Payday Loans or Cash Advance Loans - Useful After a Bankruptcy

Payday loans, also known as cash advance, are a useful tool after bankruptcy. By keeping current on your bills through a payday loan, you can rebuild your credit history. The key is to only use these cash advances for emergencies.

Using Payday Loans

Faced with a financial emergency, it is better to apply for a cash advance than skip a bill payment for two reasons. First, after bankruptcy the best thing you can do to rebuild credit is to pay your bills on time. If you are 30 days past due or longer, it will take three years for it to be removed from your credit history.

The second reason to use cash advances is to save money on late fees. Often a $30 late fee on an account will be more expensive than the financing fee of a payday loan. The same is often true with loan payments and bank charges.

Find The Right Payday Lender

Shop payday lenders just like you would shop for any type of service. Compare fees and interest rates, as well as, repayment options and customer service.

Consider looking online for a payday lender. Many of these online lenders offer instant approval with no faxing of paperwork required. It is also much faster to compare rates and fees of online.

Avoid High Costs

Cash advances are meant to be a short loan until payday. The high costs of payday loans come when people put off repaying these loans and the interest fees add up. Plan to pay back your cash advance on your next payday.

But if you can't pay your loan back, talk with your payday lender. You can pay just the interest charge for that period or make only a partial principal payment. Above all, you don't want to skip a payment, which will add up fees quickly.

Plan For Future Emergencies

Once you have gotten through your current financial emergency with a payday loan, start an emergency savings fund. By saving as little as $10 a week, you can have $520 in an account after a year's time.

Also consider applying for a credit card for emergencies after establishing six months of good credit history.

To view our recommended sources for payday or cash advance lenders online, visit this page: Recommended Payday Loan or Cash Advance Lenders Online.

Carrie Reeder is the owner ABC Loan Guide, an informational website about various types of loans.

---

5 Things Pensioners Applying for a Loan Should Remember

Are you a pensioner applying for a loan? Here are... Read More

Secured Loans Information

A secured loan is a personal loan which is generally... Read More

Military Payday Loans

What is a payday loan? This is a small short-term... Read More

Fast Cash Personal Loan - No Credit Check and Very Quick

You can get a payday advance with cheap rates and... Read More

PayDay Cash Advance Loans - The Benefits of Using the Payment Protection Plan

Payment protection plans are offered by payday companies to protect... Read More

A Guide to Finding Inexpensive Direct Loans

For those individuals who are looking for fast and inexpensive... Read More

Benefits of a Secured Loan

The secured loan is favoured by many UK residents seeking... Read More

Online Car Loans - Getting a Good Quote Online

Online car loans enable you to get a good quote... Read More

Useful Information About Homeowner Loans UK

Homeowner loans UK are a very versatile type of personal... Read More

Wedding Loans Because Wedding May Be Made In Heaven But They Are Certainly Not Made For Free

Wedding loans because wedding may be made in heaven but... Read More

New Car Loans - How You Buy a New or Used Car With Poor Credit

Consumers buy a new or used car with poor credit... Read More

Guide to Loan Terms

Listed below is a guide to loan terms. It is... Read More

No Faxing Cash Advance Loans - 3 Reasons to Use A No Fax Payday Loan Company

No fax payday loan companies save you time with your... Read More

Get your Dream Car ? Get a Car Loan

You've probably spent years thinking that your dream car is... Read More

Finding the Loan UK that Meets Your Needs

For those in the market for a loan UK ,... Read More

Finding the Best Secured Loan for Your Money

If you're looking for a secured loan, there are several... Read More

Benefits of a Home Improvement Loan

Some of the many benefits of a Home Improvement Loan... Read More

Free Money Saving Auto and Home Loan Tips

Free Auto Loan TipsThe following tips should help increase your... Read More

A Little Lesson on Loans

The opportunity to spend money is everywhere. There is no... Read More

What Is A Second Mortgage?

A second mortgage is a loan that is secured by... Read More

Loans For Unemployed - Employing Home For A Solution To Unemployment

If the statistics for the quarter ended April 2005 are... Read More

Getting a Debt Consolidation Loan

Should you find yourself getting in over your head with... Read More

Government Loans for Beginners

Government loans are those that the government of a country... Read More

A Guide to Debt Consolidation Loans

Should you find yourself overcome by debt, you might want... Read More

A Look at Common Types of Loans

People sometimes wonder about common types of loans, especially with... Read More

What is a Car Loan?

A car loan is a type of credit offered by... Read More

What is a Bad Credit Personal Loan?

A UK Bad Credit Personal Loan is a loan designed... Read More

Demystify the Allegorical Misinterpretation of Bad Credit Personal Loans

Every time you go for a loan, the bad credit... Read More

A College Loan Will Finance Your Education!

A college loan has given people all over the United... Read More

Fast Money: A Guide to Fast Secured Loans

Here is a useful guide to fast secured loans. Here... Read More

Do You Qualify for a Loan?

Like most people, you will probably wait until submitting a... Read More

What Is A Payday Loan?

A Payday loan is a small, short-term, high-rate loan. It... Read More

Fast Cash Payday Loans

If you need cash now there are several options available... Read More