The time for payday advances will always be when you least expect it. You should prepare for payday advances now, before you might actually need one.
The unfortunate thing about payday advances is you will never know when you'll actually need one. There is no way to map out your financial emergencies, there is no way to predict your moment of financial desperation - payday advances are only good for unexpected cash demands and you can never be truly prepared for them. Or can you?
Making preparations for payday advances
Before you even have a need for payday advances, you have to know what is required of you in their repayment, their scheduling and their availability:
- be prepared to pay a lending fee between $15 and $30 per $100 you borrow and be prepared to repay payday advances with your subsequent paycheck. If you wait and decide to hold onto your paycheck you'll be charged a roll-over fee equal to the original charge, so that $15-$30 becomes $45-$60 in two weeks time - thats a tough price to pay for your procrastination.
- payday advances are scheduled around your payday. The need arrives in the time between paychecks, and repayment is due when you are next paid. This could be a few days or as much as two weeks, depending on the hour of your financial need.
- know where to go for a payday advance. You can choose between in store and online lenders, but online lending is not only faster but much more affordable. You also should be prepared to face rejection if you have outstanding payday loan balances.
Preparations to avoid the advance entirely
You can also make moves to avoid the need for costly and disadvantageous payday advances altogether. This preparation is called savings, and savings are there for emergency purposes - just like payday loans! So save, if you are having trouble making ends meet between random paychecks, set up a savings. When you have the money put it in, when you need the money you can take it out. Its simple, but the, main reason people take out payday loans os because they lack the savings to cope with their financial demands.