There are some pointers you need to keep in mind before you take a payday loan. We’ve listed basic warnings about payday loans here and how you need to approach them to get the best out of them. Be careful to consider the following ten things while applying for a payday loan.

  1. Don’t ask for a loan that is above your monthly paycheck. You’ll have to repay the debt soon, and maybe within the month, so it’s best not to be too greedy. As a benchmark, stick to within 10 to 20% of your next paycheck’s value while asking for a payday loan.

  2. Remember that some moneylenders will have access to unlimited funds and might even be unscrupulous enough to offer you more, just to get you into debt. Only ask for how much you absolutely need.

  3. If you have declared legal bankruptcy, check with your Trustee before applying for any loan. Remember it is possible to get a payday loan even if you’re bankrupt, but the interest rates will be very high in your case.

  4. Do not apply for a payday loan unless you have a regular, steady source of income. In legal terms, this means you must be employed for at least 4 months. Note that there are ‘loan sharks’ who’ll waive this constraint for high interest rates; be careful of them.

  5. Establish a checking account at a reputable bank before you apply for a payday loan. Note that all reputable payday loan companies will check with your bank to ensure you’re earning at least $1000 per month.

  6. It’s best to apply for a payday from Monday to Thursday, so you get the money within the week. Usually it doesn’t take more than 1 or 2 days for the funds to be disbursed; sometimes it only takes a few hours.

  7. Your payday loan provider might charge $15 to $30 for every $100 you borrow. APR interest rates can be as high as 391%. Always look for a company that charges a lower APR.

  8. Always calculate your final payable when you consider the loan, so that you’re aware of how much you’ll be repaying. If you look at the principal alone, you might not realize the extent of your actual debt.

  9. If you’re a first time borrower at a payday loan firm, be sure not to ask for more than $500. That’s how much the company can give without losing too much. Asking for a very high loan will contribute to rejection of your application.

  10. Safeguard the privacy of your information; don’t offer your bank password so the company can ‘deduct’ its payments electronically. Also ensure that the company encrypts its transactions so your details don’t get leaked out.

  11. Thoroughly read the company policy, its FAQ, terms and conditions and other stipulations before you sign on. Many small companies will include important information in small print which you might miss out to your utter detriment, if you’re not careful.

 



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