So you’re short on cash and you’ve decided that a payday loan is an option for you. If you decide to move forward with a cash advance, the following tips can help you borrow responsibly.
The higher amount you borrow, the higher the fees. Just because you're approved for a high dollar amount, you don't have to borrow the full amount. Only borrow the amount you need to get through until pay day. Your payday loan amount - plus fees - will be due on your next pay date, so be sure to account for the following pay cycle accordingly.
Before borrowing a payday loan, make sure you fully understand the loan terms and how much it will cost. If you're considering borrowing from Cash Money, please read our payday loan rates and terms pages first, and ask questions if you need clarification. We want you to completely understand your loan fees and the repayment process before agreeing to your payday loan terms. Once you sign your loan documents, you are responsible for repaying the full amount borrowed plus fees.
Avoid getting caught in a cycle of payday loans by making sure your next paycheque will cover all of your monthly expenses plus your loan amount and fees. If you feel that you cannot repay, consider borrowing a smaller amount or researching other options.
Before taking out a payday loan, consider all other options. Do you have a friend or family member willing to loan you money? Can you temporarily cut an expense out of your budget? Do you have savings in place? A payday loan should only be an option after other resources have been exhausted.
Here are some payday loan alternatives to consider: