Key Questions to Ask Yourself and Alternatives to Getting a Payday Loan
Written by Kelly Gabriel
The past few years have been financially turbulent for many of us; it’s no surprise that, with the overall cost of living on the rise, we’ve also been relying on payday loans. For someone who has been struggling with debt and other financial obligations, a payday loan may seem like the perfect solution. It’s quick, easy, and inexpensive, right?
If you’re already drowning in debt and facing a surprise expense — an unexpected car repair, a leaky roof, or a medical emergency — checking the loan disclosure details to see the total cost of borrowing may not be at the top of your list of priorities. However, taking out a payday loan without reading the fine print and understanding all of your options could cost you a lot more than you borrowed in the first place. So, here are some tips to keep in mind, and key questions to ask yourself before applying for a payday loan.
How to Escape a Payday Loan Nightmare
Can I afford the daily payday loan installments?
With your current financial situation in mind, think carefully about whether you can really live without a significant portion of your next paycheck. Will you be able to manage to repay the payday loan in the short term, without compromising your ability to pay your other essential expenses? Failure to repay the loan on time will result in additional costs and a worsening of your financial situation.
An online instant payday loan will not solve your money problem.
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