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Using Payday Loans for essentials

It’s important to remember that if you are using the payday loan for essentials, such as food and bills, you will need to pay for these expenses next month as well as the payday loan debt. Never take a payday loan debt out to pay for another one because this will lead to an uncontrolled cycle of spending.

Continuous Payment Authority

Many lenders will ask for a Continuous Payment Authority (CPA) to permit them to take payments from your account automatically. However, if you don’t have enough money in your account then this can lead to overdraft charges by your bank.

What are rollovers?

If you’ve taken out a payday loan and you’re struggling to make your repayment, then the lender may give you the option to roll the balance over to the next month. However, although this may be tempting, it can lead to additional charges and only delay the problem further.

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