Many borrowers take payday loans to pay their unexpected bills, medical emergencies, car repairs, etc. No matter what measures you take for a payday loan, it must be repaid by the end of the month or by the next payment date. However, sometimes you cannot afford to repay your payday loan on time. In this case, please review the following tips to pay off your payday loan on time.
1. Contact your payday lender
It is best to talk to the payday lender and explain why you can’t repay the payday loan on time. If your lender has a difficult plan, they will extend your loan repayment time and reduce the repayment amount.
2. Enter extended payment plan
Before the loan expires, ask your payday lender to develop an extended payment plan, which will break down your payday loan into smaller installments. The extended payment plan will give you more time to repay the loan, and you will not have to pay additional interest or fees. You need to sign a new loan agreement according to the terms of the deferred payment plan.
3. Use your credit card to pay the loan
Using a credit card to pay for a payday loan is a good idea because it can break down the loan amount into smaller and manageable payments. If you have options available on your credit card, you can consider cash advances to repay your payday loan.
4. Consolidate your payday loans
You can withdraw personal loans to consolidate payday loans. Personal loans will help you manage payments easily. There are several personal loan options, for example:
5. Consider getting a small loan from a credit union
Credit unions provide cheap and small loans. These loans will 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 assistance with payday loan debts
If you are having difficulty repaying your payday loan on time, the Credit Counseling Program and Payday Loan Debt Assistance can help you. The debt consulting team will thoroughly check your financial situation and propose a repayment plan to repay your debts.
Follow these tips to pay off your payday loan on time and get your finances on track!
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