Responsible Borrowing Guide for Consumers Using Payday Loans


We have constructed this helpful Responsible Borrowing Guide in order to raise consumer awareness concerning the importance of taking borrowing commitments seriously. By carefully entering into further borrowing agreements and being mindful of the consequences, consumers can increase their knowledge and develop a more positive relationship with their finances. is a firm advocate for personal finance education and finding viable alternatives to payday loans where these present a more appropriate option for the consumer. We want to help consumers achieve their goal of eventual economic improvement, having savings and combatting troubles of bad credit.

Ensure you are legally entitled to apply for payday loans

As a responsible borrower, you must confirm that you are legally permitted to apply for a payday loan online. Your state of residence and whether or not you are military personnel will determine this. Read our state-by-state guide to determine your eligibility.

Educate yourself on the maximum and minimum parameters of loan terms and fees

In order to make a fully informed decision about a loan, you should know whether an offer is in line with the legal requirements laid down by federal and state laws. Our guide will show you the maximum loan term, minimum loan term and the maximum amount of fees, charges and interest that will apply according to your state of residence.

Do not borrow more than you need

It is key to make a conservative estimate of how much you need to borrow from a lender until next pay day. If you overestimate your cash needs or overestimate your earnings for the next month, you run the risk of being unable to cover the repayments. This will not improve your situation in the medium to long term, so be sure to calculate carefully how much you need and only ask to borrow that amount.

Review options carefully

There are a variety of lenders, loan products and services that can be found from lenders on PaydayLoansOnline. The rates you are offered will differ from lender to lender and from day to day. Keep on searching until you find the payday loan with the right terms for your circumstances.

Never feel pressured to accept an offer

Remember that with the platform, you are under no obligation to accept any offers that may be made to you by lenders. You have as much time as you need to review all of the loan terms and compare your choices in order to make a fully informed decision. Until the electronic loan agreement is signed, you are not bound to a loan.

Keep track of repayment dates

Always make sure that you are on top of repayment dates. The lenders connected to the platform utilize direct repayment technology, which automatically retrieves the money you have borrowed. While this minimizes the inconvenience of missing repayments and potentially incurring late charges, it does mean that you must ensure that enough money is in your bank account come your next payday. Make a note in your diary every week before the repayment is due to give yourself enough time to shift funds around if necessary.

Begin making positive steps with your finances

When your short term loan is repaid, begin by starting a small contingency savings account. The act of regularly savings a few extra dollars will mean that within a few months will help change your financial attitude for the better and will motivate you to keep going as you see your money grow. holds the lenders within our network to our Responsible Lending Policy. That policy outlines the regulations and laws that all of the lenders are bound by in order to protect the borrower and help inform them clearly of the loan terms they are bound to.