Getting stuck in a payday loan debt can be really depressing and frustrating.
Extended payday loan debt usually accrues larger fees which in turn can put you in a more worst financial situation than you were before getting the loan. The goal with every payday loan is to act as extra financial aid to keep you going until your next paycheck.
Thus, this goal will be a failure if we don’t properly educate you on the best ways to repay your payday loan debt and avoid accruing more debt for yourself.
Will I Go to Jail if I Can Not Pay Back My Payday Loan Debt?
Actually… No, you won’t!
Thus, it’s not a crime for failing to pay back your payday loan debt. But don’t take this the wrong way and go ahead in attempting to defraud our payday lenders. Payday lenders have the right to sue you for defaulting in your payday loan payment; and if you fail to appear for a court order, the judge may order a warrant for your arrest.
According to the Consumer Federation of America (CFA), 68% of small-claims court cases were more related to high-cost payday lenders trying to recover their funds back from borrowers.
Now, there should never be a feud between you and a lender, which is why we ensured to make it possible for both lenders and borrowers to communicate easily with each other.
This makes it possible for both parties to re-negotiate terms to a payday loan to make it more suitable for both parties
The following are quick and easy ways to repay your payday loan debt:
Consider different funding options
Engage in debt management planning practices
The above smart suggestions to repay hassle-free payday loan debt can be broken down thus:
You can easily turn to family and friends for assistance in paying back your personal payday loan debt. Now, this’s a really humbling process to go through, but getting a no-interest loan from a family member or friend can go a long way in helping you get free from your payday loan debt.
You should also consider taking up side jobs (such as driving for Uber, delivering food for food delivery companies, and even offer to walk dogs) just for that extra bucks to pay off your payday loan debt.
Being at good terms with your boss at work, you can get him or her to pay you your monthly wages even before the month elapses.
But it’s really important that you prioritize your expenses when doing this as getting payday advances from employers only come once in a while.
A really good way to get your boss to pay you in advance at work is when you actually show to him or her that you deserve such a request, based on the level of work you put in daily. You can also choose to work for extra hours in the company – this will not only get you on the good side with your boss but will also help you earn more money to pay off your payday loan debt.
Most people generally fall into payday loan debts because they basically don’t know what to do when dealing with much more than a single payday loan.
The best practice for you here is to engage with a professional that will work with both you and your lender in coming up with the best way to settle your payday loan debt.
To avoid accruing larger amounts in payday debt, start by paying off loans with relatively higher interests, because, the more you owe this loan debt, is the more you owe this loan debt.
You can also decide to take up a payday loan debt consolidation program that gathers all your loans, along with the respective responsibility attached in paying them and being charged a flat monthly payment for everything.
This is actually one effective way you can utilize in paying off your payday loan debt.
You have every right to extend your payday loan settlement plan if you realize that you can’t keep up with your current plan.
What is the Best Payday Loan to Work with?
Not to brag, but InstantPaydayNV can be considered to be “close to the best” when it comes to payday services. We are more concerned with the financial scope of our borrowers, with our most prioritized goal to help you attain a better credit rating for your finances.
We also offer funding options that can be accessed at any time, and at any day, without considering your credit score before approving on your loan request.
When it comes to payday lending, we always advise borrowers never to take up as many funds as they actually really need; this could rack up your payday debt, making it really difficult for you to pay back when due. Below are ways you can utilize to repay the hassle-free payday loan debt
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.
