Payday loans are a great option to avail of when you are in urgent need of money. The loan is designed such that you repay it on the next payday. Unfortunately, some people get into repeated problems with their finances. They take a payday loan to repay another and so on until they end up with multiple payday loans. This can be a big problem as repaying all these loans can become difficult. In case you are stuck in such a situation, don’t worry! We have tips to help you pay off multiple payday loans.
Tips to manage multiple payday loans
The following are some tips to help manage multiple payday loans and pay them off quickly.
Let’s now look at each of these tips in detail to understand how it works.
1. Consolidate All of Them into one Payday Loan
One of the simplest options to manage payday loans is to consolidate all of them into one loan. You could be having four different payday loans from four lenders. You can consolidate them into one payday loan. Let’s see how this works:
Payday consolidation loans are offered by some lenders to help people stuck with multiple payday loans. You can approach these lenders for help to get a consolidated loan.
The payday consolidation loan or payday alternative loan will ensure you get an amount that covers all the payday loans you have taken. Now you can repay all your payday loans.
You will not have only one loan, which is the consolidated loan. Unlike regular payday loans, you don’t have to repay them on the next payday. You will be given more time to repay the loan but you should be prepared to pay an APR of around 28% or more.
Once you consolidate the loans, you don’t need to worry about managing multiple loans. You have one loan with more time to repay, so things become easier for you. Go for this option only if you can repay the consolidated loan, else you will face problems later.
2. Borrow From Family or Friends
When you are in a soup, the best solution is to approach your near and dear ones. Ask your family members or your close friends to help you out. Generally, it is not advisable to take loans from friends as non-repayment can ruin your relationship. But in a difficult situation, family and friends may help you. They may lend you money to repay the pending loans. You can then repay them back over a period of time. They may not charge you interest or charge a very nominal interest. This is a great option, provided you can find people who are ready to help.
3. Take a Personal Loan
To repay the payday loan no credit check, you can consider taking a personal loan. Banks and other lenders offer personal loans. These loans have a fixed amount of money to be repaid every month. You will get sufficient time to repay the loan. It is unlikely that you will be asked for collateral. If your credit is not good, you may have to pay a higher APR. You must remember that personal loans can be expensive and you need to repay on time failing which you will be in bigger trouble.
4. Look for a 0% APR credit card
If your credit is good, then look for a 0% APR credit card. If you have a good relationship with your bank, they may help you get the card. You can then use the card and repay off the loans without having to pay interest. However, there would be a specified period (offer period) during which time you need to clear the credit. Failure to do this will lead to interest being charged. If your credit is poor, this option won’t work.
5. Start repaying the loans yourself
When there is no option, you need to repay the loans or your own using various other sources. You may need to sell off assets you own like your car or any other valuable items. You can also look at earning more money by doing part-time jobs or doing a home business. These options will help you find money that you can use to repay the loan. While repaying multiple loans, first repay the loans with the highest APR. Then repay the loan with the next highest APR, and so on. This will reduce your payment burden every month.
6. Be disciplined in managing your finances.
When in trouble, you need to be very careful about managing your finances. Make a budget with a clear estimation of your income and expenses. Stick to the budget and don’t deviate from it come what may. Try to cut down expenses to manage your finances better. Be disciplined so that you don’t have to face this kind of situation in the future.
If you are stuck in a situation where you have more than one payday loan, then the tips we presented above can help you. All these tips are practical and can be easily implemented. At Instant Payday NV, we help you consolidate your payday loans so you be free from multiple loans.
We are here to assist you in finding a reliable moneylender to solve your financial troubles without much hassle. Using our experience in the field, we will provide you the required guidance to apply and get a personal payday loan in less than 24 hours.
Short term loans are emergency credit loans that have been designed for short term financial issues.
The loan amount is small and limited to a fixed upper limit. The loans are exclusively created for the short term and will become expensive burdens when extended and used for long-term purposes.
The operators of Instant Payday NV are not lenders. We are neither a bank nor a financial institution.
We are not involved in the process of making credit-based decisions related to lending, offering loans, or collecting repayment.
The website has been created to act as a bridge, a connecting agent between the applicants and the moneylenders.
We do not charge any fee to process the loan application or help our customers find a reliable match for a loan from a third-party lender.
We do not oblige any user/ customer to contact the lender or to accept a loan application.
The data present on the website related to short-term loans and the industry practices are for information purposes only.
Instant Payday NV does not collect, store, or access the details related to fees and charges levied by the lenders.
We do not endorse any of the lenders in the network.
Short-term loans are not available in all states. Not every lender in the network can offer a loan of up to $1000.
We cannot guarantee that the loan application will be approved by a lender.
Instant Payday NV also cannot guarantee that every application will be successfully matched with a lender or that the lender will provide the applicant the loan amount.
The lenders might perform a credit check through one or more credit bureaus (which include but are not limited to the major credit bureaus) to determine the reliability of the applicant.
The lender will also need to perform other verifications such as confirming the social security number, national ID, driving license number, or any other identification documents submitted by the applicant.
The terms of the loan proposal depend on the lender and various factors such as the federal laws and state laws, or industry regulations.
The terms and conditions of the loan proposal will vary from lender to lender and from one application to another.
APR (Annual Percentage Rate) is the interest rate calculated per annum for the loan. Instant Payday NV is not a lender.
We do not have the required information pertaining to the rules, regulations, and terms used to calculate APR by individual lenders.
APR calculations vary from one lender to another, one state to another. They also depend on various factors that decide the APR of a loan. The credit rating of the applicant can be one of the reasons.
Any other additional charges including but not limited to the origination fee, late payment fee, non-payment penalties, or non-financial that include debit collecting actions, late payment reporting, etc. come under the responsibility of the lender.
Instant Payday NV has nothing to do with the payments charged by the lenders or the action taken by them.
We do not maintain any information regarding the same. The charges and actions are to be fully
disclosed by the lender as a part of the loan agreement. The calculation of APR is the annual rate and not the financial charge of the product.
Implications of Late Payment
We highly recommend our customers to contact the lenders to enquire about the possibilities of late payment.
In the case where late payment is considered possible, the late payment fee is applicable and implied.
The laws of the state and the federal govern the cases of late payment fees and vary vastly.
All details related to the procedures and costs associated with late payment are disclosed in the loan agreement.
Customers should carefully review the terms before signing the contract.
Implications of Non Payment
In case of nonpayment of the loan, both financial and nonfinancial penalties may be implied.
The charges for nonpayment and late payment are disclosed in the loan agreement.
Additional actions related to nonpayment’s such as renewals or extensions can be implied upon given consent. The terms of renewal are disclosed in the individual loan application. Additional renewal charges may also apply.
Lenders may perform debt collection practices.
The practices are adjusted as per the Fair Debt Collection Practices Act and any other federal or state laws related to the industry to ensure that the customer or the loan applicant does not end up being a victim of unfair trade practices.
Most of the lenders do not use outside debt-collecting agencies to recover the loans. They use in-house methods to collect the debt from the applicants.
Late payment and nonpayment of the loan might have a negative effect on the credit rating and further decrease the rating.
This may cause them trouble over time. Lenders may report to credit bureaus such as Experian, Equifax, Transunion, etc. In such instances, the late payments and nonpayment’s may be recorded and remain in the records for a certain period.