If you’re considering taking out a payday or installment loan, it’s important to consider a few things before you apply. Learning about borrowing money online will keep you prepared and ensure that you’re able to pay the loan off in time.
If you need cash for a short period of time and you know you can pay it off, a short-term loan may be a good option.
Keep in mind there are risks involved in taking out loans, so consider all these factors when borrowing money.
Key Things to Consider
Before borrowing money online, it is important to be educated about loans and know what your options are when it comes to choosing the right loan product.
- Late payments – If you can’t make payments on time, additional fees may be added or you may even deal with collection activity. If you think this may be a problem, please contact us and we will work with you to see how we could provide payment arrangements to meet your budget.
- Impact on Credit – Some loans may have an impact on your credit. Other loans, like short-term loans, may not be reported to the credit bureaus unless they are late or defaulted on.
- Cash-out Amount – Just because you may qualify for the maximum loan amount doesn’t mean that is the best option for you. Borrowing money before your paycheck means that you should be extra careful about your budgeting until that paycheck arrives.
- Loan Extensions – Laws on extending loans vary by state, but you may be able to refinance or extend your payday loan. However, installment loans cannot be extended.
- Choice in Loan – You’ll want to see which loan makes more sense when borrowing money online: a payday or an installment loan. Installment loans will allow you to pay off the loan over multiple payments whereas a payday loan is paid back on your next pay period.
Applying for a Loan
Being informed about borrowing money before payday will give you a better advantage when paying back the loan with the lowest interest rate possible. If you need more help figuring out which loan is best for you or how much cash makes sense with your budget, our team will be happy to help you out.
Cash Factory USA proactively protects consumers and adheres to the Community Financial Services Association of America (CFSA).
As a member of the CFSA, we are responsible for complying with all state and federal laws and maintain each of our customers’ privacy when borrowing money online. We also work closely with partners to ensure that you are protected from loan scammers.
Apply now to get started on a payday or installment loan today.