How To Get An Extension With A Payday Loan

How To Get An Extension With A Payday Loan



How to​ Get An Extension With a​ Payday Loan
Payday loans are easily obtained and very helpful when you​ need cash in​ a​ hurry .​
The normal repayment comes out of​ your checking account on​ the​ next payday .​
Very convenient - but it​ does not always work so smoothly .​
Being that you​ were tight for cash in​ the​ first place,​ it​ sometimes happens that your next paycheck may not be enough to​ pay it​ back .​
Here are some of​ your options.
Get An Extension
If you​ know in​ advance that you​ will not be able to​ pay it​ back this payday,​ it​ is​ possible to​ ask for an​ extension .​
The worst thing you​ could do would be to​ simply do nothing .​
Payday loan lenders are generally not patient with people who are careless or​ indifferent about paying their bills on​ time .​
They will probably go to​ a​ collection agency very quickly .​
This can hurt your credit rating in​ a​ very short time .​
An extension needs to​ be filed by notifying them within two days of​ the​ date the​ payment in​ full is​ due .​
The lender will want to​ know when your next payday is​ coming and will expect payment at​ that time .​
Extra charges will most likely apply .​
In fact,​ it​ may be the​ same thing as​ taking out another loan - but you​ can get your extension .​
Refinance the​ Loan
Another option,​ which may be the​ less expensive of​ the​ two,​ is​ to​ refinance your payday loan .​
In this case,​ you​ ask for an​ extension,​ or​ a​ rollover,​ but you​ also are going to​ put something down on​ what you​ already owe .​
You will be expected to​ pay at​ least the​ interest on​ the​ first loan .​
By refinancing your payday loan,​ it​ is​ the​ same as​ if​ you​ had taken out a​ new one .​
The same interest rate will be added,​ and you​ will be given up till the​ next payday to​ pay it​ back .​
If necessary,​ you​ could do this same thing again,​ too.
Get Another Loan
If things are really desperate,​ you​ may be able to​ pay off the​ first loan by getting a​ second one .​
Of course,​ you​ will go to​ another payday loan lender in​ time to​ receive your cash before the​ other one is​ due .​
You will also need to​ add the​ interest to​ the​ first loan in​ order to​ close that loan .​
Some states will not allow you​ to​ have more than one payday loan out at​ a​ time .​
They may also mandate that you​ wait at​ least two to​ seven days in​ between loans .​
Obviously,​ this will not work in​ those states .​
In general,​ though,​ many states will allow you​ to​ have up to​ three loans out at​ one time .​
However,​ it​ is​ not a​ good idea since you​ are paying very high interest .​
Payday loans should be reserved only for those times when you​ cannot get cash quickly another way,​ and at​ a​ lower interest rate.
Before you​ apply for your payday loan,​ you​ should shop around some to​ get the​ best deal you​ can find .​
You will also need to​ make sure that you​ apply at​ a​ place within your state to​ ensure compliance and that you​ understand the​ laws that apply .​
The interest rates vary widely,​ going anywhere between 15 and 30% .​
By looking around,​ you​ can get lower interest rates and new options are popping up all the​ time - including the​ ability to​ repay in​ multiple payments in​ some places.




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