ByPay Off Your Speedy Cash Loan With DoNotPay
There are times that everyone needs a bit of extra cash. So, they turn to fast loans, such as payday loans or speedy cash loans. Unfortunately, the high interest rates for these types of loans are astronomical and it can be hard to get back on track. Yet the longer you wait, the more expensive your initial loan can become. To avoid racking up more fees and interest charges, you need to as soon as possible.
Sometimes, affording to repay the loan is problematic and loan consolidation or an extended payment plan is needed. Unless you've got expensive lawyers to help you, you may find yourself struggling to get out of your payday loans. DoNotPay can help you pay off your speedy cash loan quickly and effortlessly.
What If I Stop Paying My Payday Loan?
There are three main reasons why not paying your speedy cash loan isn't a good idea:
- You signed a contract to repay the loan and the loan's interest and are legally liable for the debt
- The lender can take you to court
- Interest will continue to accrue until the account is eventually settled or charged off as a bad debt and sent to a collection agency.
Instead of ignoring it, it's much better to look into payday loan relief or consider payday loan installment payments.
Does An Unpaid Payday Loan Affect Your Credit Score?
The short answer is: Yes, unpaid payday loans will affect your credit score.
However, this is up to the collection agency. Not all collection agencies report to the credit bureaus. It's a good bet to think that the agencies will, though. Note that the company will try for quite some time to reach you by mail and phone. If you find a solution with the payday loan company, it 's less likely to go to collections.
How To Pay Off Speedy Cash Loans by Yourself/On Your Own
While this isn't true for all payday loan companies, many are reasonable and just want to get paid. This means that if you want to get out of a payday loan , you can often negotiate a payment plan or an offer in compromise to pay less than is owed , but accepted as paid in full. Here's how to do it:
- Contact the payday loan company. This can be easy or difficult. First, you have to figure out how to contact them. For example, do you call, chat, or e-mail? Most often, you call. And get put on hold until you get to talk to someone that might or might not be able to help. Once you get ahold of someone, you'll need to give them your information and see if the terms of the loan can be renegotiated. If you have to do all this through email, it could take several days.
- Enroll in a consolidation program. These programs are designed to enable you to pay off your debt with one payment over a set period of time. While this method may seem simple, you still have to meet with the program representatives (no matter the format: phone, e-mail, or in-person) and provide copies of all the agreements. It can take quite a bit of time to get this information gathered.
- For multiple payday loans, use a snowball effect. Here, you're still paying the total price on the due dates. The difference is that you're starting with the one with the highest interest. It will save you money in the long run, but it will take quite a bit of time. If you have problems with math, this one may not be a good option because it requires you to determine the interest rates.
As you can see, each of these three options can be an effective way to stop paying payday loans legally, but they are all time-consuming and complex. In fact, each is more complex than the one before. If you feel overwhelmed, there are better options than doing this all by yourself.
Next Steps to Pay Off a Speedy Cash Loan If You Can 't Do It Yourself
Some would suggest that if none of the options mentioned above are viable, you should ignore the payday loan. However, this is not a good idea because your interest fees will continue to balloon, and the total debt is still your responsibility.
The last option is bankruptcy. This option isn 't recommended either because it stays on your credit report for either 7 or 13 years, depending upon the type of bankruptcy you undergo. If you 're out of ideas, DoNotPay has a more innovative, faster and less stressful option.
How To Pay Off Your Speedy Cash Loan With The Help of DoNotPay
DoNotPay is the best option to avoid the headache of solving payday loans. It takes out all the guesswork and helps you develop a plan that will meet your needs. Not everyone is an accountant, but you need to know the numbers to get the best deal. DoNotPay takes the uncertainty and complexity out of resolving your payday loan woes. Here's how to do it in 5 easy steps.
How to Lower Your Payday Loan U sing DoNotPay:
If you want to lower your payday loan but don 't know where to start, DoNotPay has you covered. Lower your payday loan in 5 easy steps:
- Search "Negotiate Payday Loans" on DoNotPay.
- Enter the state you took out the payday loan in.
- Tell us the amount you borrowed, the date you took out the loan, and when the payment is due.
- DoNotPay will automatically calculate the APR on your behalf, and determine the best way to negotiate your case based on the amount.
- You're all set! You can generate your personal negotiation letter with one click, and use it to contact your lender to get better terms for your loan.
While it still might take a couple of days, it takes a lot of guesswork out for you. Just a few clicks and you're good to go!
Why Use DoNotPay To Pay Off Speedy Cash Loans?
There are three key reasons why DoNotPay is very useful when it comes to solving your payday loan issues .
| It’s Fast. | You don’t have to wait weeks or even months to . |
| It’s Easy. | Forget waiting on hold on the phone, or sending numerous emails. Provide DoNotPay with your info, and let DoNotPay handle the rest, |
| It’s Successful. | You can finally pay off your speedy cash loan. |
With One Click, DoNotPay Works With Many Entities to Solve Your Problems
DoNotPay does more than just help you with your payday loans and speedy cash loans. DoNotPay is a hub to help you solve all your problems. DoNotPay can help you:
- Take care of parking tickets
- Get college fees waived
- Compose a financial aid appeal letter
- Take care of bills
- Win free raffle tickets
- Get free trials
- Stop robocalls and get compensation
- Reduce property taxes
For help with problems like these , contact DoNotPay today!