Some people are afraid of cash
advance payday loans because they are under the impression that the full amount
has to be paid back on your next payday. This is not necessarily the truth.
Some lenders will provide you with extensions and this is one of the things you
should look for when searching for a lender.
Here is a way to borrow and repay a
payday cash advance loan on a tight budget. First you should research your
lenders and find one that will loan the amount you need and has the lowest
finance charges and no hidden fees. You should be able to find a lender that
charges a finance fee of about $10 per $100 borrowed. This or something close
is what you want.
And last but not least the lender
should offer extensions. The extension is not absolutely necessary but will
serve as a safety net should you find yourself in trouble. I will explain more
about this later.
Here is how this system works. For
example we will use a $300 payday loan amount. So you apply for and are
approved for the $300 cash advance and the full amount is due on your next
payday which in this example will be one week. Your budget allows for you to
spend $50 per week to repay your loan using this system and the finance charge
is $10 per $100 for this example as well.
So now its one week later and the
payday loan amount is due. You owe $300 for the loan amount and another $30 for
finance charges for a total of $330. So since your budget is $50 then the
following is the transaction you will make.
You will pay the $330 in full and
then you take the $50 budget and subtract it from this amount so $330 minus $50
equals $280. So now as soon as you pay the $330 in full you will immediately
borrow $280 and leave with the cash in hand. This way you have satisfied the
loan, spent your $50 budget to repay and carried over a balance of $280.
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