Payday Loans Debt Consolidation

How To Deal With Past Dues On Fast And Easy Payday Loans?

If you have past dues on fast and easy payday loans that you had once borrowed to meet some urgent financial emergencies, you must plan out your ways on how you are going to deal with the same. Ignoring your debts is not a solution. In fact, the longer the debt is sitting on your account, the more financial troubles you will have to face. The sooner you address the problem, the better it is for you. Following is a brief rundown on some of the steps that can help you take control of your situation.

Rollover Can Be A Good Option If You Are Not Charged Interest For The Extended Period Of Time

When it comes to dealing with past dues on fast and easy payday loans, the first thing you have to do is to talk to your lenders and ask them to make things a little more favorable for you so that you can repay the past dues conveniently. The good thing is that payday loan companies usually do not reject such requests; instead; you must expect them to offer you an array of options. For example, they can allow you an extension in the due date. This is called rollover. But, in most cases, there is a catch. Lenders agree to rollover the loans because this way they get an opportunity to charge interest for the extended period of time also. If that is the case with you, you are advised not to accept such offers. Rollovers can make a good option for you only if the lenders are not charging you extra for the extension they are allowing to the repayment period. If you get some extra time to pay the past dues without being charged any additional fee, you can probably manage to repay the outstanding debt balance in full this time.

Avoid The Collection Status On Your Loan Accounts

You must try to pay enough toward the past dues on fast and easy payday loans to avoid the possibilities of sending your loan account to collection agencies. The payday loan debt collection agencies are usually very aggressive in their efforts to collect debt. Besides that, the debt accounts in collections also adversely affect your credit score. Therefore, no matter how small it is, you must keep paying something toward the past dues. This will prevent your account from being sent to collection agencies.

Never Avoid Phone Calls From Your Lenders

Whether it is a phone call or an email, when your lender tries to contact you regarding the past dues on fast and easy payday loans, you must respond promptly. Do not avoid their calls, as this will give a very bad impression to them and thus you are likely to close all doors of negotiations (if any). Most lenders are only interested in getting their money back and they are always willing to discuss the situation with the borrowers.

Take Out A Traditional Big Loan To Pay Off The Past Dues

An easy yet safe way is to borrow a big traditional loan, such as a personal loan, and then to pay off the past dues on fast and easy payday loans in full from the money you thus receive. The interest charged on personal loans is usually very low as compared to the rate charged on payday loans. This way, you can significantly reduce the debt burden. Besides that, the repayment plan on such conventional loans is also much more favorable. Alternatively, you can even consider getting a cash advance from your credit card. Though the interest rate on such advances is also very high but it is still much lower if compared to what you pay on payday loans. If you are looking for a low rate loan to replace the extremely high rate payday debt, you can even consider borrowing a home equity loan.

Overall, you must take things very seriously when it comes to dealing with past dues on fast and easy payday loans. If you follow the above strategies thoroughly, you can definitely come out of your debt problems.


Custom Search

Tags:
Posted in Managing Payday Debt, Payday Loans Debt Consolidation | No Comments »

Leave a Reply

You must be logged in to post a comment.