Key questions to ask yourself and alternatives to getting a payday loan
By Kelly Gabriel
The last few years have been financially turbulent for many of us; and unsurprisingly, as the overall cost of living has skyrocketed, so too has our reliance on payday loans. For an individual who has been struggling with debts and other financial obligations, a payday loan can look like the perfect solution. It’s quick, easy, and not that expensive, or is it?
If you’re already overwhelmed with debt and you run into a sudden expense – an unexpected car repair, a leaky roof, or a medical emergency — checking loan disclosure details for your overall cost of borrowing might not be high on your list of priorities. But, jumping into a payday loan without reading the fine print and understanding all your options, could cost you significantly more than you borrowed in the first place. So here are some tips to keep in mind, and key questions to ask yourself before applying for a payday loan.
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Can I Afford the Payments on a Payday Loan?
Keeping your current financial situation in mind, consider carefully if you can truly live without a significant part of your next pay cheque. Will you be able to manage the repayment of the payday loan in the short term of the loan, without compromising your ability to pay for your other essential expenses? Being unable to pay the loan back on time will lead to additional costs and a worsening of your financial situation.
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