Planning Your Payday Loan Payout

A payday loan helps you get the cash you need to pay for immediate expenses, but this is still a loan that needs to be paid back. Planning the payout will prevent you from getting deeper in debt. .

Paying Back the Borrowed Amount
Lenders have different rules as to how much they will lend you. Normally, the maximum amount of money you get will be a percentage of your monthly income. It could be as low as $100 or as high as $1500, depending on the terms of the lender and your application information.

Avoid borrowing money beyond your income, as it will put you further in debt. Creditors that promise low interest rates and a sizable cash out, are signs of a lender that does not lend responsibly.

Once you get the money, you have to pay it back by your next payday. Avoid using the money to spend on things you do not need, especially if you are already on a tight budget. Use the loan to pay urgent bills or emergencies that require immediate cash out.

Is an Extension Possible?
Extensions are not always given when you get a payday loan. Missing your payment date will incur late fees and additional interest as stated on your loan agreement. Your best course of action at this point is to call your lender to discuss the issue.

Should you be unable to re-pay a loan from GoDay on the due date, you can call us at 888-232-3463.

Plan Your Expenses Accordingly
Payday loans are supposed to provide you with financial relief, not add to your woes. But you have to do your part in making the loan work for you.

Limit your daily and monthly expenses to be able to pay the loan on time and not incur additional fees and interest rates as per your loan agreement. Late payments may affect your credit score.

Keep your spending to the necessities as this will help you get out of debt and help you learn how to budget and plan your finances accordingly. Excessive spending on clothes, dining out and buying consumer goods other than what is necessary will only get you into even more debt.

Monitor your daily expenses to identify which items you can remove from your expenditures to help you quickly pay off any outstanding loans.

Planning your expenses and budgeting your re-payment for the payday loan will help you get back on your financial feet.