Due to the nature of payday loans and the costs involved, when you decide to take out a loan from a lender it is probably because you need to, not because you want to. When choosing a loan lender it is wise to first consider your current situation.

The most important thing to ask yourself, even a step ahead of determining how much you need to borrow, is do you actually require the cash right now? Is it a need that can wait a few weeks, and therefore a few pay days, before the money is needed? If it can, our advice is to wait. There is always an exception to the rule, in this case it is if there is some form of financial gain for you with regards to solving the problem early, for example, the cost of a short term loan can be less than the cost of a dishonour fee and other penalties. If the problem can’t wait, continue on to determine the next steps for you to take.

Now that you have determined that you definitely do need a small cash loan, do you have any alternative sources that could solve your problem? Could a family member or close friend be your short term cash flow solution?

Either way, the trick to getting the right size loan is borrowing the bare minimum to get you through your tough situation. Every little extra amount that you take has a cost, and still needs to be paid back. Work out how much cash you already have on hand, and only apply for the difference between this and your required payment.

When you apply for a payday loan of up to $600 from Cash Relief, we do our best to assess your ability to repay the loan to avoid putting you in a worse situation than when you started. We look at your income and your credit history to determine ability to repay a loan in the short term.

Before you accept a loan from Cash Relief, we will provide you with an exact schedule of repayments. It is up to you to determine if these are achievable. These best approach to determine this is creating a budget including income and fixed and flexible expenses. From there you can determine if you will have enough money to meet these repayments by their due dates.

To find out how much a short term loan will cost you, try our online loan calculator. If this is going to fit in with your budget, apply online for a full list of scheduled repayments with no hidden costs.