Payday loans are easily obtained and very helpful when you need cash in a hurry. The normal repayment comes out of your checking account on the next payday. Very convenient - but it does not always work so smoothly. Being that you were tight for cash in the first place, it sometimes happens that your next paycheck may not be enough to pay it back. Here are some of your options.
Get An Extension
If you know in advance that you will not be able to pay it back this payday, it is possible to ask for an extension. The worst thing you could do would be to simply do nothing. Payday loan lenders are generally not patient with people who are careless or indifferent about paying their bills on time. They will probably go to a collection agency very quickly. This can hurt your credit rating in a very short time.
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An extension needs to be filed by notifying them within two days of the date the payment in full is due. The lender will want to know when your next payday is coming and will expect payment at that time. Extra charges will most likely apply. In fact, it may be the same thing as taking out another loan - but you can get your extension.
Refinance The Loan
Another option, which may be the less expensive of the two, is to refinance your payday loan. In this case, you ask for an extension, or a rollover, but you also are going to put something down on what you already owe. You will be expected to pay at least the interest on the first loan. By refinancing your payday loan, it is the same as if you had taken out a new one. The same interest rate will be added, and you will be given up till the next payday to pay it back. If necessary, you could do this same thing again, too.
Get Another Loan
If things are really desperate, you may be able to pay off the first loan by getting a second one. Of course, you will go to another payday loan lender in time to receive your cash before the other one is due. You will also need to add the interest to the first loan in order to close that loan.
Some states will not allow you to have more than one payday loan out at a time. They may also mandate that you wait at least two to seven days in between loans. Obviously, this will not work in those states. In general, though, many states will allow you to have up to three loans out at one time. However, it is not a good idea since you are paying very high interest. Payday loans should be reserved only for those times when you cannot get cash quickly another way, and at a lower interest rate.
Before you apply for your payday loan, you should shop around some to get the best deal you can find. You will also need to make sure that you apply at a place within your state to ensure compliance and that you understand the laws that apply. The interest rates vary widely, going anywhere between 15 and 30%. By looking around, you can get lower interest rates and new options are popping up all the time - including the ability to repay in multiple payments in some places.
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