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Those Who Should Not Take a Payday Advance
A payday advance has become a popular option for many people all over the world. This is one of the best ways to bridge the gap between paydays to be able to afford the emergency car repairs or that extra amount on the phone bill for the month. However, there are times that a payday advance is a bad idea.
Many people can easily find themselves being pulled into the amount that you can borrow on a payday advance. Just because the slider says that the company offers £1000 does not mean that you are going to get that. That amount is actually set on the amount that you earn. If you earn less than £1000 per month then you will not get the full amount for your payday advance.
This is just for short term borrowing and you will need to pay the money back the next month. If you genuinely cannot afford to pay the payday advance back the next month then you should not even consider this as an option. This is a great option if you needed to split the payments over two months and the bill company would not let you and you know that it will be paid off the month after.
Those who do not have a definitely income should not really consider a payday advance company. The problem with them is that you need to pay the loan back; if it runs over by a day, you could find that your credit report is damaged. There are companies that are designed for those who are in contractual employment and some of these do stretch the payments over a few months, which could be beneficial to you; you will need to shop around for these payday advance companies.
The payday advance is not a way to consolidate your debts. Just like it sounds, it is an advance on your pay; you will need to pay it back in full the next month. Debt consolidation can take months, if not years, for the total amount to finally be paid off. If you did that with a payday advance, then you would find yourself paying a lot more off in the long term and your credit rating severely damaged.
A payday advance is a great way to prove that you are sensible with your money. Because of this, a payday advance could help your credit rating. There is no need to say why you want the money and, as long as you pay off the total, you are able to show that you are responsible and you can be trusted with borrowing money.
However, you should not budget with a payday advance; this will look like you are overstretching your budget and are in constant need of financial help. If you do find that you constantly come up short at the end of the month, you will need to sit down and budget your money; this can be difficult but it will do your credit report good in the long term.