Many borrowers use payday loans to pay for unexpected claims, first aid, car repairs, and more. Regardless of what you borrowed your payday loan for, you must repay it by the end of the month or the next payment date. However, in some cases, you may not be able to afford to repay your payday loan on time. If this is the case, check out the tips below to repay your payday loan on time.
1. Talk to a payday loan lender
It’s a good idea to talk to your payday loan lender and explain why you can’t repay your payday loan on time. If your lender has a hardship program, they will extend the time you have to repay your loan and reduce your payments.
2. Please enter an extended payment plan
Ask the payday loan lender for an extended payment plan before the loan expires. This splits the payday loan into smaller installments. Extended payment plans give you more time to repay your loan, and you don’t have to pay any additional interest or fees in the meantime. You will need to sign a new loan agreement using the terms of your extended payment plan.
3. Pay a loan using a credit card
Paying a payday loan using a credit card is a good idea because you can split the loan amount into smaller and more manageable payments. If you have an option available with your credit card, you can consider using a cash advance to repay your payday loan.
4. Integrate payday loans
Personal loans can be used to integrate payday loans. Personal loans help you easily manage your payments. There are several options for taking out a personal loan, including:
- Apply for a personal loan through a credit union or bank
- You can borrow the amount from your relatives and friends and agree to pay within the time frame.
5. Consider getting a small loan from a credit union
Credit unions offer cheap and small loans. These loans help you pay off your existing payday loans with an affordable payment plan. However, you must be a member of a credit union for at least one month to obtain these loans.
6. Get Payday Loan Debt Assistance
Credit counseling programs and payday loan debt assistance can help if you are having a hard time paying off your payday loan on time. The debt counseling team will thoroughly check your financial situation and propose a payment plan to repay your debt.
Follow these tips to get your payday loan back on time and get your finances on track!
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