Need cash in a pinch? Emergency expenses can come out of nowhere.
If you’re in need of some fast cash before your next paycheck, you may be thinking about taking out a payday loan.
Before you borrow, here are some helpful tips to consider for paying your Kansas City payday loans on time.
1. Never Borrow More Than You Can Afford to Pay Back
This may seem like an obvious point, but it’s nonetheless an important one. Whether you’re borrowing from a payday lender, family, or friends — always take out a loan that you can easily repay.
For example, if you’re already in lots of debt, borrowing more money may not be the best choice.
Consider calculating your debt-to-income ratio to determine your ability to repay the money you borrowed.
2. Confirm the Payday Loan Conditions and Rates Before You Sign Up
Each state has specific rules and regulations regarding payday loans. It’s important to familiarize yourself with the different options available to you.
For example, due to federal regulations, active-duty military personnel are not eligible to receive payday loans.
3. Check to See If the Lender Has Flexible Payment Options
Did you know some payday loan lenders in Kansas City charge if you pay your loan off early? Not us!
At Money ‘N Minutes we offer our clients flexible payment options including the ability to pay off your loan early.
Other options may include a repayment plan, an extension on your due date, or the ability to refinance your loan.
If you’re going to struggle to make payments, it’s important that you talk to your payday loan lender as soon as possible. It’s always a good idea to contact your lender prior to the due date of your payday loan.
4. Always Cover Your Basics First and Cut Back if Possible
At Money ‘N Minutes, we put people first. That’s why we always recommend you cover your basic needs such as food, shelter, transportation, and utilities, then assess how much you have left over to save until pay day. Look for any area in your budget where you can spend less.
Your Kansas City Payday Loan Partner
Get money quick and hassle free with the payday loan lenders at Money ‘N Minutes. We provide our clients, in Kansas City and beyond, with instant cash payday loans both in-store and online.
Apply online for a payday loan and receive funds the next business day. It’s that easy.