What if I can’t repay my loan on the PayDay loan due date?
PayDay loans are short-term loans intended to help people out for a short period of time. It is in the best interest of the individual to pay back their loan by the due date, which is the case with paying back almost all loans in order to avoid any types of hassle or unpleasantness. However, with a PayDay loan there are options for individuals if they find themselves in financial situations that prohibit them from paying back the loan by the due date. Most financial institutions will work with individuals if they have prior notice of the person’s inability to pay. To this end, individuals who borrow PayDay loans will typically benefit the most from letting the institution know as soon as possible that the payment cannot be paid if they are unable to repay their loan by the due date. The more notice the establishment is able to receive, the better the situation generally works out for the individual who was loaned the money.
First, there are a few situations in which the individual can get an extension on the PayDay loan. The key to this is that the individual needs to apply for an...
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