When you’re strapped for cash, payday loans and cash advances can be a blessing. However, as with any loan, it’s imperative to know exactly what you’re getting into before signing a contract, so you can keep yourself in good financial standing. Whether you need quick cash to cover unexpected expenses, or just some extra money for a special purchase, educating yourself about what payday loans entail will help you stay within your means. 

3 Questions to Ask Your Payday Loan Providers 

1. How Long Do I Have to Pay Off the Loan?

The loan term can make or break your ability to pay it off in a reasonable amount of time, so it’s crucial to have a thorough understanding of what to expect. If a payday loan is due on or near your pay date, it may be easier to budget and pay on time.  Ask you lender if the due date is flexible to match your payday better.

2. What Should I Know About Interest?

Every loan has interest. Payday loans typically have a preset fee that does not rely on your credit score. Since the fee is a preset amount, your interest rate does not change. Cash advances with short loan duration can be a feasible option for many borrowers who need quick access to cash. The cost of a payday advance may outweigh other costly options such as incurring overdraft fees. 

3. Are There Any Hidden Fees?

Payday loans usually come with fees to help the lender process and extend the cash. Before you agree to any loan, ask your lender for a thorough description of the fees, so you can factor them into the final decision to borrow. All fees should be disclosed in writing.

Do you need cash now? Advance U Cash in Florence, KY, offers affordable, flexible payday loans that are readily available when you need them. With interest-free loans for first-time customers and competent, forthcoming agents who will spell out the borrowing process, you can trust you’re getting the best deal possible. For more information about payday loans, visit them online, or reach out to a representative at (859) 746-2274.