3 Tips for Managing Your Cash Advance Loan Wisely
If you require immediate cash, cash advance loans are a good option. To avoid late fees or other problems with repaying your advance, it is important to manage your cash advance well. We’ve compiled a list of useful tips and suggestions for managing cash advance loans.
1. You must submit your payment request on time
We recommend that you make your payment request promptly. Customers who receive cash advance loans are most likely to default on their payments because they forgot to submit a payment request.
At Mypaydayloan.com, the due date is set to fall on your payday. So you don’t forget to submit your payment request, we recommend that you submit it as soon as possible or at least 48 hours prior to your due date. If you are not able to pay the full balance by your due date, you have the option to submit a request for the minimum due. Once you have enough money to repay the advance, log on to Mypaydayloan.com to submit your payment request for the full balance.
2. Have an emergency? A Cash Advance is an option for you
Although cash advance loans are useful for short-term cash needs, they can also be very costly. At Mypaydayloan.com, we recommend that cash advance loans only be taken out in serious emergency situations.
For example, if your car breaks down and you need cash to fix it and get to work so you can keep your job, a payday loan makes sense. Or, if you need to cover an unexpectedly high utility bill, you may want to take out a cash advance.
But you should never take out a cash advance to buy consumer goods like electronics, buy gifts for others, take a vacation, or for any other non-essential purpose. Doing so could lead to further financial problems due to the relatively high cost of taking out cash advance loans.
3. Are you an existing customer in good standing?
Mypaydayloan.com offers both loan renewals and loan increases to our customers.
A loan increase lets you borrow more money on top of your previous loan if you were qualified for a higher amount during the approval process. You can learn more about the requirements of a loan increase here.
A loan renewal allows you to quickly borrow money again after paying off your previous cash advance. Note that you must wait 5-6 days after repaying a loan to apply for a renewal. You can learn more about this process here.
These tips will help you manage your online cash advance more efficiently
By taking out cash advances only in emergencies, repaying on time, and getting more cash or renewing when you need it, you can take control of your finances while borrowing money from Mypaydayloan.com.