Comments on: what can i do if i can not repay a payday advance on time?

By: doreen k

doreen k — Wed, 24 Dec 2008 23:09:48 +0000

You can usually renew a payday loan, but you will have to pay the fee all over again. This is why payday loans are a bad deal. They are advertised as short-term credit, but most people cannot pay them back within the two-week time frame. They end up rolling over the loans and repaying the fees multiple times.

So, ask the payday lender if you can simply renew or rollover the loan.

Once you get the payday loan paid off, apply for a small line of credit with a credit union instead. They will usually make small loans without a lot of fees.
Better yet, set aside small amounts of money each payday until you have $500 saved up for small emergencies. If you are expecting a tax rebate as part of the economic stimulus package, that would be a good way to use it!

By: Amber

Amber — Wed, 24 Dec 2008 07:33:21 +0000

If you have taken out a payday advance then more then likely your credit is already disturbed. You should of just went to a bank and have taken out a loan. You do however have the option of negotiating with the payday advance meaning that you would tell them how much you can afford to pay at this present time and say “if cannot except this than I will not pay for this balance for it will already hurt my credit”. More then likely they will go with your payment amount as long as its an understandable amount. You have 30 days to pay off a balance before they can initially send it through to the credit report. Whether you pay this balance completely off or not check your credit report 6 months after this situation for the credit report bureau that is closest to your region. If you do pay this balance back in full make SURE YOU SAVE THE RECEIPT and stick it in a safe place. You will need this information to fax to the credit bureau if they do still send your unpaid balance to the credit report bureau. The receipt can be faxed to each agency and be used to change the status of your report to paid instead of having what’s called a charge off on your credit. Good luck

By: yeah, it's me.

yeah, it's me. — Wed, 24 Dec 2008 05:50:08 +0000

if you can’t afford to pay it back, then you shouldn’t have taken the loan out. that’s where they get you. do you have WRITTEN proof of the payment? if you do, then you can follow that plan. if you don’t, then you are screwed, since they can do anything they want to do.