You have gone to a direct short term loan lender and taken out a loan, great, but what happens if you have problems paying back the loan? One of the most concerning factors when dealing with a payday loan is what happens when you can’t afford to repay it. It’s deeply concerning and it’s something which happens more often than you think too. However, what should you do when you feel as though you’re falling behind on a payday loan?
You can’t afford to repay when you’re supposed to
You borrow the money and have every intention of repaying that sum of money back but something goes wrong and you now realize you’re going to struggle to afford this month’s repayment. It’s a real nightmare and often it’s difficult to budget for payday loans as you think the costs will be a lot smaller. However, you have interest and loans fees on top of the original amount so technically you need a little extra put aside. A lot of people struggle with payday loans and indeed many other short term loans and repaying them back. Not being able to afford the repayment is a real nightmare but you can’t just sit back, you need to take action.
Talk To a Debt Advisor Quickly
It doesn’t matter which type of loan you have or the lender you borrowed from, you need to talk to someone when there are problems paying the money back. It could be you’ve lost your job, miscalculated the payment or just simply that your money isn’t able to stretch far enough; whatever the problem paying back the payday loan you have to try and find a way to get out the mess you’re in and not dig yourself deeper into debt. First things first, talk to a debt advisor and they will hopefully be able to tell you
Talk Directly To the Lender
You might not like the idea but you need to talk to the person you borrowed money from and explain the situation. They aren’t going to like the fact you’re struggling to repay the loan but many lenders try to work with you rather than be awkward. However, don’t be pushed into rolling the short term loans over or onto the next month as it’ll add more costs onto whatever you owe now. It’s not going to get you out of debt; it’ll make the situation worse. You have to talk to the lender, tell them you have every intention of paying and that you don’t want to roll the loan on. Many lenders will be understanding so don’t panic as yet.
Find Help from Good Debt Advisors and Financial Gurus
In all honesty problems with payday loans can come in all shapes and sizes and when you can’t pay them back everything will seem like a nightmare. It’s not going to be pleasant but you have to take a moment to catch your breath and start talking to the right people. Avoid taking out further loans to pay back this one as it will only get you into further debt. You have to work with financial planners and debt advisors to hopefully turn the situation around. Speaking to the direct short term loan lender can help even when it’s in the form of a payday loan. For more information visit: https://www.loanpig.co.uk/short-term-loan-direct-lender/