The Typical Payday Advance Blunders (And How To Avoid Them)
Most people make one or more of these five mistakes when getting a payday advance:
- Not knowing whether you can pay the loan back
- Not doing your research
- Falling into the "borrowing too much" trap
- Taking out a payday loan without a justifiable reason
- Providing false information on your loan application
We're going to show you exactly how you can avoid these common blunders in the following sections so that you can borrow like a pro.
5 Typical Payday Advance Blunders And How To Avoid Them
1. Not Knowing Whether You Can Pay The Loan Back
Some people jump into a loan agreement without fully understanding the amount they must repay, resulting in long-term financial troubles.
Ensure you know the total amount of your payday loan in Louisiana before signing anything. Then, consult your budget to determine whether your income can comfortably cover the amount. If so, you can take out the loan with confidence!
2. Not Doing Your Research
We're sure you understand that not every payday loan was created equal. Some aren't reliable nor trustworthy, meaning you must do your research to avoid being scammed by something that looks too good to be true.
Read every review you can find online before choosing a lender and talk to your friends and family to find out whether they've had any experiences dealing with payday lenders. People are more than willing to tell you about exceptionally positive and negative experiences.
Once you've found a few trustworthy lenders, comparing rates is wise. That way, you can rest easy knowing you've received the best deal on the market.
3. Falling Into The "Borrowing Too Much" Trap
With a payday loan from Cash Cow, you can borrow between $100 and $300. However, a common mistake is being tempted to borrow the maximum limit, even though you only need half that amount to fund your predicament.
Don't let yourself fall into that trap. Work out how much you need to pay for your emergency, and only request that much on your application form. It'll save you a tremendous amount of time, money, and energy in the long run.
4. Taking Out A Payday Loan Without A Justifiable Reason
It can be tempting to take out a payday loan for a mindless shopping extravaganza to make yourself feel better. But trust us, it's simply unnecessary and ends up costing you more than you accounted for.
A payday advance is supposed to be kept for funding emergencies (i.e., when you truly need the money). You shouldn't ever borrow to pay for things you don't require to survive, regardless of how much you may want them.
To give you a better understanding of the situations where getting a payday loan is justifiable, consult the list below:
- Paying medical bills
- Funding overdue bills to avoid late charges or other extra fees
- Paying for urgent travel costs
- Funding emergency home or auto repairs
If your situation could worsen and you don't have time to find another option, a payday loan might be justified.
5. Providing False Information On Your Loan Application
We accept borrowers with less-than-perfect to poor credit scores. Because of that fact alone, it's unwise and unnecessary to lie on your application. Lenders can spot false claims from kilometers away, making you unable to qualify for loans in the future.
To avoid this typical blunder, make sure you're always honest on financial paperwork and ask us questions if you're unsure how to respond to any part of the form.
How To Get A Payday Advance From Cash Cow
- Contact your local Cash Cow store by phone or use our secure online form to send your information directly to the shop.
- One of our friendly loan representatives calls you back to confirm your information, answer any questions, and explain the required items. At this stage, you also need to decide whether you want to meet at the store or a more convenient location.
- Wherever you decide to meet, head there. Don't forget to bring your driver's license (or another form of state-issued photo ID), your most recent pay stub, and a blank check from your active checking account. Please be aware that the checking account must be open in your name for us to process your Louisiana payday loan application.
- Our expert store representative examines your paperwork to establish whether you qualify for the loan when you arrive.
- If you gain approval, you complete the paperwork alongside the associate.
- Finally, you get the money you need on the same (if you apply early in the day) or following business day (depending on your bank).
Submit Your Payday Advance Inquiry Now!
Knowing how to avoid the top five typical payday advance blunders gives you the best chance at having a positive experience with your payday loan. Whenever you're ready, use our secure form to kickstart the process.
Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.