How to Avoid Getting a Payday Advance or Payday Loan

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By Ana Jackson
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How to Avoid Getting a Payday Advance or Payday Loan

The thought obtaining cash fast through a payday advance may seem tempting at first. However, if you stop and consider the fact that the loan amount will need to come out of your next paycheck, you must decide if the remaining balance will be enough to care for your financial responsibilities without requesting another loan. Otherwise, you may find yourself requesting loan after loan and incurring more payday debt. Here are some pointers to help you avoid getting a payday loan or advance.

Difficulty: Moderately Challenging

Instructions

Step 1

Make a family budget to reduce the possibilities of needing a payday advance. This is necessary in order to eliminate unnecessary monthly bills such as multiple cell phones, cable or membership subscriptions to clubs or magazines, as well as eating out.
Step 2

Enlist each family member’s help. Ask each person to determine ways to save money such as taking shorter showers, watching less television, turning off lights or not demanding unnecessary items.
Step 3

Have each family member help with chores around the house so you can take on a part-time job. Although not the ideal situation, you must do what you can to survive difficult times and avoid getting a payday advance. Avoiding a payday loan and staying debt free will be easier on the entire family in the long run.
Step 4

Sell unnecessary items or furniture. Take inventory around your house and identify items that you can sell such as clothes, furniture and other accessories. You can refurbish damaged furniture inexpensively and sell it. If you have a junk car, you can sell the parts individually and sell the rest to a scrap yard.
Step 5

Make sure your family knows that you love them and that the present situation is temporary. Kids can appreciate a parent’s efforts a lot more than parents realize. They'll be happy to contribute to the solution, but you must communicate with them.
Step 6

Take advantage of financial blogs like Cash Money Life, where you can find Dave Ramsey’s 7 Baby Steps to becoming debt free. You can learn how to avoid getting a payday advance while paying your debt. Please refer to the resource section for the website.

Comments

Karenc1972 said

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on 1/13/2009 The real problem with payday advances is that once you require them as a one-off you keep needing them month in, month out. You have some great ideas to help in both the short and long terms.