Today you will learn proven ways to postpone payday loans, I will tell you how to get out of debt unscathed and not make mistakes that will affect your future. Payday loans are a very complex problem, so read today’s guide carefully! Clarification at http://www.povertyintheoc.com/quick-installment-loans-online/
The credit market in Poland has been developing successfully for several years. Banks are outdoing themselves in cheap money lending offers, like mushrooms after rain grows in every city and town for offices that deal with credit brokerage or lending.
Advertisements tempt with attractive products, promotions, and discounts, presenting happy customers who, thanks to additional funds, can go on holidays, buy new electronics and household appliances, renovate an apartment or surprise their loved ones. And many Poles take out these loans.
This is because more and more people are choosing to use the support of financial institutions not only out of absolute necessity. Some people also borrow when money would simply be useful for implementing various types of plans. Loans cease to be associated with an unpleasant necessity and begin to be an opportunity for something that would normally not be possible due to, for example, too low earnings.
Holidays abroad, a more comfortable car, dream home furniture, or language courses for children are within easy reach. Some people still say that it is safer to save a certain amount every month and thus collect for a specific purpose.
However, the growing credit awareness means that some people prefer to buy a given item right away and use it by paying off installments, instead of spending all their savings, for example, without financial security in unforeseen, random cases.
Instantaneous medicine as a financial evil?
Being able to take advantage of extra money is undoubtedly useful and helps you overcome difficulties in many situations. However, borrowing also carries some risk and often causes more trouble than those from which it initially helped to get out. Why? There are many institutions on the market that grant loans and payday loans to their clients with virtually no verification, so-called payday loans without bases.
It’s enough to have a valid ID, sometimes an active bank account, and you can receive extra funds in a few minutes. Loans that can be obtained in a moment (7.14 or 30 days) are called payday loans. Your credit standing and credit history are not important. A solution with quick cash on your account can be helpful and … addictive. It can lead to the fact that every little financial trouble will be dealt with payday loans.
Unfortunately, after a month or a maximum of two comes the moment when the money must be returned – usually the whole sum at once, and when it is our next loan in the same institution, also plus interest and other fees, often constituting a surprisingly high percentage of the amount borrowed.
And it often happens that, also through our fault, we do not have the means to regulate the payday loan. Then, we are on our way to a dangerous debt spiral.
Debt spiral – how not to borrow money?
The prospect of solving financial difficulties in a dozen or so minutes is very tempting. There is a problem, so just use the Internet, phone, or go to the facility and in a few moments get money for current expenses, thus do not worry about unexpected payments. The perfect solution? Not necessarily.
When borrowing money in parabanks, we must remember some of the most important issues that, in the face of the advantages strongly persuaded by the advertising message, can come to the background, and in no case should:
1. Payday loans are rarely free – in fact, in the case of the first loan of this type, it is usually free, although here it is not necessarily so rosy: this rule applies to specific amounts (usually not more than USD 2,000) and for a period rarely longer than 30 days. And indeed, borrowed one thousand dollars does not become a debt even by one dollar, provided, of course, that it is repaid on time.
Later, most companies demand considerable fees for borrowing money in 15 minutes, while a high commission and interest rate accompany most of each subsequent payday loan in a given company.
2. You have to pay them back – no, there is no way out. And although it would seem that every borrowing of money involves distributing them, the means that seemed pleasant, a month later give up much less pleasant. Borrowing is nice and gives you an illusory sense of peace and security because for a moment the borrower can afford certain expenses. However, this only postpones the problem but does not solve it.
Each payday loan will have to be repaid, usually in a fairly short time. When borrowing money, it is important to remember that we also need to ensure that we also have funds to pay them back on time. Otherwise, we will quickly get into a debt spiral, which is never easy to break.
3. Instantaneous payday loan turns up a spiral of debts – a fact that is often forgotten by people who get addicted to loans. Yes, it may happen that a payday loan will cover the capital of the previous one, and after a month the borrower will already have funds to pay off the next one.
More often, however, it happens that each subsequent payday pays only for current installments and arrears, and part of the money is spent on completely different purposes. Thus, after a few weeks, there are even more installments to be paid, and the next payday is no longer able to cover its obligations.
This is how a very dangerous spiral of debts unfolds, which is why it is safest to use payday loans in situations of absolute necessity, having the certainty that you have funds to pay them back, and bearing in mind that it is also necessary to rationalize our budget management. For if there was a need to contract it – it is a signal that we must watch the budget more closely.
4. Debt collection and recovery – these are final solutions, but a very short path leads to them. The payment of payday loans is usually spread over several months, less often over a dozen. Lack of timely payment for even one installment starts the debt collection process.
Bothersome telephones with reminders are then the most pleasant things to expect. Then comes the application for a court order for payment. It would seem that this is a matter that lasts a long time and before it reaches the finals, you can get the money backlog.
Nothing could be more wrong. Payment orders in so-called writ proceedings are issued in absentia, without the debtor being present in just a few days. The debtor can defend against them and file an objection to the order for payment, but this will start a standard court process.
If the debtor loses it – he will not only have to pay back the loans but also incur considerable legal costs. Then the bailiff’s execution begins, also with additional costs. The best solution is to do everything possible to avoid this situation.
Delaying payday loans – ways that work
Where to start paying off payday loans? Sometimes it seems that financial matters are already lost and one should expect a bailiff’s visit at home or on a bank account.
However, leaving things alone is not the best way to get rid of the problems. You should act immediately, as soon as you see the first difficulties in paying your debts on the horizon.
Ways to postpone payday loans :
1. Keeping your finger on the pulse. From the moment when it is known that there will be difficulties with paying the installment, the first steps should be taken. Contacting the company that borrowed the money and trying to postpone the installment – can help for a moment. Most loan companies agree to this for an additional fee. If the salary arrives on the account within this time, then the matter will be eased, at least temporarily.
2. Dividing the payday loan into installments. Some loan companies agree to divide the payday installment into installments, so you don’t have to pay the entire payday payback right away, and you pay it in installments. Send the loan company an application to divide the payday loan into installments: Dividing the payday loan into installments – application 10.00 USD – I am buying access to the design Click to pay or choose another pattern Added to cart
3. Debt consolidation.
One of the best ways to get rid of debts. Consolidation is nothing but another loan, but one that pays off all the others. The payday loans have to be paid back very quickly. It is different in the case of a consolidation loan – it can be spread over a much larger number of installments, thanks to which they are much smaller.
In addition, several credit products pay off with one – cheaper and more affordable. Thanks to that, only one installment is payable every month, in addition lower. This is a great help in getting out of financial problems and a chance to overcome the spiral of debt.
4. Debt loan. If payday loans caused the loss of creditworthiness or negatively affected the repayment history, banks, unfortunately, most often refuse to help. However, there are loan companies that offer so-called debt loans. They are very similar to consolidation, but you can cover not only liabilities in the form of other loans, but also repay debt to e.g. offices or private individuals.
Some companies decide to help a person in debt even when the bailiff is already dealing with the case. This is often the greatest opportunity for those who are too late to solve their financial problems.
5. Consumer bankruptcy. A long and difficult process, but first of all it should be remembered that it is only the final solution. When the debt – both short-term and to banks – reaches tens or hundreds of thousands of dollars, it may turn out that bankruptcy will be the only good solution. Some loan companies that also offer debt relief help to start and go through consumer bankruptcy.
The debtor then gets rid not only of his debts but also of what he owned, e.g. real estate. Consumer bankruptcy is most often carried out when the value of owned goods is less than the amount of debt, and the person who decides to do so clearly cannot cope with paying his debts. After consumer bankruptcy, the person who has undergone the trial has an absolutely blank card. He has been working on his property completely from the beginning.
This is the final solution, but for those who have suffered a budget defeat – it is the only one. Fortunately, before you go bankrupt, you can try to apply solutions that are less radical and also very helpful. Here is the form with an example of completed application: Application for consumer bankruptcy 10.00 USD – I am buying access to the design Click to pay or choose another pattern Added to cart
6. A debt relief company. There are often opinions that it is practically impossible to postpone payday loans on your own, without the help of a professional debt relief company or law firm. Yes, it is a very difficult and time-consuming process, but with a little self-denial, it is possible to get rid of the swallows. How do debt relief companies work?