Payday loans are one of the fastest ways to get the money you need. However, the situation gets complicated if we do not think about our decision properly. Then, as the payment deadline expires, it may turn out that we do not have enough money to cover the commitment. Some people pay another payday loan and this is how the circle closes. Therefore, it is worth knowing who to go to for help in paying out payday loans and what options we have. You will find all the information you need in the article below.
It is always said that every financial decision should be thought out and in line with our household budget. What does it mean? We must analyze your income and expenses before you commit. This will help us figure out what amount is available to us monthly. This is a key moment because you should not expect that from day to day additional money will appear on our account to cover the obligation. At this point, some may think that you can take out a quick loan online and after trouble. Well no. Taking shortcuts often turns out to be a bad solution. In the case of incurring more obligations to cover previous ones, problems may arise, and then actual help in paying out payday loans will be significantly more difficult.
What problems are we talking about? When there is a shortage of funds in our household budget to cover one debt, we can be sure that they will not be included in the next commitment. The act of desperation, which is taking out payday loans to pay back debts to other lenders, may end in our financial disaster. The sum of our loans will start to exceed our income, which means that we are in a debt loop. However, this is not the end of the world, because every problem has its solution. What to do in the case of a loop tightening on our home budget? Help in paying out payday loans goes through several stages.
Help in paying out payday loans
The first and basic step we should take is to adjust the household budget to our current financial situation or to create it again. A simple solution will be a statement of your income and expenses in an Excel spreadsheet. After summarizing them, we should receive an amount free from monthly expenses. Then we can assume that this is the sum that we spend to cover the debt. It is also worth remembering that the solution will never be to escape the conversation with the creditor!
Who can help pay off payday pay?
Let’s start with the easiest way. Let’s try to reach an agreement with the lender. It happens that the lending companies themselves may offer assistance in paying out payday loans. All you have to do is call the helpline or find information on this subject in the Questions and Answers section or the information form or framework agreement. What can the solutions be?
After consulting with employees of the company, it may turn out that it is possible to split the debt into installments. In this situation, please write the appropriate request in which we will provide your personal, contact and address details, loan contract number, the amount that we can spend monthly to pay off the debt and justify the application. The letter must be official and the content must be factual and specific. However, when we have several payday loans on our account, this solution may still be insufficient.
How to pay off payday loans?
It is worth noting that having debt in a loan company, often with our data in the register of debtors may already appear negative entries. As an unreliable borrower, we have no chance of getting a consolidation loan. In this situation, an installment loan comes to the rescue, which is often called an alternative to a bank loan. It has a much longer repayment term than payday loans. By paying a portion of your debt to your lender’s account every month, you can also expect less of our budget.
Aid in the form of an installment loan is a better idea than the next payday loan if we follow two rules. The amount of the liability should cover the sum of all payday loans. However, the monthly installment cannot exceed our financial capabilities, calculated on the basis of the household budget. Instead of a few increasing liabilities, we will have one and, compared to previous debts, a small monthly installment.
Help in paying off debts
Another solution may be to ask a company that specializes in debt relief for help in paying off its liabilities. However, remember not to be manipulated by cheaters. It should be borne in mind that such a process is time consuming and requires a lot of effort and legal knowledge on the part of specialists. We should sign all contracts with such companies after thoroughly familiarizing themselves with their terms. In addition, we must bear in mind that such a service also costs, so choose wisely. If such a solution is too expensive for us, then let’s return to the solution, which is an installment loan. In some situations, you can file for consumer bankruptcy before a court. However, our request will not always be considered positive, and its acceptance does not always mean the end of debts.
How to pay off a few payday loans?
Let’s not forget that there are still private loans. We can always ask family or friends for help. However, if they do not have sufficient resources that could help us or do not want to share their financial problems with them, then it is worth returning to the idea of an installment loan or carefully familiarize yourself with the offer of social lending. This is the financial support that we can get through the platform created for this. We specify the amount needed and the conditions that interest us, and then wait for the lender to apply. This form of borrowing omits all intermediaries and is based on the p2p model. Before making a decision, let’s get acquainted with the details of the social lending offer.
Installment loans to pay payday loans
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One of the companies that enables people in debt to take advantage of the offer is Concrete Money. Ensures that entries in databases or the lack of a stable source of income are not a problem. The presence of a guarantor reduces the requirements for the borrower. The resident signs a statement that in the event of problems he undertakes to cover the obligations on behalf of the borrower. Therefore, he is required to have stable employment, no entries in the debtors’ registers or a higher age – at least 25 years. In addition, the guarantor should be the owner of the property in Poland.
Concrete account has been verified as a lender by the Polish Financial Supervision Authority. In the company, you can apply for amounts from 2,500 to 25,000 $. The repayment period can be from 12 to 48 months. A representative example: you borrow $ 25,000 for 48 months, paying $ 1,204.12 per month, total amount to be paid $ 57,797,60. Commission for granting the loan: $ 25,000. Installment loans are also offered by the company Pożyczka-ratalna.pl, recommended by all, whose motto is “Take what you want”. This means that we can take the proposed loan for any purpose, and during its repayment we will not be asked to provide confirmation of what the borrowed money has been used for. We can take on a commitment at Pożyczka-ratalna.pl for a period of 12 to 24 months. Due to the length of the commitment, we have higher amounts available than short-term loans. In this company, we can apply for an amount between $ 2,000 and 10,000.