Welcome to Payday Loans
What if I can’t Repay my PayDay Loan?
When you borrow money through a payday loan, you are making a commitment to all of the terms of that loan. That includes the repayment of it to the lender for the agreed amount. Hopefully, you didn’t take out a loan knowing that you won’t be able to reasonably pay it back. That is never a good situation to get yourself involved with. Don’t be tempted even if the funds are easy to get.
However, there are times when a consumer takes out such a loan and then things change. For example, you may have several payments left to make on your loan. Then you find out your hours at work are going to be cut or you lose your job completely. With less income or no income you may feel that your payday loans are the least of your concerns.
Don’t just default on them though as you will find it is very hard for you to borrow funds in the future if you do that. If you don’t contact the lender, they may assume you are just irresponsible with the funds that they loaned to you. They won’t have any idea about what really went on unless you share those details with them.
A lender can’t read your mind, so if you can’t repay the loan as you are supposed to you need to contact them. As soon as you know that you will be experiencing a problem to get the loan paid, you need to let them know. Don’t wait until the day that the loan is due or wait until it is past due to let them know what is going on.
Most lenders of payday loans want to work with consumers. They understand that circumstances can change that you had no control over. They can evaluate the situation and see what options they may have for you. Some of these lenders can lower your payments and extend the repayment period if your income has been reduced. This will help you to keep on track with payments that still fit your budget.
If you have no money coming in, the lender may be able to defer your loan for a few months. This can give you time to get a new job, to collect unemployment, or maybe even to get a tax return. They will go over many options with you to see what could work. They may ask you to get into contact with them every week or so to keep them updated on what is taking place.
Never get another payday loan to help you pay for one that you aren’t able to cover on your own. The process of robbing Peter to pay Paul will catch up with you, and the additional debt you incur from interest isn’t worth it. Give the lender a chance to help you out, you will be surprised at what they offer if you can’t repay your payday loans.