Avoid Paying Back a Payday Loan
Any working person can experience being in a tight fix financially. Easy payday loans are offered with fast approval and release. They guarantee your money deposited in hours in your account. They give you the repayment options and how to pay your loan.
They are very accessible with online payday loans everywhere. Sometimes great financial urgency is needed. There is no choice but to take the bait. You stopped thinking that aside from a high interest there are other service fees that come with it.
Times can be unpredictable and there might be unforeseen situations. What if you can’t repay your loan? You’re still short even after your payday? This will make your more indebted to them with escalating interest accumulating until you’re capable in paying off your loan.
The worst scenario would be the lender running after you. Frustration and depression can take its toll on you. Another pitfall could be harassment from the lender.
Being in this situation, an option can be is to compromise. Another way is to directly talk to the lender and ask for a payment extension or smaller scheduled payments until you’re fully paid.
When you did everything but it all failed, what could you do?
How can you deal with this predicament
Try borrowing money from family or friends. In times of financial difficulty, it is best to approach people close to you first. Have an agreement laid out and make sure to pay.
Be a member of a credit union. This is a preparation in times you will need quick money. They offer lower fees and will gladly assist their members.
This will take a longer processing time but will give you a longer period of repayment. Don’t borrow more than you really need.
Know your legal rights. Any lender doesn’t have the right to call you at your workplace. Their calls should only from 8 am to 9 pm. This is under the Fair Debt Collection Practices Act. You can hire a lawyer. This will inhibit the lender in calling you at all. It is against the federal law the use of threats and obscene language, exposing your identity publicly and contacting you.
Learn to save. We will never learn until we experience being tight in money. This is the most efficient way to stay out of debt.
Live within your means. Avoid overspending. Better yet, don’t spend your money before it arrives. These means don’t frequently use your credit card. Be aware of your consumer protection privilege- This protection covers- writing letters to your lender, bank and credit union, making stop payments, prevent automatic debit in your account and you can write notifications on your favor.
There are great risks once you start borrowing money. It is better to see how you can work around your budget and save. You will surely be debt free.