Responsible borrowing

Questions to ask yourself

• Is this a true emergency?Could the expense wait, or be handled with a payment plan?
• Can I repay on the due date without borrowing again?If not, a longer installment loan may fit better.
• Have I checked cheaper options?Credit union PAL loans, employer advances or assistance programs.
• Do I understand the total cost?Look at the APR, finance charge and total of payments.

If you pay late or can't repay

Lenders may charge late fees or returned-payment fees as set out in your loan agreement. Missed payments may be reported to credit bureaus and can lower your credit score. After continued non-payment, a lender may send the debt to a collection agency or take legal action as allowed by your state's laws. If you think you'll miss a payment, contact your lender right away; many offer hardship options or payment plans.

Renewals and rollovers

Renewal policies depend on the lender and your state, and some states limit or ban rollovers. A renewal usually adds new fees while the amount you owe stays the same. Ask for the total cost in writing before agreeing.

Credit checks

Submitting our form is free. Lenders may check your credit with the major bureaus or alternative data providers. A hard inquiry can lower your score slightly for a period of time.

Where to get help