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What Not to Do

When you're in a hurry and desperate for cash, you can make a number of costly mistakes in borrowing fast payday loans. Here is what not to do when you take out funds.

  • Pay an application fee. The best lenders will not charge an application fee. Search around until you find a lender that offers a free online application.
  • Sign the agreement without reading it. The agreement contains information that you absolutely need to know as a borrower. The finance charge, due date, and repayment terms will all be spelled out in the document. Make sure you read all the fine print and ask your lender about any concerns or questions you have.
  • Roll the balance over. These are excellent short-term solutions to ebbs in cash flow, but they are not meant to be a long-term borrowing tool. Rolling your balance over repeatedly will bury you in interest and fees, and you will eventually get caught in the debt cycle. Force yourself to repay the amount owed in full on the original due date.
  • Take out money for discretionary spending. They should be reserved for emergencies only. They are an extraordinarily costly form of cash and will only exacerbate your money problems if misused. Avoid taking out funds for spending you can either eliminate or delay until your paycheck comes in.
  • Forget the alternatives. Some borrowers make the mistake of using these services as their first line of defense when money troubles descend upon them. To avoid more complications down the road, they should be used only as a last resort. Asking friends or family for money, soliciting your employer for an advance, or negotiating with your creditors are all preferable options to borrowing.
  • Ignore the due date. Before you sign any documents related to the service, you should be absolutely sure you know when the repayment is due. Make a note of it in your calendar or do whatever you have to do to make sure you remember the date. When that day arrives, you need to verify that you have enough money in your checking or savings account to repay the amount you borrowed in addition to the applicable finance charges.