If you need money right away, a White Castle Payday Loans Phone Number might be the thing that can save you. Though you can find payday cash advances to be highly beneficial, not being knowledgeable about them is a recipe for disaster. The advice contained here should help you avoid making a mistake when you’re getting a payday loan.
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A lot of people find that they do not have another avenue when they have to get a payday loan. Put some real effort into avoiding this process if it’s at all possible. If you have a family member or a friend that you can borrow from, try asking them before resorting to using a payday loan company.
There are various methods that payday loan companies employ to get around usury laws put in place for the protection of consumers. They will charge fees that basically amount to interest on the loan. Therefore, in essence, the interest rate you are paying could be ten times more than the average interest rate provided by financial institutions.
Payday advances are only short term loans and need to be paid back in under a month. Many times the loan is for two weeks which is a typical pay period in a standard work week. The only way around this is if your payday is coming up within seven days of securing the loan. If that happens, you will have to pay off the loan with the paycheck after your next one.
When looking for a payday loan, do not settle on the first company you find. Instead, compare as many rates as you can. While some companies will only charge you about 10 or 15 percent, others may charge you 20 or even 25 percent. Do your homework and find the cheapest company.
A better alternative to a payday loan is to start your own emergency savings account. Put in a little money from each paycheck until you have a good amount, such as 0.00 or so. Instead of building up the high-interest fees that a payday loan can incur, you can have your own payday loan right at your bank. If you need to use the money, begin saving again right away in case you need emergency funds in the future.
Whenever you apply for a payday loan, make sure you have your most-recent pay stub to prove that you are employed. You should also have your latest bank statement to prove that you have a current open checking account. While not always required, it will make the process of getting a loan much easier.
Don’t avoid the lender if you can’t pay back the loan on time. Often payday loan providers will use debt collectors if you do not pay your loan back in time. Try to get an extension if you can’t fully pay back the loan in time.
Make sure that you know how, and when you will pay off your loan before you even get it. Have the loan payment worked into your budget for your next pay periods. Then you can guarantee you pay the money back. If you cannot repay it, you will get stuck paying a loan extension fee, on top of additional interest.
Do not get a loan for any more than you can afford to pay back on your next pay period. This is a good idea so that you can pay your loan back in full. You do not want to pay in installments because the interest is so high that it will make you owe much more than you borrowed.
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If you have no one to borrow money from and you need some right away, you should consider getting a White Castle Payday Loans Phone Number. You do pay higher than normal interest for the privilege, however, it can be of benefit if done correctly. In order to make use of these kinds of loans intelligently, just keep this article’s advice in mind.