subject: How To Be Smart With Your Money: Paycheck Advances [print this page] It's often very tricky to deal with moneyIt's often very tricky to deal with money. Most people don't want to gamble too much with their own money. Dealing with personal cash loans is no different. Like all money decisions, it's important to make them wisely.
One vital rule is to work only with a reputable lender. When you actually go into a paycheck advance store you can assess it pretty well. Online lenders are sometimes harder to analyze. As people struggle to find jobs and pay bills, online lenders promising money can capitalize. Borrowing money online is only acceptable if you can depend on the business. One of your requirements should be that the company makes all its lending practices available to you. Also, before you commit to borrow money the lender should inform you of the charge for borrowing money as well as the penalty for not repaying it on time. If a company is not transparent in its dealings then you shouldn't do business there.
You should also look for a company with a good history of lending. Although a company may offer good loan options, it's important to know if it does so responsibly. The nature of the cash advance system is no excuse for weak principles. Also, be wary of companies that have offers that seem to flashy. You can easily check websites to see if a lender has a good reputation. Consumer watchdog groups, financial articles and customer forums are all good sources to determine if a lender has a good history.
Certainly you don't want to be overdue on your cash advance repayment. High late fees can quickly mount up and put you deeper in debt. Although you want to avoid this situation, it's important to know your repayment rights. A legitimate lender should not call to harass or threaten you. You shouldn't give bank account, credit card or important personal information over the phone unless you know the person with whom you're dealing. If you ask, legitimate lenders should be willing to send you information in writing. One of the best ways to fight harassment is to report the person or company to an agency like the Better Business Bureau.
The key to borrowing and paying loans is to be smart. Don't be afraid to ask questions or do a little research. It's your money and no doubt you want to protect it.
