Payroll Advances: You're Protected
When you've looked at your options and decided you need a payroll advance, it is a good idea to research the different lenders and make sure you're getting the best deal possible. Once you've been given a payroll advance, it's also good to know that you're being protected. You should choose a lender who complies with recommendations given by the CFSA and encourages good lending practices.
Payroll advance lenders should limit the amount of extensions and renewals. These lead to an increase in cost for the consumer. If you don't repay the loan, you can get overwhelmed with more costs. Don't choose a lender that doesn't follow CFSA guidelines for extensions or rollovers or state guidelines.
Another thing that lenders can do to protect their customers is to establish a waiting period or cooling off between the time the customer pays off a loan and applies for another one. This helps prevent people from getting in over their heads where they then begin to rely on payroll advances. These cash payroll advances are intended to be short-term, emergency loans, not a regular source of income.
The CFSA and states also suggests that lenders set a limit on the number of loans a customer can get in a certain time period and limit the customer to one unpaid loan at a time. It is up to the consumers to decide whether they need a payroll advance, and it is their responsibility to repay it on time. Choosing a lender that follows the state and CFSA lending guidelines will make it easier to borrow money and pay it back without going further into debt.
Always use common sense when borrowing from a payday loan or other short term loan source. Review the fees and determine if the loan is truly needed. Compare borrowing from relatives, using credit cards and other methods to be sure that payroll advances are the best option for your needs.
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