A loan can help with a short-term gap, but it doesn't add money to your budget. It moves the cost to later. If repaying would leave you short on rent, utilities or food, borrowing may make things harder.
Questions to ask yourself first
- What exactly do I need the money for, and is it urgent?
- After repaying the loan, will I still be able to cover my regular bills?
- Could I get the money another way, such as a payment plan with the company I owe?
- Am I borrowing to repay another loan?
Review before you accept
- APR: the cost of the credit as a yearly rate
- Fees: any charges in addition to interest
- Payment amount: what each payment will be
- Total repayment: everything you'll pay back
- Due dates: exactly when each payment is due
- Alternatives: other options that may cost less
Signs a loan may not be the right choice
- You'd need another loan to repay this one.
- The payment would take money you need for essentials.
- You're using short-term loans regularly to cover everyday expenses.
Short-term, small-dollar credit used over a long period can be expensive. Payday loans are intended for short-term needs, not as a long-term financial solution.
If you're having trouble repaying
Contact RoosterLend before your due date. Nevada law requires a lender to offer a repayment plan before starting a civil action to collect a defaulted payday or high-interest loan. A nonprofit credit counselor can also help you build a plan for all your debts. See Financial Resources.