The first step to prevent excessive borrowing is to analyze your home budget in terms of the holiday expenses ahead of you. All you need is a piece of paper (or an Excel spreadsheet), which we divide into two columns – resources and expenses that await us in December and January. Consider not only fixed fees, but also expenses related to the purchase of gifts and the organization of Christmas Eve and family dinner. Let’s also consider spending on New Year’s Eve. These can be estimated amounts. It is important that we have an outline of our financial situation. After adding up the expenses, let’s subtract them from the amount we have. In this simple way we will know if we have enough money or whether we need to take payday pay. If it turns out that we need a loan, let’s also check the January expenses – thanks to which we will know how much we can borrow safely, i.e. the amount that we can pay back on time.
Choose a reliable loan company
In the pre-Christmas race, every hour saved is at a premium, so often, so as not to waste time searching the entire list of loan offers, we go to the first brand page, whose advertisement will flash somewhere while watching TV or while driving through the city. This approach, unfortunately, may result in the conclusion of a contract with a parabank or on terms that are not necessarily appropriate for us. The result can be excessive debt.
Read the contract and regulations
We will avoid problems with the loan repayment by reading the contract and familiarizing yourself with the regulations in which it is clearly stated what we agree to. By signing a contract in the dark, we may miss, for example, the fact that the loan is granted for free only if we repay it within 30 days. Otherwise, it will be charged with normal costs plus late payment. So let’s spend some time reading the documents we are to sign, because then we can only blame ourselves.
Ask when in doubt and check all costs
If after reading the contract and the regulations, some issues are incomprehensible to us – do not let it go. Let’s contact the Customer Service Office – by phone, via the contact form or chat on the lender’s website and ask for clarification of the questionable matter. Let’s also analyze all the costs that may be associated with taking out a loan – including those resulting from the black scenario in which we fail to pay back the loan on time. Let’s check the amount of commission, interest, costs of reminders and reminders, etc. Most loan companies work on weekends, so we have a lot of possibilities to dispel doubts and sign a contract peacefully.
Return on time
Once we get the loan, we’ll set it back at the beginning of our priority list for January. Let’s set a reminder on the phone, write the repayment date on a note and stick it on the fridge or choose another way that will effectively remind us to pay the payday payday.