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Getting and Repaying Payday Loans

Jan 31, 2008
Unfortunately for most people, there will come a time when there is an emergency that they are just not prepared to deal with financially. Whether it is going to visit an injured relative out of state, an unexpected trip to the emergency room, or just a blown out tire on the car you use to get to work, all of these can be considered things that you have to take care of as soon as possible.

Payday loans are a great solution when these emergencies come up and can really be a convenience, especially since the requirements for a payday loan are simple enough that most of us can meet them easily. In most instances, you must be at least 18 years of age. In all instances, you have to have a job so you can prove that you have the means to repay the money, which is why it is given the name of "payday loan". Most of the time you will need at least two current pay stubs, preferably the most recent two you have. Be prepared to give up all the information about your employer, especially their phone number and if applicable, your supervisor's extension number. Go to the office prepared.

You can usually schedule the maturity of the loan to be reached upon your next payday, which can either be the next week or the week after that or even longer, depending on your pay period length.

Most people have problems with payday loans because they choose to borrow more money than they are prepared to pay back when the loan's due date comes calling. This is entirely avoidable in most instances simply by doing some math before you choose to borrow money. Never get a payday loan for something that you have the opportunity to save up cash for; that is, never use a payday loan for something that is not a necessity. There is really no sense in it, since you will have to pay interest back to the company. It makes more sense in non-emergency cases to just save up the cash instead.

If the loan period ends and you are unable to repay the full amount of the loan, you can often get an extension if you call ahead of time and let the company know you will be late. The worst thing that you could do would be to avoid contacting them, since this gives the impression that you are not going to repay the loan. Most companies are understanding and willing to work with people who are honest with them, but have no patience for those who seem to try and take advantage of the payday loan service.
About the Author
Dror Klar is a writer in the field of finances and is currently assisting those in need of cash advances and payday loans, particularly in the state of California.
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