Thinking of a Payday Loan?

Although a payday loan may be a convenient short-term solution, it is inappropriate for long-term cash needs. Borrowers can get trapped in a payday loan cycle of debt by taking out loan after loan – sometimes called “rolling over” the loan. If you are thinking of getting a payday loan, please read the information below.
What is a Payday Loan?
A payday loan is a small, unsecured, high interest, short-term cash loan. In most cases, consumers write a post-dated, personal check for the advance amount, plus a fee. The lender holds the check for the loan period and then deposits it, or the customer returns with cash to reclaim the check.
If You Decide to Get a Payday Loan, Shop Wisely
Contact the Department of Financial Institutions to verify that you are dealing with a licensed lender.
Comparison shop for the lowest fees and penalties. For example, some credit unions offer payday loans with lower fees.
Borrow only as much as you can afford to repay with your next paycheck.
Know when your payment is due and be sure to repay the loan on time and in full.
Avoid borrowing from more than one lender at a time.
Plan for the future by making a realistic budget to help avoid the need to borrow for emergencies and unforeseen expenses.
Think a Payday Loan is the Answer? Consider Your Options!
Ask about delaying or making payment arrangements on your non-interest bills like telephone and utility bills.
Ask to borrow money from a friend or family member.
Ask your employer for an advance on your paycheck.