Payday loans are indeed very fast and provide an easy solution to any financial emergency like unexpected medical expenses, house repairs, car repairs, etc. However, it is only if these loans are used wisely, will they prove beneficial to you!
Make it a point to borrow only what you need to cover your expenses. This is because though the fees for a big and small loan are the same, the interest fees are higher for the bigger loan. So with a smaller loan amount, you will find it easier to pay off your payday loan quicker as the accumulation of interest will be lower. Another point to remember is to always compare payday lenders before actually availing a loan. This should not prove to be too difficult as payday lenders have to always post their fees and rates, as required by law. You have to compare rates because different lenders charge different fees and interest rates. So naturally, it is more beneficial for you if you choose the lender charging the lower fees and rates! Whenever you do take a cash advance loan, it is very important to pay back your cash advance loan on your next payday or soon after. This is because, the longer the time you take to repay the loan, the more interest fees you will have to pay. It is always better to choose to opt to repay the loan sooner with larger payments.
In the eventuality of you skipping any payday loan payment, you will only be spiraling your fees as you will be charged late charges by the payday loan lender and maybe even fees by the bank for lack of funds. So if you do have any trouble making payments, just talk with the payday loan company as they will have a repayment option that works for your situation. Keeping all these points will indeed help keep your payday loan costs low.