Have you been
sleeping less lately because of that overdue payday advance? More than the
interest charges piling up, it is the lack of sleep you should worry about. But
what could be the problem? Is it you or is it the loan?
The
Problem Could Be You
When you took out
a payday advance, the earth did not shake nor were there alarms to warn you of
your responsibilities as a borrower. You already knew beforehand that this type
of loan is to be paid after a two-week period. You might have an endless list
of excuses - another emergency, an unexpected necessary travel, or a landlord
going berserk. Whatever your excuses, you cannot get out of the arrangement.
The loan should have been paid on time.
Should you blame
the payday advance for your misery or should you blame yourself. Blame yourself
if you are guilty of any of the following:
* Not sticking to
your budget
* Taking out another loan before you could even get a hold on the loan
* Consenting to take a bigger loan than what you required
* Getting a loan for no purpose at all just because it is available
* Failing to compare fees before committing yourself to a loan
* Taking out another loan before you could even get a hold on the loan
* Consenting to take a bigger loan than what you required
* Getting a loan for no purpose at all just because it is available
* Failing to compare fees before committing yourself to a loan
Now that you are
losing sleep over your short term loan, you have doubled your misery. Sleep
deprivation stresses you out, makes you irritable, and you grow raccoon eyes.
Your work suffers too because your mental faculties are sluggish. Night after
night, after night until you have paid up that loan, you can never get a good
night's sleep.
What
You Could Have Done
The dire warnings
about the payday advance are not without bases. If not managed properly that
$500 loan can jack up to $10,000 dollars if you are careless about due dates.
Before you take out a loan, be honest about your capacity to pay. If you need
$500 but paying the entire amount after two week is impossible, opt instead for
split payment. This way, you won't be sweating over the unpaid full amount. It
is more realistic considering your capacity to pay.
Shop for lenders
and inquire about their policy on split payments; if you have to roll-over half
of the loan, calculate how much you are going to pay for the entire loan. Can
you swing it the next pay day? If the answer is no, then don't get a loan. But
if you can afford that loan and the emergency is really matter of life and
death, by all means get a payday advance.
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