If you have a payday loan then you will normally have to repay it when you next get paid. This means that you have to find enough money to cover the amount that you borrowed plus any fees and interest and have it ready to repay on the day that you are paid. There are things that you can do to make sure that you are prepared for doing this. It is good to be prepared because if you do not manage to make the repayment then there will be extra fees to pay and no one wants to pay extra fees.
Find Out Exactly How Much it Will Be
It is wise to start by finding out exactly how much money will be taken from your account. You need to consider all of the costs of the loan so make sure that you find out this figure form the lender rather than just trying to calculate it based on the interest rate. You may find that there will be fees charged as well as interest and so you will need to bear that in mind. Make sure that you know the figure so that you will not have a surprise and you can plan your budget properly.
Check What Other Payments Come Out
It is also wise to check what other payments will be coming out of the account at the same time. Often, we will schedule payments to come out, such as our rent or mortgage and utility bills, just after we are paid so that we know we have enough money available for them. This is something that we need to check on because we need to make sure that there is enough money to pay for these and the payday loan. We will not know what order they will be paid in and we need to ensure there is going to be enough money for them all.
Ensure You Have Enough to Pay Everything
We will also have other costs through the month as well. This means that we will need to check on those too. Check whether there will be enough money for them. If there is a shortfall, either because there is not enough money to pay for the loan and the other items coming out that day or to cover further purchases later in the month, then you will need to think about whether you need to earn some extra money in an alternative way.
Think of Ways to get Extra Money
Therefore you will need to think of ways to earn the extra money. This is something which might sound tricky but it could be easier than you might think. Consider firstly whether you can reduce the amount of money you are spending. Perhaps comparing prices and paying less for things or buying less items could be possible. Think about where your money goes and whether there are areas that you spend it that you can reduce. Remember this is just a temporary thing and so if you can delay buying certain things, just for a small while this will help. You may also be able to make more money by doing various things. Perhaps selling things that you own, doing some freelance work or some things like this could also help. Have think about your options so that you can get organised with your finances.
Have a Back up Plan
It is a good idea to have a back up plan. This means that if you are in a situation where you need to have some extra money, perhaps you have miscalculated or a bill suddenly comes in, you will know what you can do. So, identify a few things that you can do to get some extra money if you need it. Then you should be all set up to confidently be able to repay the loan.