You know, I did everything possible to avoid the situation when I can’t repay my payday loan at all, but it seems that all the circumstances are against me. So, now I’m facing some difficulties in repaying the payday loan I took last month. Is there any possibility to avoid serious consequences? What can I do?
If you cannot repay your payday loan on time, there are some approaches you can take to the situation.
What are Your Options
The best answer depends on your circumstances.
- The lender may offer you a loan rollover. This is where you get a one-time extension to pay back the loan in full. It carries a high fee.
- You may be able to negotiate for an extended repayment plan. This option is a bit different from a rollover. Instead of the entire loan coming due all at once in another couple of weeks, you get to pay it off in installments over an extended period.
- You might be able to negotiate over the amount. For example, if you can pay $100 of a $200 loan right now, you could ask the lender to write off the remaining amount due. The lender might consider it if they believe you really will never be able to pay off the rest. Try mentioning that you are considering bankruptcy.
- Ask for help. A legal aid attorney or credit counselor may be able to help you explore other avenues.
Whatever you do, make sure that you stay communicative with the lender. Keep paying your other bills on time. Do not wait to take action.
Reviewed by: Casey Bond
Date Reviewed: Apr 03, 2019
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