Because of the high interest rates in payday loans, it has come to a fact that many people seem to complain and blame on them. But according to stats apparently, more than 90% of the debtors pay back their money on time. Yes, those who don’t pay back on time are in trouble but that makes no difference from a pay day credit to another bank credit debt.
To many of these borrowers there major issue is to pay back on time, so as to help you pay your payday loans her are some tips to work with.
Payday loans are only given to those who come with a stable income /salary, in other words these loans are only provided when you prove that you are able to repay on time. This credit can be settles easily is you pay it back with your next month salary, but many people are unable to do that as they spend it on something else before they settle their credit. So make sure to take visit to the back and automate your debt to be repaid. That way, as soon as your salary is put into your account, automatically the money goes into your creditor’s account. I find this as one of the safest ways to settle your loan, you may have cash with you but it’s the human nature to forget, and that would end up putting you in a huge hassle.
Another tip is to go low on your expenses. You are already in debt, so the last thing you should be thinking about is going shopping or dining at a fancy restaurant. Until the credit is being paid, make sure to have it as your main objective. Limit your expenses as much as possible. Set up a plan as to how you will be saving and how you will be spending, from grocery list to cable package have it all reduced. There is always something that you can live without, therefore think twice before you spend on anything.
Find a way to increase your income. Another stream income would be a solution for cash crunch as well. Try selling your things on eBay or maybe have a garage sale. Fast money could get your SG cash loans settled but also, you could go long term and try getting an online part time job. There are so many online jobs available today, that way you could earn some extra cash every week.
Payday loans are generally a small amount of cash, but if you are thinking of an extra income and not having it taken out from your salary, you could also consider having the loan paid in installments. Ask your creditor whether installment wise payments are possible and have the amount and the interests sorted out with him/her.
You could also try borrowing from y our retirement plan as it says that you can borrow up to 50% of the amount. But rest assured that your credit will not be that much. Also try to negotiate with your lender on the rates of interest to your credit and have it minimized as possible.
I really hope these tips come in handy. All the best.