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....
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