How to settle or clear a payday loan.

There are several ways to clear payday loan debt, but the easiest way is always the agreed way. If all goes to plan, then the repayment arrangements you make in your application will be sufficient, funds available when requested and that will be that. However, if a situation changes for better or for worse, then a different arrangement may be possible or necessary to ensure the debt is settled respectfully.

When situations improve

If you have taken a loan but then come into some funds, you may be able to settle your loan early. Most providers offer this and even encourage it. Early settlement usually does not carry a fee with payday loans, and can significantly reduce the amount of interest you pay. So if you manage to come into some funds, consider paying off your loan early if your provider allow for this.

When situations deteriorate

With the best will in the world, sometimes financial trouble is just unavoidable, particularly when you get hit with a crisis or emergency out of the blue. When this happens, if it obstructs or limits your ability to meet your commitments including your payday loan repayments you need to deal with it head on and fast.

The first thing you should do, is contact your loan provider and advise them of the problem. Don’t hide from it or ignore the problem. If you don’t contact them, they will expect payment as normal and will charge you if they don’t receive it. These charges can be quite demanding. If you communicate with your loan provider they will often have a series of steps and actions they can take to help you find a more manageable agreement, to extend the term or to cap interest.

You should also contact a free debt advice or debt counselling service to seek advice on managing your finances, or any other debts you may have. These services can help you to talk to your creditors and make arrangements that can help to stabilise your money and put you back in control of your finances.

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