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Payday loans are something that many people do not even know about. I guarantee you that many people have the problem of living paycheck to paycheck though, and it really doesn't have to be that way! Many different agencies and stores like "money mart" offer payday loans. All you really need is proof of ID and proof that you indeed do have a regular income with upcoming paychecks. Then you will be issued an advance of your paycheck, in exchange for a small fee from your upcoming paycheck.

When you get that money it is treated like any other loan, and you need to pay it back on time. If you don't, you could face some serious consequences in terms of interest charges, late fees and even hurting your credit score. When you take a payday loan out from any place, it's your responsibility to pay it back on time. If you don't, you are going to end up losing more money in interest and late fees which will not help your current situation or rut at all. There are a few golden rules to follow when dealing with payday loans.

- Only take a payday loan out for necessities. Food, supplies you need, water, etc are all necessities - going out to the club to drink with your friends is definitely not. You just need to ask yourself if what you are taking the loan out for is worth the fee that you are paying to loan the money. Remember that different establishments will have different payday loan rates, so you could be dealing with a very small percentage or a large percentage depending on the contract signed.

- Make sure you will be able to pay the loan back on time. If you are really struggling month to month and see no clear end in sight, be careful about taking out a payday loan. It's not free money remember, it's your own money from the future, just sent back in time. It's too easy to get in the idea of treating payday loans like a credit card, almost treating it as "your money". Although that's also a very foolish thing to do with credit cards to be honest, the payday loan rates are always higher and you end up paying more for using this service than any credit card.

Make sure you only take out payday loans online if you need it, and when you do, there's no quicker better way to get cold hard cash.

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