How to Manage Payday Loans Online on a Low Income


When you’re living paycheck-to-paycheck, payday loans online from a lender like can be a useful tool, and help you cover unexpected expenses like medical bills, car breakdowns and more.

But if you’re not careful, a payday loan can hurt your finances more than it helps them. So, in this article, we’ll give you some of our top tips for managing payday loans online when you have a low income.

  • Understand Your Repayment Options Before Applying

First, before you even apply for a payday loan or cash advance online, make sure you understand when you’ll have to repay it. Most typical payday loans must be repaid in a single lump sum, usually two weeks after they’re issued. However, some lenders offer 3 or 4-week loans.

Make sure that you know when you’ll have to pay, and exactly how much you’ll have to pay on that date. You can even compare different lenders, to see who will give you the best deal for payday loans online. 

  • Don't Ask for More Than You Can Repay

Next, consider how much you need to borrow. We recommend always borrowing as little as you can. Do you have a car repair that will cost $385 to fix? Borrow $400. Don’t get more money than you need – because lending fees will add up quickly.

As a rule, you should avoid any payday loan that is higher than your monthly income. Chances are, you’re going to have trouble repaying if you take out a loan that’s any higher than this.

  • Get a Written APR

Most online lenders, like, publish their APR information online. The higher the APR, the more expensive the loan. So, make sure you understand the APR and associated fees related to your cash loan online before you accept its terms. 

  • Pay on Time and Make Sure Funds Are Available to Avoid Overdraft Fees

When it’s time to pay, most online lenders won’t wait for you to send a check. They’ll have the authorization to pull the funds directly from your bank account on your due date. If you don’t have the money to pay, the payment will fail, and you will face steep late fees from your lender.

And, if your bank account does overdraft, your bank will charge you $20, $30 or more per day for over drafting – until you replenish the funds.

Either way, this can wreak havoc on your finances. Always make sure you have cash deposited and ready to be sent out – before your payment is due!

  • Contact Your Lender to Reschedule Payment

Life happens. Maybe you can’t make your payment on time. Some lenders, like, will allow you to reschedule your payment if you contact them at least 24 hours before the due date, and get an extension.

While there may be fees for this service, they’re usually cheaper than over drafting, or late payment penalties – so if you really can’t make your repayment, don’t be afraid to ask for an extension.

Follow These Tips – and Manage Your Payday Loans Online Wisely!

If you can follow these tips, you’ll be able to manage your payday loan effectively on a low income – and make sure that you don’t make your financial situation worse. For more information, or to apply for a loan today, head to now!