Quick answer: Borrow only after checking need, affordability, total cost, provider legitimacy, data use, repayment timing and alternatives.
Seven questions
- Can the expense wait?
- What amount is actually needed?
- What is the total repayment?
- Can every payment be made after normal expenses?
- What happens after a missed payment?
- Is the provider licensed or authorized?
- Is a less expensive option available?
Budget stress test
Test the payment against a bad month, not only an average month. Consider reduced hours, an unexpected bill or a delayed deposit.
Read before tapping “accept”
Save the agreement and disclosures. Screenshots of advertising are not a substitute for the final contract.