How Often Should you get a Payday Loan?

Payday loans are something which some people use frequently and other people use rarely, but you may wonder how often you should get them. It is worth thinking about this as when you are in a situation when you need one, you may not spend enough time thinking about it as you could be panicking about needing the money quickly.

Giving a time scale on how often you should borrow is difficult as it will depend on your own personal situation as to when you may need to borrow money and when you can manage without borrowing. However, below are a few guidelines to consider when thinking about when you should be thinking about a loan and when you should not.

Try to avoid several loans at once

Lenders are not allowed to let one person have more than one payday loan with them at a time. This is because they realise that it makes it very difficult to repay the loan, if you have several to repay. However, you may be able to go to several lenders and get several loans as they may not check to see what other loans you have. However, this is not a wise idea. It will make it very hard for you to find the money to repay the loan, as you will have two lump sums to find.

You may be confident that you will have the money available to pay the loan when it is due. However, it is wise to consider what might happen once you have paid them. How will you manage to pay for everything else that you need until the end of the month or until you next get paid? Think about what other things you will need to pay for and how you will be able to afford them. It may be that you will be able to cut back and manage, but if you have essential bills to pay, such as utilities or need to buy food or pay for transport to work, then it is not easy to go without. In this situation it can be tempting to then get another loan to help and then you can end up getting loan after loan and getting into a real debt problem. This is why it is so important to make sure that you have a manageable amount of debt.
Make sure previous loans are repaid and you are managing again

When you have paid back a loan, you may then relax and think that you do not have to worry about spending. However, it is really important to make sure that you have got back on track with all of your spending before you relax too much and especially before you consider taking out another loan. It is a good idea to make sure that you are on top of all of your bills and feel that you are managing to be able to afford everything that you need first. Then you know that you will be able to cope with repaying a loan when you need to.
A loan should only be used in an emergency anyway, to help you out when you suddenly need money. This means that you should not really be considering one unless you run out of money and need to buy something quickly. Try hard to manage your money so that you do not get in this situation and then if it does happen, you should be well organised and in a good position to repay it and manage afterwards as well.

Make sure you can repay

When you are considering a loan with it is sensible to think about how you will manage to repay it. It can be easy to just think about how the loan will help you through your current problems and ignore the fact that you will have to find the money to pay it back. With a payday loan, you do not have long before you have to repay it either, which means that you will not have much time to think about whether you can earn more money or if you can sell things to get a bit more to pay towards it. Therefore you need to think about whether you will be able to afford that repayment before you take out the loan.

It can feel that a loan will be a great solution to helping you out of a tight spot and that is exactly what they are designed for. They can be a great saviour to many, but only if they are handled properly. Make sure that you are prepared for the fact that you will have to repay the loan and that you will also need to then pay all of your other bills and buy everything else that you need after you have paid it off. For some people this will be fine, but others may struggle and so will need to plan carefully. Consider whether there are things that you can stop buying so that you save money and things that you can perhaps manage without just for a short term to help you to manage. There are different things that you could try to do, ask companies to let you pay things a bit later, get an advance on your salary, try to work some extra hours, or sell a few things, that could all add up to help you to manage the loan and easily repay it an cope until you next get paid.

So how often you get a payday loan really depends on whether you can cope with getting one. Think about whether it really is an emergency that you need it for or whether you can wait until you are paid to get the extra money. Think about your other debts and spending commitments and also how good your finances are at this particular time. There is a lot to think about but it is worth it as you will be able to cope better financially as a result.

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