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Setting up a repayment plan

When many people apply for a payday loan, they tend to do so in a big hurry. The urgent need for money to tide them over temporarily in a short term crisis may cause them to lose sight of their financial picture in the long haul. However, all loans, no matter what their variety, do have to be repaid sooner or later.

For this reason, if you are currently in the process of applying for a payday loan, try to work with your loan store or bank to set up a repayment plan that is realistic for you and your situation.

Repayment Schedule
Make sure you understand the length of the loan agreement you are committing to, as well as when each payment is due and how much the amount will be. All lenders are legally required to reveal this information to you, according to the Truth in Lending Act. Consider your monthly cash flow and don’t promise to pay with money you won’t have.

It is better to commit to smaller payments over a longer period than cripplingly large ones. That way, although there will be more interest to pay back over time, you will not have the extremely serious worry of late payment fees or danger to your credit rating due to an overly ambitious repayment plan.

Prioritize Your Spending
An important part of your repayment plan should be a personal commitment. Promise yourself that you will keep repayment of your payday loan as a high financial priority. Spending on luxuries such as vacations, evenings out or takeout food should be put on hold – every penny counts right now.

Your family may be disappointed, but if your children are old enough to understand, explain to them the reasons for these changes in the household budget. The faster you pay off your payday loan, the less chance you will have of needing to cover costly late fees or even “roll over” (loan extension) charges.

The last thing you need at this time is an ever increasing amount of debt.

Pay Back Ahead of Schedule
If you tighten your belt and cut out all unnecessary expenditures, as well as perhaps working overtime or moon lighting, you may well be fortunate enough to be able to increase the amounts of your loan payments. Even if you pay only a few dollars extra, it will be worthwhile.

You’ll end up saving on the total amount of interest calculated over the life of the loan. You will also build up your self-confidence and learn that you are capable of taking steps to regain control of your financial future.

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Grace Chen
Grace Chen - Writer & Editor
A graduate of the Haas School of Business, University of California, which is one of the top three (3) business schools in the U.S., Grace Chen has 10 years of experience in this field and have been delivering stellar business content through her written word. She’s the chief editor of Communicate Better and has written and edited thousands of content published in various online and printed media, including the NYSE-sponsored research studies and MEC Global. Connect with Grace on LinkedIn, https://www.linkedin.com/in/grace-chen-9254ab8/

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