How to Manage Payday Loan Repayment on a Low Income
A payday loan can help you cover emergency medical bills or home and car repairs. It is a short-term loan which needs to be repaid at the end of the month or your next pay date.
Here are some tips to manage your payday loan repayment when you are on a low income:
Understand Your Repayment Options
Before requesting for payday loans online, you must know when the loan repayment is due and whether you will be able to pay back the loan amount on time.
Get a Written APR
You should understand the APR and associated fees for the payday loans before signing a loan contract.
Make Sure Funds Are Available to Avoid Overdraft Fees
When your loan is due, your lender will deduct funds directly from your checking account rather than waiting for your paycheck.
Request Your Lender to Reschedule Payment
It’s better to talk to your payday lender and explain why you cannot repay your payday loans on time.
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