Think Twice Before Getting a Payday Loan
Stop before you start. While getting a cash advance loan is generally quick and easy, if you can avoid getting one altogether that is obviously your best strategy. Having said that you really should review your options if you find yourself considering taking out any additional payday loans; especially if the second one is meant to pay off the first. Doing this will just create an even larger, deeper hole of debt and an even greater need for relief.
Make Sure to Read and Understand Your Loan Contract
Before you do anything, make sure you understand what you are signing. Read your contract carefully. Did you sign a voluntary wage assignment clause authorizing your employer to automatically deduct a specified amount from your paycheck to repay the payday loan? You can revoke it by sending a letter to the lender. Do you know the dollar finance charge as well as the annual percentage rate of your payday loan? Read the fine print. Before you commit to something make sure you fully understand what you are getting yourself into. And if you find yourself in over your head, know when it is time to get expert help.
Work with the Lender to Stop Payday Loan Madness
States differ with regard to how they regulate the payday loan business; however, some such as Florida, Nevada and Washington require lenders to provide extended payment plans. Regardless of where you live it is in your best interest to speak to your lender to see if you can renegotiate your installment payments. Unfortunately, it is in the lender's best interest to keep you paying, so instead of taking the lender on you might be wiser to seek out an expert, someone well-versed in paycheck advance loan relief who can provide you with the help you need.
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