Payday Loan problems? What to do if you can’t repay it.

Payday Loan problems? What to do if you can’t repay it.
Lauren Howells
payday loan problems

Are you having problems with repaying your credit? If so, ask for help! This is the first thing to do if you’re unable to repay your creditor. Contact them and request help! Don’t be afraid of your lender. They’re a business like any other business. Furthermore, they’re required to find a solution for your payday loan issues that work.

Beating payday loan problems

Lenders are also obliged to treat customers fairly and consider your individual case. On some occasions, they may stop extra charges from incurring. They can even stop more interest charges as well.

It is imperative lenders are aware of your difficulty. The best means of contact is by phone. All our lenders have got customer services teams which will help you with any payday loan problems you might have in Payday Loan problems? What to do if you can't repay it.this situation.

Besides, payday lenders have restrictions for when they can collect the money from you and how often they can attempt to retrieve it. They’re not allowed to leave you without any funds for essential living expenses. Communication is key to the whole process. With default fees, lenders have a cap of £15. Also, you will never have to pay in fees and interest more than 100% of the amount borrowed.

When you speak to your lender, make sure they plan a suitable repayment solution that will work for you. It is in their interest that you will be able to afford to repay your payday loan so that they get the money they lent back. This is so much easier than letting your payday loan problems spiral out of control.

Contact numbers for payday lenders

Here’s a list of our top lender’s customer service contact numbers should you need them:

PaydayUK0871 271 6111
Lending Stream0203 564 7028
The Money Shop0330 024 0704
Sunny Loans0843 504 0430
Wage Day Advance01535 680066
Satsuma Loans0843 504 0423 / 0330 303 2000
Payday Express0800 652 4661
Ferratum0151 448 7324
MrLender020 8532 1969
Safety Net Credit10800 180 8400

Repaying your payday loan over timepayday loan problems 2

If you’re considering taking a loan but already doubt your ability to pay it back, you shouldn’t get one. UK Payday loans should be for the short term as they carry a high-interest rate. In most cases, payday lenders will enable you to repay your loan over a 6 month period. With specific cases, they will tailor a repayment plan that you can afford.

Where else to turn to?

Still, can’t afford to repay your loan or are having issues with your lender? Consider contacting a debt advice service. Some of these services include StepChangeNational DebtLine or CitizensAdvice.

Final thoughts on payday loan problems

It’s not always easy getting help and advice to manage to repay your payday loan. Sometimes it’s hard to know where to turn to. That’s why we’re here to help. By using this information you should be able to get back on track as soon as possible.