Payday Loans

7 Ways to make sure you repay your Payday Loan on time

Repaying a payday loan can be a bit challenging for some people who aren’t prepared, so it’s important that you read this article to get all of the information you need. The more prepared you are when taking out a payday loan, the better your chances will be of paying it back in full and on time. The last thing you want is to be even one day late with paying back your loan, because it could mean spending a lot more than you really need to.

1. Automate Debt Payment

One of the best things that you can do when it comes to repaying a loan is to set up automated payment so that the money you owe goes right to the lender as soon as it goes into your bank. This way you won’t be tempted to spend any of the money that is supposed to go towards paying off your loan.

2. Reduce your Expenses

You will also want to cut down on your expenses until you pay your loan back. There are most likely a lot of different areas that you can reduce spending in your life, and you will need to take the time to think about this. This is a very effective way to ensure that you have enough money to pay your loan back in full and on time.

3. Supplement your Income

There are many different ways that you can supplement your income so you will have all the money you need to pay back your loan. You could try doing odd jobs for people or even sell some of the things you no longer want on eBay or Craigslist. Take some time to think about how you could make extra money.

4. Make small payments

If you are able to make some extra money, you may want to think about making small payments until your loan is completely paid off in full. This will help reduce the overall burden of your loan. If you keep repaying your loan, you won’t waste any extra money that you are making. Find out if your lender will allow you to make small payments in the middle of the month.

5. Lower the Interest Rate

You can always try to negotiate with the lender to see if they would be willing to reduce your interest rate at all. This could be a great way to reduce the overall amount that you have to pay back, therefore making it much easier to avoid being late. Some lenders are willing to help borrowers out by reducing the interest rate while others are not.

6. Borrow against life insurance

You should also think about borrowing against your life insurance policy and other savings so you can repay your debt on time and without any problems whatsoever. This might not be possible, but it’s still something that you should at least look into. You will receive less money later on, but that is still a small price to pay overall. A lot of people who get payday loans actually do this, and it can be a real life saver.

7. Borrow from your 401(k)

Borrowing money from your 401(k) is a similar option to the one listed above, and it can be incredibly helpful when it comes to paying back your payday loan on time so you don’t incur any penalty fees. You should of course see how much money you have in your account and take out a portion to repay your debt. Since payday loans are usually for relatively small amounts, you shouldn’t have to take out very much from your 401(k).

Repaying your payday loan on time is incredibly important, because being late or not paying it back at all will impact your credit in a very negative way. All of the items listed in this article should help you with paying your loan back on time without any issues. Most people who take out payday loans are able to pay them back by the required date, but some people do have difficulties. If you think you might have a problem with paying back your loan, it is incredibly important to consider these things.

Payday Loans

7 Rules to Follow when getting a Payday Loan

There are several important rules that you will want to follow when it comes to getting a payday loan. The fact of the matter is that payday loans can be extremely beneficial in a number of ways, but you don’t want to rush into getting one. Instead you will need to take the time to get the necessary information so you will be able to get the best overall deal.

1. Find the right Lender

It is imperative that you find the right lender when getting a payday loan. The lender that you choose will ultimately determine the interest you pay on your loan as well the specific terms. The more time you spend looking for the right lender, the better your chances will be of getting the best possible deal. Payday loans are typically given by private lenders, and there are a lot of them to explore before making a final decision. The last thing you want to do is rush into this sort of decision.

2. Apply at the right time

You will also want to make sure that you apply for a payday loan at the right time so that you will get your funds as soon as possible. The best time to apply for one of these loans is early morning on a Monday or Tuesday. By doing this you will significantly increase your chances of getting the money you need when you need it.

3. Only take out as much as you need

Make sure that you only borrow as much as you need, because otherwise you will likely end up regretting it. One of the biggest mistakes that people who get payday loans make is that they take out more money than they require, and as a result they have difficulty paying back their loan.

4. Read the Fine Print

If you get approved for a payday loan, you will be required to sign a legally binding contract with the lender before you can get your money. Take all the time you need to look over the contract so you know exactly what it says. You do not want to end up paying more than you initially thought simply because you didn’t take the time to read the terms of the loan in the contract.

5. Check your Credit

Your credit history/score will play an important role in whether or not you are approved for the loan you want, so you will therefore want to take a close look at your credit report. You will have to pay a small fee to get your credit report, but it’s well worth it when you consider the benefits. Make sure that you look for any errors or mistakes in your credit report. A lot of people who check their credit reports end up finding certain items in it that shouldn’t be thee at all. By doing this you could actually improve your credit score.

6. Know when your need to pay back your loan

You should know the exact date that your loan is due to be paid back so that you aren’t late. Being even one day late with paying back your payday loan could mean incurring some hefty fees/penalties, so you will need to keep this in mind.

7. Shop around for the best interest rate

One of the most effective ways to get a good deal on your loan’s interest rate is to shop around with different lenders. Not all lenders are going to charge you the same interest rate, which is why it’s so important that you do some research before settling on a certain lender. You will definitely be glad you did this because of how much money you could potentially save yourself.

A payday loan can be extremely helpful if you are in a tight financial situation and need assistance, but you will have to consider all of the items listed in this article before getting yours. Those who rush into getting a payday loan often regret it for a number of reasons. In the end you will be very glad that you took the time to consider all of these things.

Credit Cards

Is an Avios Rewards Credit Card Worth Having?

Airmiles are now called Avios and you can collect the reward points in different ways including on a credit card. You will get the reward points awarded as you spend money on the credit card. Many people think that this type of reward card are well worth getting, but this can depend on how you use the card and the rewards.

You will obviously only benefit from Avios rewards if you fly and you know that you will be able to spend them on the flights that you make. Make sure that if you do have a card that you remember to use the rewards when you fly or that you can use them for the type of flights that you book. It can be worth reading the terms and conditions just to check.

The reason for being so sure is that you might be able to do better with other types of cards. Reward cards vary in the rewards that you get. Some allow you to collect points and some even reward you with cash. The amount that you get will be very small compared with the amount that you have to spend to get it and so it is a good idea to compare them and see whether there is a different type of card that might be better for you to use.
It can be tempting to spend more money on the credit card because you can see the points accumulating. Try not to do this though as the amount of reward that you get is tiny compared to what you have to spend. If you didn’t spend the money at all and put that in a savings account towards your flights you would be a lot better off.

It is also worth noting the interest rates. You will probably notice if you do compare the rates that the cashback, points and Avios cards are higher than some cards that do not offer rewards. This is because the rewards cards need to finance the rewards with something and they do so by charging more money. If you always pay off the full balance each month and therefore pay no interest then this will make no difference to you at all. However, if you only pay off the minimum balance or do not pay off the full balance then you will be paying interest on the card. It is worth checking how much this is and then calculating how much you are paying for those rewards that you are getting. You will see that you are paying more in interest than you are receiving in rewards and so it could be well worth switching to a card which has a lower interest rate.

Even if you do pay off all of the balance each month it could be worth considering whether a rewards card is best for you. If something happens to stop you being able to repay the card for some reason, then you may end up paying more than necessary. You could lose your job, have extra high expenses or some other change of circumstances which could lead to you not having enough money to pay back the card. It could even be worth keeping enough in a savings account to cover the cost of a card repayment to make sure that this does not happen and that you will not have to pay that expense interest unnecessarily.

It can be so easy to think that you are really benefitting from having an Avios rewards card or a similar card. However, it is really important to understand how much that card is actually costing you and that this could be more than the value of the rewards. So calculate how much you are paying for the card each month and then work out how much you are benefitting from it and if you are paying more, then consider swapping to a different reward card or a different type of card entirely that has a lower interest rate and therefore will be cheaper for you. It may take a bit of time to do this but it could be really worth it and you may even save so much money that you will be able to start paying back what you owe on the card and get yourself out of debt.