In the event you cannot pay off the cash advance on your next payday, most lenders will allow you to roll over the balance several times. Beware of doing this at all costs, as the already expensive finance charges can multiply quickly and make the loan even more difficult to repay.
Despite opposition from a number of lawmakers, the payday loan industry is booming. These "lenders of last resort" provide a needed service for a growing segment of the population- low to middle income workers who have difficulty obtaining more traditional loans because of their credit history and income level. Before you choose a payday loan, investigate any and all other sources of funding available. Choose a lender that has been in business for at least several years and is up front about all of their fees and policies. Don't make a practice of using the loans regularly, and try to avoid extending loans beyond the initial repayment period. Finally, work to improve your credit score so that if financial difficulties arise in the future you will have a less expensive way to deal with them.
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