The payday loan industry is a tough one to beat.
You need a good credit score, a steady income, and a willingness to take on large loans.
But if you can’t pay off your debt within a year, you’re in trouble.
Here’s how to take advantage of this new market to make a decent payday.
Find a bank that has a line of Credit card that’s at least 30 days past due.
If you’re a student, it’s easy to borrow $1,000 or more.
If your credit score is higher, you can borrow even more.
This isn’t a great idea if you have a bad credit score.
You can still take out payday loans, but they usually come with a lower APR.
Find someone to work with.
There are many options for payday lenders, including small business owners, small business investors, and individual borrowers.
But the best payday loans are those with a good network.
Most payday lenders will accept you at any time, but you’ll want to make sure you’re approved before you start working with them.
Start by asking questions.
It’s not enough to simply ask for the right documents and pay your bill.
Ask questions about the loans terms and conditions and how the money will be used.
Don’t forget to ask if you’ll be able to get a better deal or if you’d like to take the loan with an additional line of debit.
Make a good deal.
The payday lender will want you to take at least $2.50 of the loan, which is less than your current monthly payment.
But it’s not always easy to get out of a bad deal.
For example, if your credit report shows a bad score and you owe $10K on a $200 loan, you might be able get out with only $10 of the money.
If that doesn’t happen, you’ll need to make an adjustment.
If there’s an offer to take a loan with multiple lenders, ask them to lower the amount.
If they say they’ll lower the interest rate, ask for more.
And if they say it’s too high, ask if they can reduce your monthly payment and make it a lower monthly payment again.
Keep it confidential.
Payday lenders don’t release their borrowers’ credit reports, so don’t assume they’re trying to sell you a loan.
If something goes wrong, tell the lender and ask them if they’re willing to renegotiate.
Find out if the loan is available.
Some payday lenders require that borrowers pay for the entire amount in cash or credit card.
This will give you more information about the amount you’ll get, but don’t worry if you’re not getting much.
Make sure you’ve written a check.
The lender may need to send you a check with the following information: the total amount you borrowed; the name of the company and a phone number; and a copy of your credit file.
Make it a good idea to keep this in your file.
If the lender wants you to pay $1.50 or more per month for the next year, ask to take more.
For a longer term loan, ask the lender to keep your payment low to keep you from getting a bad loan.
Pay it back.
The longer you keep a payday loan, the better it’s likely to be repaid.
The money you receive will go towards paying your rent, groceries, and other bills, not to mention the interest you earn on the loan.
The best part is, the money is tax-free, so you’ll probably avoid paying taxes on it.