This is a comprehensive guide to show you the different cash solutions to avoid late fees and penalties in 2021.
These strategies are totally applicable and can help you leave a debt-free life – and I’m going to be breaking everything down in deep details.
Let’s get started!
In our world today, money is basically a god – we can’t get anything done without money!
We need it for food, shelter, electricity, entertainment, recreation, transportation, water and so many other things that I dare not mention.
Most times, our monthly income is seldom enough to cater for our needs. More often than not, our monthly income is only able to cover feeding and a few bills if we’re lucky.
Now the funny thing is it doesn’t really matter how much you earn because, at the end of the day, more money attracts more needs. The minute there’s an upgrade in your income, there’s suddenly a pressing need to get a fancier car with high maintenance or a bigger house with impeccable furniture. Change and upgrade are in human nature, we can’t fight it, and however, these changes affect our bills. We begin to remit payments late, and sometimes we have to borrow to meet up.
The reason people owe other people or organizations money is, they live far above their income, and I think you’d be interested to know that just one late payment can negatively affect your credit card history.
Have you ever heard the saying-
Cut your coat according to your size?
Well, this is precisely what we should be doing…
It is quite understandable and relatable that most times, our monthly income doesn’t so much as cover our feeding alone and then there’s the rent, the light bill, the water bill, electricity and other basic necessities that need monetary attention and cannot be ignored.
Late remission of fees breeds penalties and is quite disgraceful if you ask me.
It doesn’t speak well of the individual’s dignity!
Because of the financial system of our economy and structures that cannot easily be challenged, having a backup plan for the payment of bills is the smartest decision anybody can make in this generation.
The following are cash solutions to avoid late fees and penalties in 2021:
As mundane as this may be, you’d be surprised at the number of people who remit fees late or are even as far as debtors because they simply forgot.
You would be surprised that the solution you have always needed is as simple as just setting a reminder – it doesn’t have to be difficult to work. The hustle and bustle, tight schedule and the likes can take your attention off bills and fees, and just rack up your late penalties or fees.
Setting a reminder may be basic but it’ll go a long way in helping you pay your bills on time.
This is simply to look for what works for you. Plan your remission such that it will most likely fall on the estimated period when you’re expecting some cash flow. If it gets overwhelming, you can also plan to pay weekly because let’s face it, we all spend money on stuff we don’t need and can totally do without on a daily basis, how much more a week. Gathering all that loose change will go a long way in helping you remit weekly and it’ll take the bulk of debt off your shoulders. For those of us who aren’t used to saving or looking the other way when we have the money within our reach, this might be difficult at first but keep trying and remember the end goal is to avoid late payment of fees or penalties.
I know what you’re thinking -This is a little over the top!
I’d like to inform you that your financial manager could very well be your spouse, best friend, sibling, parent, or anybody you can be accountable to.
Sometimes, all we need is a little push and a few prying eyes, someone we are accountable to and who is equally accountable. These people could also serve as your personal reminder. It’s a wonderful idea, trust me.
This will do a number in helping you curb the bad habit of late payment of fees.
To enrol in automatic payment simply means that these funds leave your account whether you like it or not, as at when due. Auto-pay doesn’t really care if you had other plans for the money in your account.
It is a system designed to deduct the fees you’re meant to pay on the exact day you input to be your payday.
Payday loans are short term and low-interest loans that people take to accomplish what their income can’t. Yea, I get it, the word loan sounds a tad bit scary; let me put your mind at ease.
Did you know that payday loans are the most convenient?
It is easy to acquire and easy to payback. Taking a payday loan would go a long way in cutting down remission of late fees and avoidance of penalties, while still not distorting your cred rating in any way.
Which of the above strategies are you going to apply next in your finances? Let me know by leaving a comment below!
Disclaimer
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 Representation
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.
