Avoid Long-Term Debt
Would a Payday Loan be Right For You?
We are not in a position to be able to advise whether a payday loan would be appropriate for your specific short-term financial requirements, so that decision is totally up to you – however, you must remember that such loans are designed only for short-term use and should normally not be used for non-essential expenses like presents or holidays. We encourage prospective borrowers to seek independent advice prior to signing their Loan Contract, if they don’t fully understand its terms and conditions.
Make Sure You Can Afford The Repayments
This may sound obvious, but one of the first things to do to ensure you don’t get in trouble with payday loans is making a budget to determine whether you could afford to take one out to start with. First, you may need to calculate how much the repayments would roughly be, based on the amount you would borrow and the number of repayments you would have – most online lenders have a loan calculator on their websites for that purpose. Based on the repayment amounts, you can check whether you would have enough money to cover them on the dates when they are due.
Only Borrow as Much as You Need
Although at times you may want to go for as much as you can, you need to remember that the more you borrow, the more you will have to repay. Being a responsible borrower is just as important as us being a responsible lender – and avoiding over-borrowing is one of very important steps you can take in order to try and prevent yourself from getting into long-term debt.
Pay it as Soon as You Can
As a responsible lender, we strongly encourage our customers to make early repayments on loans in order to reduce the outstanding balance and, subsequently, pay less in the long run. There are absolutely no fees for repaying early, and all you need to do is simply contact us to get our bank account details and let us know that you will be making an early repayment.
Can’t Make a Payment? Contact us ASAP
If you cannot afford to make a repayment, make sure you contact your lender immediately to work out a repayment plan that will suit your current financial situation. Don’t delay the inevitable by avoiding any contact – the lender wants to get paid BUT also keep you as their customer, so in most cases they will be willing to come to an arrangement that will suit all parties.
Seek Financial Help if Needed
If you feel that the debt is getting out of hand in a hurry, you may want to contact a budget advisor who can offer money management advice and may suggest solutions to any serious financial problems you may be experiencing.