No one wants to be in a position where you urgently need a quick cash loan or payday loan, but it happens. You could need extra finances to help you get through the month until your next paycheck arrives. Or, you could be in a crisis which requires money that you don’t have. Before you take the plunge and apply for a payday loan, here are three things to look for to choose the right one for you.

Know Your Score

One of the most common reasons why you’d be turned down on a personal loan application is if you have a bad credit score. Before you apply for a payday loan, you should know your credit score. Most cash advance and payday loan lenders will check your credit score when you apply, so knowing it beforehand will save time during your application process.

Flexibility Is Important

Many people across New Zealand have been in a situation where they’ve been denied a personal loan because they’ve defaulted on payments when their financial situation was dire. Once you have bad credit, your options for accessing financial assistance become limited.

Payday loans exist so that people with bad credit are still able to borrow money. Make sure the cash advance lender you choose is available 24/7, so you don’t have to wait until the following business day to make your application.

Timing Is Everything

When is the right time to take out a payday loan? Typically, cash advance loans exist to assist people when they run out of money before their next paycheck comes in. The average payday advance should be paid back between 2-6 weeks later because it’s only supposed to get you through the remainder of the month before you get your salary.

If you’re considering taking out a cash advance, you should first ask yourself if it’s the right time. Can your remaining finances last a few more days? The last thing you want to do is take out a payday loan too early and be short of cash again a few days before you’re paid.

Understandably, payday loans are best catered to people in NZ with bad credit, and who need emergency funding immediately. Therefore, you should be able to apply for a short-term cash loan 24/7, and it should be flexible according to your situation.

When you decide that the time is right, contact Cash Relief – your cash advance solution.