A payday loan is a short-term loan of cash that can be based on your deposit or salary. This loan is paid off with interest. Usually, you can write a personal check that the lender will cash in at a specific date per agreement. But there are always some payday loan default consequences.
A borrower can also pay back in cash and get back from the lender the check he/she wrote, or pay of in cash the interest for that month so the time of payday loan is prolonged. There are also long-term payday loans, but no matter the type, this loan can go from any small amount up to a couple of thousand pounds. The average loan lasts for about two weeks to a month, when you get your next paycheck, hence the name of this type of loan
Payday loan default consequences
If you already have a payday loan that is due, we can give you a different kind of loan that will pay off your debt. In that case, with us, you will not take a payday loan, but some other one with a smaller interest rate, and a longer period of payment so your monthly payments can be small. Why is it important to be small? So you can be able to pay it every month for as long as you want and need to. Our goal is for you to be out of debt through a system that really works for you. Monthly payment can be reduced to any amount suitable for a period of time you want to keep paying it off.
The problem with unpaid payday loans is that the interest piles up if you don’t pay it back in time, so with every day that goes by your debt grows unbelievably bigger. That is why it may be the best to take a different type of loan with a low interest and low payment, so you stop being in bigger debt with every day that goes by.
What if you need a payday loan
These loans are popular among people who are denied any credit or other financial help in a bank. It is really important that you carefully chose from who you will take this instant cash because if you fail to pay when it is due, the debt can grow two to ten times bigger. That is why we offer payday loans with the lowest interest rate possible, with various options that will help you if you miss your payday date.
Don’t put yourself in a position where various lenders start calling and searching for you pressing you to pay up. Various lenders will not be patient and they can turn over your debt to some other third-party collectors that will pursue their payment through other legal ways. That is why you should advise with us and find a solution that will really work for you in that period of time, not just the day you get a loan.