What you should do to avoid drowning with personal payday loans

Personal payday loans are one of the favorite instruments when requesting financing to cover extra expenses. Whether the money goes to a personal project, home arrangements or a large purchase, the loans have relatively low interest rates that make users turn to them.

However, if certain precautions are not taken, they could be burdened with the loan, realizing that they cannot keep up with the monthly installments. To avoid drowning with the next loan you will request, consider these considerations:

Calculate how much money you have available monthly for fees

Calculate how much money you have available monthly for fees

Build a budget and remember that it is recommended that your debts (credit cards, car or house fees, etc.) do not add more than 30% of your salary. Compare the options until you find one that fits your profile. There will always be a bank or cashier better than another, so the only way to find the best alternative is to compare the options, requirements and deadlines. For this you can use different comparators available on the web.

Mark the payment dates on your calendar

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Write them on your calendar or cell phone and set an alarm, so you will not be late in payments. With all these advantages and many more that are yet to come, don’t you still have the app on your phone?  Talk to the bank to schedule the payment date on the day that suits you. Find out what to do in case of a delay. It is always good to be clear about the procedure to follow if for some reason you cannot cover the monthly fee, what is the interest you would pay for the delay, what is the term you have to catch up, among other questions that may arise.

Loans are very useful if you know how to handle them. Take these keys into account and take care of your financial life.

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