These Simple Tips Will Make It Easier To Manage Your Online Payday Loan

Posted on: 30 October 2015

Sometimes it's necessary to get a little financial help from someplace other than the bank, especially when you don't need more than a few hundred dollars to fund your financial needs or if you're working with less-than-perfect credit. Applying for a payday loan online is quick, easy, and straight forward, which makes it an intriguing alternative to traditional bank loans.

You don't have to worry about your credit rating when applying for a payday loan; essentially, proof of your ability to pay the loan you receive back is all that's required. But successfully managing your payday loan isn't always as easy as actually getting the loan. Here are a few simple tips to help you manage your online payday loan and maintain financial peace of mind:  

Prep an Overall Plan

Before applying for a payday loan, it is important to sit down and create a plan for incorporating the loan into your lifestyle from beginning to end. Write down deadlines, such as when you need the money and when you expect to have to pay the money back. In addition it's important to document your expected income for the next several weeks so you can plan your payday loan application around your paydays to minimize the chance of default. It's also worth considering a few techniques you can personally apply to help yourself pay the loan back quickly. For example, you may want to have a couple of garage sales during the length of your loan to help fund it.

Mark Several Calendars

Marking your anticipated repayment dates on the calendar at home once you've accepted the loan is a good start when it comes to preparing reminders, but don't stop there. Take the time to mark your calendar at work, on all of the computers that you use, and on your smartphone too. Include reminders on your smartphone for the days leading up to repayment dates, you will virtually guarantee that the dates won't be forgotten.

Always Tax Yourself

A great way to get ahead when it comes to paying your loan back is to tax yourself every time you receive money. Whether it's a paycheck, a sale at a farmer's market, or the savings made from coupon use, tax yourself at least ten percent of the amount and put it aside to use for repayment. Once your payday loan is repaid in full, you can pad your savings account by continuing to tax yourself as time goes on – this tactic may just help you avoid the need for a loan next time an unexpected financial need arises.

Inspect Your Spare Change

You may be surprised at how much some of your change is worth after inspecting each piece as you collect it. In fact some coins circulating out there are worth hundreds of dollars and if you happen to collect one, you may be able to sell it and get the money you need to repay your payday loan early – you might even end up with a little cash left over for your personal savings account. So when you're handed change at the store or find a coin on the ground, check to see if you're holding one of the following:

  • 2004 Wisconsin State Quarter – Worth about $300
  • Ben Franklin Half Dollar – Worth up to $125
  • Presidential Dollar Coins w/ Lettering Errors – Worth up to $45

You'll find buyers for your valuable coins and local coin collecting stores, pawn shops, and through a variety of outlets on the Internet. You can even list them on your social network accounts to generate some interest in them.

For the best results, it's a good idea to implement a combination of many of these tips. Relying on just one or two management methods can lead to overlooking something important like repayment date or the need to apply for a repayment extension. Contact companies like Money 4 You for more information.


When to Use a Financial Advisor

Hi, my name is Melinda Jacobs. My husband John and I are in our 50s, and we both still work full-time jobs. I used to be of the mind that we should put every spare penny into an interest bearing savings account. That is, until we started going to a financial adviser. Our finance consultant has showed us how to manage our money in a manner that is going to not only sustain us today but also in the future. I would like to share some of what we’ve learned about saving and managing money in today’s economy and why the days of putting money into a savings account is not really practical. I hope that what I have to share proves to be beneficial to you.