Payment Plan with Creditors
The best alternative to a payday loan is to contact creditors and propose a payment plan.
One prerequisite of cash advance loans is being employed. If creditors know you are working and want to pay back your debts, they may be more willing to work with you.
If you owe money for utilities, create a repayment budget. Find out how long it would take you to pay off all your utility debts and propose a payment plan that you can keep.
When calling creditor’s, be specific. For example:
I owe you $200. Due to difficult personal circumstances, I am dealing with large bills. I can pay you $50 from my July 25th paycheck, $75 from my August 25th check and $75 on my September 25th check.
If you call them with a detailed and preplanned payment schedule, creditors will see you are serious about paying off the debt and will be more willing to work with you.
Remember: Creditors want to get paid. They would rather get paid late than not at all.
If you are having trouble making ends meet now, the last thing you need is a significant part of your next paycheck going toward high payday loan fees.
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