It seems an unexpected car repair or overlooked expense often pops up after all the bills have been paid but before your next paycheck. A payday loan can help fill in the gap. You get much-needed cash to cover those financial emergencies. Here are several do’s and don’ts to keep in mind before applying for the loan.

Do:

Determine exactly how much you need.

It may be tempting to request an amount over and above what you need. Resist the urge, calculate the exact figure to cover the expense, and stick to it. This way, you are not paying more fees than necessary.

Schedule step down amounts for each time you need to advance.

If you anticipate needing more than one payday cycle to pay off the loan, make sure for each new advance taken it is a lesser amount than loan before it. Paying off the loan over several paydays can help minimize the hit to your budget. 

Don’t:

Forget to include your loan payment in your monthly budget.

As you tally up your bills for the month, include your payday loan payment. This will help you avoid any financial surprises later. Make sure you also have enough money in your checking account on payday to cover the amount borrowed.

Be afraid to ask questions.

Payday lenders encourage applicants to ask questions. They will gladly go over the terms, fees, and loan requirements. The payday loan paperwork you receive should be clear, concise, and transparent. If you don’t understand something, ask for clarification before signing the agreement.

Life is filled with unpredictable financial scenarios. When handled diligently, a payday loan can be the solution for getting back on track. Advance U Cash in Florence, KY, specializes in helping individuals by providing short-term loans. You can get started right now by completing the quick and secure application online. Or, stop by the lending center today. If you have any questions, call (859) 746-2274 to speak to a loan officer.