Should you have taken out a payday loan and the day is fast approaching when you have to repay the loan, but you are unable to make the repayment then please read through this article, and more importantly do not panic!
There is a procedure in place that is going to help anyone who has a payday loan but is unable to repay it on time, and every well run and operated company who offers short term loans is going to help you through this difficult time, but only if you inform them of the situation!
Below is a step by step guide which is going to show you what to do should you know that there is no way on earth you are going to be able to make the repayment on a payday loan, read tit through and follow the guidelines if you do find yourself in this situation.
- The first thing you should do when you are unable to repay your payday or short term loan on time is to work out when you are going to be able to afford to repay the loan. If it helps grab a pen and a piece of paper and write down how much money you have coming in and how much spare funds left and on what day you will have some available cash left to repay your loan.
- Once you have worked out when you can afford to repay your loan then phone up or email the payday loan company, and explain that you are not going to be able to repay the loan on time and ask them will they be prepared to accept a repayment plan, this repayment plan should be based on how much spare cash you have available as mentioned in step one above.We are aware that many people do not like talking on the telephone to a payday loan company when they are going to be able to repay their loan on time, however please do pluck up the courage to do this as by doing so you will be able to set up a repayment plan immediately with them and this will put your mind at ease.
If you opt to email them then you will probably be sat there worrying and constantly checking your email inbox and this can stress you out even more. So always try and give them a phone call, they will not get angry with you, they want you to repay your loan obviously but most well run and operated payday loan lenders are going to happily work out a repayment plan as they know that you are likely to be able to keep to that payment plan after working out when you can afford to pay them back!
- Once you have spoken to the payday lender you have a loan off, then get them to put in writing your repayment plan, they will often either send you the details of the repayment plan and will update your account accordingly. Once you have set up a repayment plan log into your online account with that payday lender and you will often see the plan listed on your repayment schedule.Be aware that you will often find you may be charged an additional fee for setting up a repayment plan, however the majority of payday lenders no longer charge such a fee and you will find in most cases you will not be charged any additional interest payments even if your repayments are spread over several weeks or months.
- Finally, and this is very important, please ensure you keep to your prepayment plan. Only offer to pay back what you can comfortably afford to payback. If you have for example taken out a 100 loan and have to pay back let’s say a total of 135 then if all you can afford to pay back is 13.50 per week for ten weeks then discuss that amount with the payday lender.
You really will feel like it is a great weight lifted off your shoulders once you contact the payday lender and put in place a repayment plan. So do contact the lender if you are unable to pay back your loan on time, and never be tempted to take out another payday loan with another company to pay back another loan you took out earlier form another company!