Payday Loans And Contracts: Reading The Fine Print About Fees

Published: 26th June 2015
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You may have several online or in-store payday loans to your name, but after months of budgeting and saving, you finally climb out of the financial black hole. Your payday loan lenders have stopped calling, you checkbook is balanced and you have some money stashed in the bank for emergencies and investment. However, this is not the time on rest on your laurels. Keeping yourself away from bankruptcy requires constant vigilance. One misstep can send you right back in the arms of your direct lenders for payday loans. A good money manager does not incur unnecessary fees that are totally avoidable had he been a vigilant debtor. Here are some simple tips on how to stay from unnecessary fees.

You need to read the fine print of your payday loans and credit card bills. You may have every intention of paying off your payday loan lenders, but sometimes intentions are not enough. Ask about penalties for late payment, underpayment or non-payment. Sometimes there are time delays between purchases and its posting where you end up being penalized. Know them by heart and avoid these costly mistakes.

Always make sure you have funds to your checks. The financial consequences of allowing your checks to bounce can be disastrous. Not only is your credit dinged, you get hit for overdraft charges, late payment fees and whatever charges your bank imposes. You will slap yourself silly if this resulted only in an oversight, i.e., you had funds to pay off your bills but you just failed to transfer it. If you really have no means to fund a check, then beg your relatives, ask your direct payday loan lender to delay the deposit, or sell something - just make sure that it's funded on time. But think twice about getting another online payday loan to pay for this, as you might start another vicious cycle.

Be careful with service fees. Banking these days has become more complicated with so many rules to follow. Some banks charge a service fee for withdrawing money from another bank. You may bitch and whine that its your money, but in the end, you will have to pony up for your inattention. Banks are like girlfriends, they become agitated when you so much as throw a glance at another financial institution. So when in doubt about the rules, deal with your own bank.

If you have to use your credit card, stay away from cash advances. Most credit cards charge a higher interest for using their cash advance facility rather than regular purchases. You will be better off swiping the card than taking a cash advance because if you don't pay the entire balance, your payment will be credited to transactions with lower interests. You will end up paying more for the cash advance, a useless action that can be avoided with a little forethought.

To keep your financial boat afloat, stay on top of your payday loans. Avoid making unnecessary fees on all your financial transaction, as this money can be better used for paying off your online payday loans. If you stay in the black, your direct lenders for payday loans will be very accommodating if and when you need funds for an emergency. Plus, your credit will look good to payday loan lenders if its not peppered with penalties that betrays a lack of fiscal responsibility.


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Approved Money Center offers fast loans when you need quick cash. Visit ApprovedMoneyCenter for more information on how to obtain a short-term online payday loan.

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