The answer to this question is not decisive as some clients do not encounter some obstacles to pay a loan back but other get stuck in payday loans taken out one for another.
If you follow simple rules you won’t get any problems when repaying payday loans. If you are going to repay a payday loan, it is important to comply with the deadlines specified by the lender. If the schedule indicates that a definite amount should be on the account on the 12th, it means that on this day the system will withdraw this money to the cancellation account. If the system tries to make a write-off, but the sum is insufficient, the delay will be fixed.
But if you face the situation when there is not enough funds to cover monthly obligations, what to do?
What to do when there is money lack for repayment?
It happens that repayment on the due date is impossible for some reason. In this case, there are a number of actions that need to be taken. If we are talking about a long-term loan, financial experts recommend contacting the servicing lender, outline the situation and find out how to pay for a loan in this situation.
The payday lender may propose restructuring. This is a change in the repayment schedule, its change to a more convenient one for the borrower. It is not a fact that this kind of assistance will be provided, but it cannot be ruled out. It is better to try to apply.
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In the case of a short-term loan, everything can be much easier. Many online lenders allow you to connect prolongation to such products. This is a transfer of the payment date to a more convenient one. The loan is repaid in one payment, there is no schedule, so you can easily change the date to a more convenient one.
Important nuances of prolongation:
- to get such an option, you need to pay the interest that has already run up;
- it can be accessed repeatedly. But each time the borrower pays interest, so keep in mind that every fact of connection increases the overpayment;
- most lenders allow you to activate prolongation only in advance, while there is no delay yet;
- when using it, you can not be afraid of fines and damage to your credit reputation, none of this happens.
Repayment options
It is necessary to know all the probable and available options for repayment of a payday loan in order to, in case of unforeseen circumstances, when it is not possible to pay the loan on the due date, according to the loan agreement, to know exactly what methods can be used to make scheduled payments at your location.
If you deduct the percentage for the transfer of funds, then the total amount for the payment of the debt will be less than stated in the payment schedule. This will entail an insufficient amount of payment and a delay in the payment of arrears, due to which extraordinary commissions will be credited.
In fact, it is also convenient to pay a payday loan, as well as to issue it.
You can repay a payday loan in the following ways:
- payment by bank transfer through your Personal Account;
- using self-service terminals;
- in cash at the lender’s branch;
- by bank transfer to the lender’s current account.
Also, it is necessary to calculate the processing time of your payment. This is related to the fact that only the borrower is responsible for the timely transfer of funds to your loan account, and payment systems and banks often delay the transfer. Therefore, it is required to pay in advance. Otherwise, additional penalties will be charged due to the delay in crediting the payment.
After making the last payment on a payday loan, it is necessary to make sure that the loan is covered. To do this, you can take one of three steps:
- check the data through your personal account on the website.
- contact the customer consultation line, and after confirming the identity, make sure that the balance is zero.
- request in writing from the microfinance institution a certificate about the complete closure of the debt.
If the debt is not paid in full, do not panic or hide from creditors. In such a situation, it is necessary to get in touch with the organization being credited, try to get a reduction in the financial burden or, altogether, the cancellation of accrued interest.
Category: Online Loans
Tags: finance, payday loans, Repayment