A short term loan or cash advance can help you get urgent on your bills or meet a financial emergency. These loans don’t typically require assets or good credit to apply. As long as you have a regular source of income, you should be able to secure a quick loan.

Just because you are eligible for a loan doesn’t mean that you should apply for one. Keep in mind that these loans attract considerable interest so only take out a payday loan when you have no other option. With this in mind, there are a few great tips you can use to help you manage your loan and pay back on time.

Explore Other Options

Think about all the options you have before choosing to take a loan of any kind. Find out if the pending payments can wait without incurring penalties or interest. If the loan is absolutely necessary, check if you can use the savings you might have or borrow the amount from a relative. A loan should be the last option after you have exhausted all other possible avenues that don’t charge and interest.

Determine Your Needs Ahead of Time

You may be eligible for a considerable amount on loans by CaptainCash but that doesn’t mean you should request the maximum amount you are eligible for. Make a list of your needs and only take an amount that is sufficient for those needs. It is also highly advisable that you use the loan for essential finances such as bills and emergencies. Otherwise your clothes shopping or holiday can wait until you have accumulated enough money.

Be Realistic About Payments

Don’t commit to pay the loan at the end of the month when you know that there are other pending bills or loans you are servicing. Be realistic about how much you can pay and when, and set up a payment plan based on this assessment. The great thing about payday loans is the payment terms are flexible within reason. You don’t have to be afraid of getting rejected for a loan because you are asking for a longer schedule. The point is you should set up the repayment plan such that you won’t stress your finances any further.

Be Honest

Finally, things happen and you may find that you are unable to honor your commitments to repay the loan. Again, payday loans are very flexible as long as you get in touch with your lender in good time. Skipping payments even if you have the intention of repaying the loan can have undesirable consequences. Call the lender as soon as you realize you won’t be able to honor your payment and negotiate better terms.

Payday loans are easy to access but it is important that you have a good strategy. The worst that can happen is to take a loan to solve a pending financial issue only for the loan to become an even bigger burden than you had initially. Choose a reputable lender with no hidden fees and who makes it clear how much you pay back and when.