Moving, especially with little notice, can be an expensive event that you may not have budgeted for. From deposits for your new place to paying to rent a moving van, there are a lot of expenses that you may need assistance to pay. If you are considering taking out a payday loan to cover some of these extra costs, there are a few things that you should keep in mind.
Do Not Use Cash for Deposits
Some payday lenders will give you cash while others will deposit cash into your checking account. Either way, you should make sure to pay all of your deposits and fees with a traceable check or money order instead of cash. This will protect you in case you have to recover your deposit. If you have no other option and have to pay your deposits for your new residence or moving van in cash, you should get a detailed receipt of your deposit, signed by both you and the recipient of the deposit.
Try to Reduce Your Moving Expenses
Whether you have a week or a month to plan your move, there are many ways that you can save money during your move. Doing as much of the move as possible on your own and using recycled boxes can greatly reduce your fees. You can also reduce the cost of your move by traveling with someone moving at the same time or by shopping around with different moving companies.
As soon as you know for certain that you are moving, you should begin making a budget. You should try to reduce the budget as much as possible through careful planning and only borrow the amount that you will actually need for the move.
If Using a Moving Bonus to Repay Your Loan, Know When Your Company Will Release It
Many businesses will cover the cost of your relocation if you are moving for work. Unfortunately, your company may reimburse your receipts after your move as opposed to giving you a moving allowance before the move. If this is the case, make sure you discuss with your HR department exactly when your moving expenses will be reimbursed. Your company may issue you a special check as soon as you submit your receipts or they may wait until the next pay period to deposit your moving allowance with your paycheck.
If you plan to use these funds to pay back your loan, it is important that you know when and how you will have access to them. This will determine whether you will need a two-week, one-month or longer loan.
Know How and Where You Will Repay Your Loan
Most payday lenders set up an automated withdrawal from your bank account when your loan is due. This can be beneficial if you are moving away from where you got a loan. However, make sure that you do not have to pay extra fees for not paying the loan back in person, if you choose to use a local payday lender.
Consider Extra Costs Related to Setting Up Your New Home
While you should only borrow the amount that you need to complete your move, it is important to consider all of the costs associated with setting up your new home. For example, you may need to purchase some small items and pay deposits for utilities. It is often more cost effective to take out one slightly larger loan than two smaller loans, so you want to budget precisely. However, taking out a second smaller loan at your new location can give you more time to pay off the additional amount.
A payday loan can make moving a less stressful process. However, it is important that you have a plan in place for paying back your loan. For more information, consider a website like http://www.getezmoney.com.
Share11 December 2015
When I began my first business selling sports equipment locally, I knew the sports-world well, and I knew how to run a business. One thing I did not know a lot about was the financial world. I had never applied for a loan in my life other than when I financed my car with the dealership in-house financing. My first application at a large bank was denied. I began looking into my other options, and I found that there were more lenders for new businesses than I realized. I applied at local credit unions, local banks, and other business lending services. I was able to secure more funding than I even expected, and my credit is just average. I created this blog to help other new business owners realize that there is funding out there. You just have to find it and apply! Don't give up on your dream.