Getting a payday loan can be the perfect solution for a financial money crunch, but repaying the loan when it is due is not always that easy. If you have a payday loan that is due soon that you cannot afford to repay, you will need to take action before its due date. There are several options you have if you cannot repay it on time, and here are some tips to help you find a way to get through this.
Ask For an Extended Repayment Plan or a Rollover
The very first thing you should do if you do not think you will be able to repay the loan is call the lender. Payday lenders automatically expect to receive the full payment of a loan when it is due, but they are willing to work with borrowers that cannot repay the full balance owed. There are two options they might offer to you in this situation:
If you fail to notify your lender before your payment is due, they might automatically try deducting the amount you owe out of your checking account. This will end up costing you extra money, because both the lender and your bank will charge you fees if the payment does not go through.
Borrow Money to Repay It
If you really do not want to extend or rollover your payday loan, you might want to find a different way to get cash to pay off the loan. You might be able to do this by borrowing money from a friend or relative, or you might have to go to a bank to see if you can get a personal loan.
Another option is to sell something you own to raise cash. After doing this, you could then use the proceeds to repay the loan. The benefit of finding a different way to pay off the loan is that you may not have to pay as much money in fees and interest.
Contact a Credit Counseling Firm
Consider contacting a credit counseling firm. If you not only owe money for a payday loan, but also owe money to other creditors, it might be wise to get help for your debt problems, rather than keep owing money. Credit counseling firms can help almost anyone that is stuck in a debt trap, and this option offers several benefits, including:
Using a credit counseling firm is a great way to get on the right track financially, and this is a great solution for anyone struggling to repay debts.
Before you do anything, you should contact your payday lender to find out what options are available. Using payday loans is a great way to get by during emergencies, as long as you have a way to repay the loans you take. To learn more, contact your payday loan lender like EZ Money.Share
28 September 2015
I always wanted to buy my own home and after saving enough money for a down payment, I decided that it was time. Before I started looking at houses, I talked with a loan officer about financing. I wanted to know how much money I could borrow so I could look at houses in that price range. I was very happy after my meeting at the loan company and I was ready to start house hunting. My name is Jarod Spangler and I'm now a homeowner. If you have the dream of owning your own home, I think you'll find my blog of help to you. I've documented my journey of saving money, securing a loan and purchasing a house. To help you become a homeowner too, I'm offering advice and tips of things that I've learned along the way.