With almost 2 million Canadians applying for payday loans every year, it’s clear these type of loans are quite popular; and for good reasons. Payday loans can get you out of a tight bind. By the time you decide to take a payday loan, you probably have limited funding choices. You need money fast to meet urgent needs. As a short term financing measure, always aim to settle your payday loan as soon as possible; preferably with your next paycheck. Below are five ways you can pay off your payday loan quickly.
1. Ask for an Extended Payment Plan
To buy more time to pay off your debt, inquire about an extended payment plan (EPP) from your payday provider. With an EPP, you can get as many as four pay periods to settle the loan without extra interest or fees. Besides, your loan will not be sold to a collection agency as long as you keep up with your payments.
2. Get a Cash Advance from Your Employer
To cushion you during the period you will be paying off your payday loan, get a cash advance from your employer. Most companies are willing to give advance paychecks to their employees to help them out. Your reputation and trustworthiness will be a major consideration before an employer agrees to your request.
3. Adopt Austerity Measures and Sell Stuff You Don’t ‘Need’
Chances are you own stuff you can get by without. These include furniture and electronics that you no longer use. Sell them to cushion yourself during the life of your payday loan. Besides, getting rid of items you don’t need makes room for new, better stuff once you finish paying off your payday loan. You can also adopt austerity measures to streamline your expenses during this time. For instance, you may want to use public transport to save on gas. It may not be easy to part with stuff you love or give up a few habits, but doing so will get your payday loan settled faster. To learn more, visit the Speedy Cash website for their resources.
4. Ask Family and Friends for Help
You will need to be careful here since money issues can soil relationships. The key is to ask for as little as possible by first establishing how much you can pay off on your own. Your friends and family would be more than willing to make the difference if they see you are taking on most of the debt. Don’t be offended if some turn you down since they may also be going through a similar situation. Be prepared to demonstrate in writing how you plan to repay them.
5. Get a Side Hustle
Getting a part-time job means more income to repay your payday loan faster. By paying it quickly, you will also pay less accrued interest. Your side hustle could be as mundane as walking a dog, bagging groceries, becoming an Uber driver, or even an online gig where you can leverage on some of your unique skills and talents. With today’s digital marketplace, the options for a side hustle are limitless.
You can pay off your payday loan faster if you follow the above tips. Stick to the loan terms, pay it off as scheduled, and will find payday loans a great option whenever you need money quickly.