5 Payday Loan Mistakes to Avoid at Any Cost 60

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You’re looking for a short-term financial arrangement, and decide to give payday loans a try. But if you don’t do it right, you might be putting a lot at risk.

A payday loan seems like a good deal when you need quick cash. It’s designed to assist you in case of emergency. And although most borrowers can’t really afford this, it’s allowed in so many American states that obviously financial institutions understand the need for it.

Such a short term loan can be a life saver, but only if you do it right. I’m all about smart financial decisions, thinking long-term, and being realistic about your current situation. But when life throws at us something unexpected and cash is needed right now, there’s not much else we can do. The best is to make sure we avoid the most common payday loan mistakes and get out of this as safely as we can.

Here are some things to watch out for when taking a payday loan:

1. Know how payday loans work in your country.

Rules and regulations for loans vary from state to state. They are also different depending on the part of the world you’re in. So you need to get yourself familiar with how exactly this is handled in your place. In Michigan, for instance, there are some pretty specific things to keep in mind.

2. Borrowing too much.

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Something you might easily do wrong is borrowing more than you actually need. It’s easy to fall into that trap, and that’s why you need to set some limits and write down a plan.

Calculate exactly how much you’ll need to handle the crisis. Even think about your plan for paying it back. This will need to become a priority for the next few months in you want to keep other aspects of your life under control and not worsen your financial situation.

3. Using more than 1 lender.

Some people end up doing this in desperate times. It’s not just illegal, but also totally irresponsible as it leaves you with having to pay more than what you make each month. Exceeding your salary with such a sum of debt will lead to things you can’t imagine.

So stick to one lender. If you use payday loans Lexington, for instance, that would be enough to get you started and cover your short-term financial needs.

4. Not making repayment a priority.

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Most often borrowers feel comfort once a loan is taken. It’s easy to borrow money you don’t have and put the next stage of this aside for some time. You forget that there’s interest. But that doesn’t make it go away. You suddenly start spending on other things, life continues and you go back to your old routine. Until it’s time to start paying the payday loan and you simply can’t afford this.

That’s why one of the top payday loan tips is that you need a budget.

It will keep you focused on the next steps and you’ll always be aware of the amount of money you need to repay monthly. You’ll plan how to spend the rest of your salary accordingly and thus will stay on track until the money is paid. After which, you can continue living normally.

5. It’s unsecured debt.

When things get complicated in life we stop assessing anything else that can go wrong and just use all our energy to fix what’s happening now. But that’s not a good long-term solution.

With any type of debt, for instance, you’re rarely guaranteed you’ll be safe if you go bankrupt, or somehow can’t afford to repay the loan.

That’s an awful thing to consider, but if you’re providing for your family it’s your responsibility to think about it in advance. Look for alternatives, or worst case scenarios (even if it means borrowing more money from somewhere else to repay this, after which you’ll be left with the other amount to pay back).

Unsecured debt is a real thing in finance. Don’t underestimate it.

Loans are a serious matter, even the short-term ones. That’s why you need to give it all your attention, plan carefully, think things through, choose wisely when picking a lender and avoid the payday loan mistakes you just read about.

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The 5 Most Popular Ways to Make Money on Instagram 26

The 5 Most Popular Ways to Make Money on Instagram

It’s possible to not only make money on Instagram but to even turn this into the biggest asset for your business.

Of course, every item on the list below means you’ll first need to build a following and then monetize it in a way you find best for your strategic goals. But once you have an audience, you attract even more people. And what’s more, they are all more engaged than on any other platform online.

Some individuals and businesses are making a fortune solely on Instagram, but it’s taken them some trial and error to get there.

So, let’s find your best option to cash in on this social media channel:

How to Make Money on Instagram

1. Affiliate marketing.

Affiliate marketing is an option for almost anyone that has control over a platform online. With it, you simply redirect people to another person’s products or services and earn a commission for each sale.

Just like you can do this with your blog by writing reviews or linking to products from your sidebar, and with your email newsletter where you can encourage subscribers to give something a try, you can also use social media to promote an affiliate URL.

With Instagram, that can happen mainly by making the link in your bio point to an affiliate page. Then growing your audience with the hope that many followers will be clicking on it.

But to make the most out of the visual side of Instagram, post beautiful images or even image quotes depending on the type of product or service you promote. Use the description to encourage people to click the link in your bio.

Of course, you’ll need to be targeting the right people. Those that are interested in the niche and the products you’re trying to sell. Also, you’ll have to be making the most of the hashtags related to this field.

2.  Sponsored content.

Next, you can make money on Instagram by publishing sponsored posts.

Once you have a big following that’s engaged, you can start mentioning other products, brands or Instagram accounts.

That shouldn’t be aggressive, though, as users can easily feel when you’re getting too promotional and will quickly unfollow you. So make sure you keep your posting schedule consistent and stick to your overall strategy, but begin publishing a sponsored post every now and then and let it blend into your feed.

For example, some popular Instagram accounts who publish inspiring quotes and motivational content often repost someone else’s post. Or even publish a screenshot of another profile, and use the caption or description to mention it so that people can follow it directly.

This way the other person’s content and account get exposure and you get paid for that.

And if that doesn’t sound lucrative enough to you, let’s think in numbers. With a big enough following, some Instagrammers are charging hundreds or even thousands of dollars for posting a single picture with a mention of a brand or a product on it.

3.  Sell your stuff.

That’s an obvious one, but worth mentioning.

Make money on Instagram by using all the content you post on your account to motivate people to click the link in your bio, where they’ll be presented with your best offer.

That can be your latest book, your membership site, your store on Etsy, your business services, or else.

In this case, your goal will be one: to turn more followers into customers.

Of course, you can also link to your blog or podcast, but here we’re talking about direct ways to monetize Instagram.

4. License your photos.

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You don’t need to be a photographer, but if you’re making great pictures anyways, you might as well get paid to do that.

Many businesses or individuals can’t create their own photos but are looking for inspiring images to go together with their content. If you’re a travel enthusiast, for instance, or a foodie who loves to plate your food like a pro, let your Instagram account be the place to put all that inspiration online.

Add a watermark to each photo and use the caption, description and link in bio to let people know where they can buy the photos.

There are actually 2 great marketplaces where you can put your Instagram photos up for sale. That’s Foap and Twenty20.

5. Sell your account.

A less popular, but highly lucrative option is to invest resources to grow an account and then sell it. That’s not against the rules, of course, and is for people who aren’t promoting their own business or brand, and who are simply doing it for the money.

It’s similar to flipping sites.

You can use ViralAccounts – a platform for selling and buying viral social media accounts.

So, I think there ways to make money on Instagram are enough to get you started and let you create your strategy and start building your following.

How will you monetize your account and why?