You’ve received your short-term Cash Today loan, and your first payment is scheduled… how can you make the most of the repayments?
When you applied for your no credit check, short-term title loan with us, we would have reviewed with you your interest rates, your payment schedule and monthly repayment amount. This amount would have been determined based on how much you borrowed as well as low long your term is, which is sometimes determined by how much you will be able to repay each month.
The intent behind short-term lending is to act as a bridge from your current financial predicament, and the time it would have taken you to pay for it on your own. This may include anything from job loss, temporary compensation, home repairs, or any other emergency. The benefit to working with an alternative lender like Cash Today is that we make qualifying quick and easy, and your cash is released the same day, often within just an hour.
The next step is to ensure that you are well equipped to make your payments on time, and in full within the allotted lending period. Here, we will share with you a few key steps that are in place to help you succeed.
Set realistic budget expectations.
Before you accept a short-term title or installment loan, it is important that you have a good understanding of your monthly budget and can set a realistic expectation for how much you can afford to borrow so that you can meet the monthly repayment commitment. It may be that you have to trim the budget a little here or there to accommodate. Knowing this in advance will help you adjust as you repay your loan over the agreed upon period.
Set up direct debit.
This will ensure that your payments are coming out of your account on time and without fail. Then, at the beginning of the month, or whenever your payday is, you can count the loan repayment amount right alongside your monthly rent or mortgage payment and it becomes something you budget for and don’t have to worry about.
Watch your bank account diligently.
If you already have a tight budget where the money left over at the end of the month is very close to a zero balance already, you want to watch for unexpected withdraws (e.g. banking fees, other auto-debits like Netflix, etc) that may cause your loan repayment to be returned NSF. If your loan payment is returned NSF, you will likely incur additional fees and penalties from both the bank as well as your short-term lender. You want to keep an eye on every dollar moving in your accounts.
Things happen. We understand.
In the event that you are unable to make a payment on time within a given payment month, contact us immediately to discuss your options. We know that things happen sometimes, and we want to work with you as much as we can to ensure your account remains in good standing.
For vehicle title loans, you can learn more about our GPS positioning program here as well.
For more information on repaying your short-term loan, please contact us today.