Tips For Paying Back A Fast Cash Loan

Posted on: 6 March 2016

A fast cash loan, such as from a payday loan provider, may be all you need to cover an emergency expense until your next paycheck. Since things were already tight financially, which is what caused the need for the loan, you may need to tighten your belt over the next few weeks to make sure it gets paid back on time. The following tips can help you find the extra cash to pay off your fast cash loan so you can avoid paying extra interest or late fees.

Tip #1: Plan Your Meals

Skipping the restaurants and drive-throughs are an easy way to save a lot of money, but that's sometimes easier said than done. Take a few minutes to plan out every meal between now and the day your loan payment is due. First, look in your pantry for what you already have on hand and plan meals around these items. If you will need to add to the larder, think of some of your favorite inexpensive (yet quick) meals. Now, check your schedule and assign the meals to each day, reserving the easiest for the busiest days. Easy ideas include things like canned tomato soup and grilled cheese, or spaghetti with jarred sauce.

Tip #2: Bring Weekend Entertainment Home

The best time to throw a party is when you are trying to save money, especially if you usually spend your weekends eating out, going to movies, shopping, or hitting the bars. Instead, throw a potluck style party. Invite your friends over, requesting that they bring a drink or a snack. The party can surround an activity like board or card games, watching a sporting event, or renting the newest blockbuster. The cost is just a few dollars for food and possibly a rental–likely a lot less than you would have spent going out.

Tip #3: Look for Items to Sell

A fast cash loan bought you some time, so you use that time to raise the extra funds you need. Most areas have shops that buy books, CDs, DVDs, and clothing. When going this route, select places that will pay cash, not just store credit. You can also sell items on online sites, including local buying and selling groups that are located on social media sites–just make sure to meet in a safe, public place to complete the transaction. If the weather is good, a garage or yard sale is another option.

The one thing not to do is to ignore the loan if you can't quite raise enough to pay it off. Contact the lender and explain the situation. They may be able to take a partial payment and extend the due date. Although this will likely come with a fee or penalty, it is still better than allowing your loan to default. Contact a local company that specializes in fast cash loans for more information or to get started.