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Don't Get Caught In The Trap Of Payday Advances Every once in a while, your payday does not align smoothly with when a critical bill is due. A payday loan can help in this situation, but they shouldn't be taken out lightly. Keep reading to get some great ideas on making payday cash advances work for you. When attempting to attain a payday loan as with any purchase, it is wise to take your time to shop around. Different places have plans that vary on interest rates, and acceptable forms of collateral.Try to find a loan that works in your best interest. Always know that the money that you borrow from a payday loan is going to be paid back directly out of your paycheck. You need to plan for this. If you do not, when the end of your pay period comes around, you will find that you do not have enough money to pay your other bills. Do not simply head for the first payday loan company you happen to see along your daily commute. Though you may know of a convenient location, you should always comparison shop for the best rates. A small amount of research can reward you with savings of hundreds of dollars if you need to take out a payday loan. Before taking out that payday loan, make sure you have no other choices available to you. Payday loans can cost you a lot in fees, so any other alternative could be a better solution for your overall financial situation. Look to your friends, family and even your bank and credit union to see if there are any other potential choices you can make. If you must get a payday loan, open a new checking account at a bank you don't normally use. Ask the bank for temporary checks, and use this account to get your payday loan. When your loan comes due, deposit the amount, you need to pay off the loan into your new bank account. This protects your regular income in case you can't pay the loan back on time. When budgeting to pay back your loan, always error on the side of caution with your expenses. You may believe that you can splurge on one paycheck. But, usually people pay the loan slowly and end up paying double what was borrowed. Be sure to figure this unfortunate fact into your budget. Know about cash advances fees before you get one. Borrowing 0 for one week can cost you in interest. This would be a 400% annual interest rate, which is insane. If you can't pay the loan with your next pay, the fees go even higher. If you are in the military, you have some added protections not offered to regular borrowers. Federal law mandates that, the interest rate for payday advances cannot exceed 36% annually. This is still pretty steep, but it does cap the fees. You should check for other assistance first, though, if you are in the military. There are a number of military aid societies willing to offer assistance to military personnel. If you have nowhere else to turn and must pay a bill right away, then a payday loan might be the way to go. A payday loan can be a viable option, but it should be used sparingly.