Understanding Your Payday Loan Cycle
If you have to take out Calgary payday loans, in order to not fall into the payday loan cycle, there are a few things you can do keep yourself ahead. Remember, the original purpose of a payday loan is meant to be used as a short term loan used in emergencies. However, since it’s your money, no one can designate what you should do with the loan. Here is a brief overview to help you understand the payday loan cycle.
1. You will place your application in for a payday loan. Show the clerk your verification documents, such as your driver’s license, paycheck stub, or write a check.
2. The payday loan store may verify your bank account and employer information.
3. Once verified, you will receive your funding in cash or directly into your checking account within 48 hours.
4. Your application will have covered your payback schedule and the fees. Once you have accepted the funds, you are bound to that contract.
5. Mark when your payday loan is due and make sure it’s paid back first. Your payday loan is your priority debt upon that due date. Other fees will be incurred if it’s past your due date. Your loan may be due your next paycheck cycle or due up to three months later.