyone has run out of money before the end of the month and sometimes a payday loan may be the only solution.

While we do not ever recommend utilizing these services, if there is truly no other option for you, then you should at least be educated enough to understand what you are getting into.

Below are the “Top 10 Things To Remember About Payday Loans”.

1. In order to even qualify for a payday loan you must be at least 18 years old and have a regularly paying job.

2. You need to be receiving steady income on weekly, bi-weekly, or monthly basis.

3. You must have a checking or savings account.

4. When you apply for a payday loan you will need to have proof of ALL these items in order to convince the lender that you are a trustworthy risk and you will be able to pay back your payday loan with all interest and fees.

5. When choosing a payday loan company be sure it is a legitimate, licensed business and in good standing with the Better Business Bureau.

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6. You must understand the terms of the payday loan and how much it will cost you to pay it back.

7. When selecting a payday loan company the paperwork and terms of the loan should clearly state the fees involved, and the interest rate you are being charged.

8. You need to know about all the penalty fees if you do not pay the loan back on time.

9. You should read and understand all the fine print of your payday loan.

10. If you can not find any of the above information easily and have it explained to you, then do not use that company.

 

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