There are many reasons you may want to take out a payday loan. According to a 2013 survey, 76% of Americans live paycheck-to-paycheck, meaning the money isn't always there when you need it. Fortunately, payday loans can give you access to the money you need when you need it, but as a young couple, there are a few tips you should know first.

Look Beyond the Interest Rate

Payday loans are fairly lenient. Many consumers can take out a payday loan even if they have bad credit. A payday loan is far more accessible than a conventional bank loan in that most payday loan companies do not run your credit. However, that means you may be paying a higher interest rate.

Although looking at the interest rate is important before you make the decision to obtain a payday loan, be sure and look at the fine print, too. Ask upfront about any additional rates and fees. For example, late fees may take you by surprise. If you are late paying back the loan, it can put you in a financial bind. Ask a payday loan professional what fees you can expect if you are late and make sure you pay the loan on time to avoid any late fees.

Analyze Your Budget

You should never borrow money that you do not already have. For example, you would not ask a friend to "borrow" money unless you know you will have it to pay back. A payday loan company is no different. Therefore, it is highly recommended that you analyze your budget carefully.

Although payday loans are great when you need money before your paycheck will arrive, do not obtain a loan unless you know beyond a doubt that you can pay it back. There are approximately 20,000 payday loan companies throughout the U.S., which means there are more payday companies than there are McDonald's or even Starbucks.

With such a wide availability of payday loan companies, it is tempting to access fast cash when you need it. However, take a step back, sit down and take a look at your expenses. Figure out if there are any bills due when your next paycheck comes in. If so, take a look at how much money you will have after you pay your bills. If you will have enough left over to pay back your loan, you are in good shape. If not, then it is best not to obtain a loan.

Borrow What You Need

Despite the temptation to borrow against the full amount of your next check, it is better to only borrow what you need. For example, if your next check is in the amount of $350, but all you need is $100, only borrow $100. If you borrow more than what you need, you may be tempted to spend money that you do not really have to spend.

Make sure you are upfront and honest with the lender. Let the lender know exactly how much you need to borrow. The less you borrow, the easier it will be to pay back. Borrowing more than what you need could put additional strain on your financial situation. 

Keep your heads above water and do not allow financial troubles to ruin your lives. Talk with your significant other about the loan before you make your decision. If you both determine that a payday loan is necessary, then proceed with talking to a payday lender such as 1st Choice Money Center. Keep in mind that as long as you follow these tips, you and your partner can keep your finances under control.