How to Save Money on Payday Loans

Payday Loan – The Best Place to Start

We all have times when we run short on money. An unexpected auto bill can be a strain on you financially and mentally. If a short term financial emergency arises then a payday loan is an option. The problem many people have with payday loans are there fees and high interest that is charged to borrow the loan. While what caused your particular financial emergency may be out of your control, your next move is. No one likes paying more than they need to for something, if you decide that you need to get a payday loan, then you should know these next ten tips. They will save you money.

Tip #1:

Decide the exact amount of money you will need. There is nothing worse than getting a payday loan and still not having enough to get you buy till payday. Be careful not to take out more than you can comfortably pay back.

Tip #2:

Shop around. Each lender is different and has different terms and fees. You can save a lot of money by comparing multiple payday loan companies. This site is a great place to start your research. The more you shop around, the more money you could save.

Tip #3:

Use the internet to your advantage. Every pay day loan company has a website. Instead of driving all over town looking for deals, do your research online.

Tip #4:

Find a payday loan company that has a very low interest rate. This is very important, the more interest the more you will be paying back.

Tip #5:

Only deal with reputable payday loan companies. We all have financial emergencies; don’t like someone use that to take advantage of you. Look for companies that have been around a while.

Tip #6:

Know your bills. Allow yourself enough time to pay back the loan without causing a strain on your wallet. Some lenders want their money paid back by the following paycheck; others will allow you to stretch out your payments over time. Find one that fits your needs.

Tip #7:

Read the fine print. If you have ever taken out a loan for your home, car, or gotten a credit card then you should be familiar with fine print. Look for hidden fees. If you find a fee you don’t like tell them to discount or remove the fee.

Tip #8:

Avoid extending or rolling over your payday loan. This usually causes you to be hit with another fee.

Tip #9:

If you cannot pay back your loan by its due date, call the lender as soon as possible. The payday loan industry knows that a certain percentage of their loans will default. If you let them know your situation they can work with you. It will cost you more not to call, because a penalty interest rate will kick in and your credit may be affected. Most companies are very helpful and professional, let them help you.

Tip #10:

Never work with a payday loan company that charges you an up-front fee. There are many reputable lenders that will not charge you anything until you have received your cash.

Bonus Pay Day Loan Tip

Any business needs to keep customers happy. Customer retention is extremely important in this business as well. Use this to your advantage. After you have gotten a payday loan from a company, if you ever need a payday loan again this is what you should do. Call up the company and tell them that you want another payday loan but they have to lower the rate. If not, you are taking your business else ware. Pay day loan companies hate losing customers and may give you a very low interest loan to keep your business. Try it!