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Get Rid of Your Payday Loan Debt

Payday loans have become the commonplace way to tide things by when money is tight. Because it is easy to avail of and provides you with the finances necessary to make ends meet, it is the go-to option for many an employee who simply need a little financial backup. The problem with payday loans is that they generate what is called a ‘debt cycle’ – something you wouldn’t want to deal with for the rest of your life. Debt cycles happen when you rely on loans to tide by, but aren’t generating enough income to start a decent hedge fund, or to even thoroughly pay off a preexisting debt without needing to borrow money again.

If you want to be debt-free, here are some strategies you can use to get rid of payday loan debts.

Ask for Extended Payment Plans

Paying off debts on a regular basis can take its toll. If you find it difficult to pay off your debt consistently, or if you find that the amount of time given to you is simply too short, you could try to ask for an extended payment plan. Extended payment plans break our loan down into smaller chunks that can be paid off in installments, so you’ll have more time to pay it off without being buried under pressure.

Try Refinancing a Loan

Refinancing a loan involves taking out another loan in order to pay off a preexisting one. If you’re in desperate need of funds to pay off a payday loan but don’t have the means to obtain cash outright to pay for your payday loan.

Both of these methods come with certain risks, but they’re definitely better than being buried in debt. Choose wisely, and choose the safest option possible.

Benefits of Paying a Payday Loan Early

Everybody wants to get out of debt as soon as possible. So, it is hardly a surprise that most borrowers would want to find ways to get clear their debt earlier than what their term dictates. If you’re not sure whether this is a good idea to pursue, it helps to find out what are the advantages and drawbacks of early loan repayment.

Save on Interest Rates

Paying off the debt early on means getting rid of the usually high interest rates that are attached to the debt. You can potentially save a lot of money by paying the loan off early because you will no longer have to cover the loan fees and costs.

No Need to Make Month-to-Month Payments

Instead of having to pay a specific figure every month, eliminating the debt means saving the amount and possibly even use it for other more important expenses or pay off your other debts and financial obligations. You can even get the amount out into your savings account for the rainy days.

Lower Debt-to-Income Ratio

Paying off your debt means that your DTI will be higher. This means that less is taken from your monthly income to cover for debt repayments. If you are thinking of getting a larger loan in the future, this can make you look good to lenders as this will assure them that you can conveniently afford the loan.

Might Not Really Let You Save as Much as You Think

When paying off a loan, all your excess funds are likely going to this goal. In addition, you may get charged early repayment fee by the lenders and depending on how much is left of your term or your balance, this can be a considerable sum. So, if there is a need for you to shell out money to pay the debt earlier, make sure to compare this with the supposed savings you can get to be truly sure that this is all worth the effort.

Tips for Reducing Loan Payments

Sometimes, you’re just one debt away from full financial freedom. And sometimes, you are thousands worth of debt away from financial liberation. That said, this guide will walk you through the different ways you can do help reduce your loan payments and hasten the process.

Get a Debt Consolidation

One of the sure ways you can lower down your monthly loan payments is to get a debt consolidation loan. With a consolidation, you are able to merge all your existing debts into just one loan. With a debt consolidation, you now only have one easy payment scheme. It’s still monthly but in essence, you’re now just paying for one loan. Typically, with consolidation loans, you also get better terms and conditions such as better interest rates.

Talk to the Lender

Sometimes, all you have to do is do some negotiations. Prepare your documents such as your most recent billing statements or credit file to backup your stance. Settle an agreement by them by explaining your situation. Say you can only a given amount of money at a given amount of time but that you are willing to pay for the entire loan. Sometimes, they might offer you a hardship plan. This plan entails a lowered interest cost or payment for a certain time period. Just make sure that the agreements you will reach will be detailed in writing.

Get a Transfer Balance Card

This option is a pretty good one for borrowers or individuals who have an excellent or good credit score. They’re usually eligible and qualified to transfer your balances to a new credit card. Typically when you do this, you are given lower interest rates and therefore lower interest costs. In some cases, you might also be offered with an introductory interest rate. These interest rates can go as low as zero percent. With this introductory period, your payments can pretty much be zero.

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Frequently Asked Questions

Must I Have a Guarantor?

In most cases, lenders would require borrowers to provide a guarantor if their credit is not good. Since unsecured loans are only backed by the borrower’s creditworthiness, the risk is higher. However, if your credit is good, lenders would be okay even without a guarantor present.

How Do I Apply?

All you need to do is to click “Apply Now” and follow the instructions provided. You will be asked to provide your information on a form available at the lender’s website. Once you have filled up the form, send it back to start your application. It would only take minutes for you to complete the process.

What’s In It For Us

Having access to instant cash transfers includes a lot of perks. Imaging dealing with an emergency and without cash, things could go from bad to worse. Whatever situation you’re dealing with, using this service has its advantages. Got into an accident? Get a loan and have the funds you need instantly. Got stuck somewhere? All it takes is a push of a button.

How Long Does It Take To Get Paid Out?

The entire process would only take at least 15 minutes. Once you’re approved for the loan, the funds you have requested will be deposited to your account instantly. There’s no need to wait hours to get the funds you need. It’s fast, simple, and highly reliable.

What Products Can You Help Me With?

We’ve got plenty of options for you to choose from. We have a wide range of loan selections that are perfect for any occasion. Whether you want to apply for a payday loan, personal loan, or even short-term business loan, it is readily available for you. All you need to do is to press “Apply” to get started.

What Happens If I Lie On My Application?

It is not recommended to lie on your application. Lying would result to serious consequences. Once a lie is caught, the lender has the full right to reject your application entirely. You may also face criminal charges if you’re caught falsifying documents or taking someone’s identity.

What Happens If I Miss Payments?

We understand that things could happen that prevents you from paying on time. If you find yourself having problems with your repayment, reach out to us to find more convenient ways to deal with your debt. Refusing to pay your loan would severely affect your credit and may cost you additional fees and charges.

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Credit Problems

Is your credit keep holding you down? Not anymore. Applying for an unsecured loan such as payday loans require no minimum credit. As long as you can pay off the loan on time, your credit problem is not a problem.