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Help! I Can't Afford My Payday Loan Repayments

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Available from high-street shops and ever-increasing online companies, payday loans can be incredibly accessible. However, that doesn't mean they are always easy to repay. If you are struggling to afford payday loan repayments read on to see what help is available.

What is a payday loan?

A payday loan is often a small loan that intends to tide you over until the next payday. While these are relatively easy to get compared to other loans, they are notoriously difficult to repay. High interest rates on payday loans means you can end up owing double what you borrowed. Therefore, these short-term loans can cause long-term repayments and financial problems.

In January especially, when payday takes forever to arrive and we're all feeling the after effects of Christmas expenditure, payday loans are an increasingly popular option. As such, more people are struggling to make payday loan repayments.

What should I do if I can't afford my payday loan repayments?

If you are struggling to repay your payday loan it is worth contacting your lender as soon as possible. By law, payday loan providers must treat you fairly and take your circumstances into consideration, providing a series of options to support you. These can include:

  • Pointing you in the direction of free debt advice companies
  • Not bombarding you with calls, messages and emails
  • Suspending your debt repayments for a reasonable period
  • Freezing interest or lowering your payments.

If you have other loans or debts, it may even be worth contacting those lenders to see if they can give you some flexibility, allowing you to repay your payday loan.

Remember, a payday loan isn't a priority debt. Bills such as rent, mortgages, gas and electricity bills can have more serious consequences if they aren't paid on time so make sure these are prioritised over your payday loans.

Rolling over payday loans

Some payday loan providers may give you the option to 'roll over' your payday loan for another month or two. While this can seem appealing if you can't afford the repayments, it is on the whole a bad idea. In the long run, it means you will owe more and rack up more interest on your payday loan.

Get free debt advice

If you are struggling to repay a payday loan, it is worth getting free debt advice from a trusted debt help company. Taking out a payday loan in the first place may be a sign that you are struggling with money. Meanwhile, struggling to make the repayments can lead to problem debt.

At Angel Advance we offer free online debt advice to help you get back on track from payday loans or other debts. Advice can be completed fully online or our expert debt advisers are on hand in case you need further help and support.

Struggling to repay your payday loan can be incredibly daunting, leading to pressure on your mental wellbeing and wider financial situation but there is help out there.

use our free, online debt advice tool to alleviate the pressure and get yourself back on track

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