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What if I can’t afford to repay my online payday loan? Can I get an extension?

Some lenders are willing to work with you if you need help. Make sure you contact the lender immediately if you realize that you aren’t going to be able to pay the loan back on time. You may have to pay additional fees if you make a partial or late payment. Remember, you are taking out a loan and will be expected to pay it back based on the terms and conditions you agreed to with the lender that you were matched with. Just like most other loans, you will be charged additional fees or penalties if you don’t pay the loan back on time.

4 Comments so far:

  1. Nick says:

    Ouch, that’s a tough one… I’m sure they’ve got late payment options, but you’re probably going to have to pay a penalty, and probably a pretty big one too. I’ve only taken out really small loans from them a couple of times, and so I never ran into any repayment issues. Has anyone else had this problem? Were the late fees huge? Now I’m a little bit nervous, gotta knock on wood!

  2. Ben says:

    I’m not trying to be harsh but with this kind of loan, you kind of shouldn’t be getting one unless you can afford to repay it. I totally get that things happen, but they’re so short term that you really ought to have a clear enough idea of your financial situation to see it through to the end! It’s not like getting a mortgage and then having a car accident a few years down the road, it’s just a few grand that you should be pretty sure is coming to you before you spend it anyway. I’m not trying to be mean because I don’t really know you’re situation, but you probably should have been a little more realistic.

  3. Len says:

    Depends on the loan you have, just like they said. Maybe you can get a month or two grace period? Most credit cards offer that kind of thing, but then again their interest rates are usually much higher, right?

  4. Nicki Blu says:

    I found this post, but I have another question about money mutual loans, and maybe someone here can help. I’m paying back my loan, but I’ll admit it’s a little tough, and my husband just lost his job so I know it’s going to get harder. Is there any way to refinance my loan, like with our mortgage? We have a little bit of time to get creative here, but once his unemployment runs out it’s going to be impossible if we don’t do something now. Is this an option with any of the lenders?

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