Help with Your Utah Payday Loan Payment Plan
Payday loans are a good solution when you're in need of quick cash in Utah. Nevertheless, you might need help with your , especially if the due date is nearing and you 're not in a position to clear the loan. In fact, CFPB found out that 20 percent of payday borrowers default on their loans and that more than 80 percent of the payday loans were rolled out or re-borrowed within thirty days.
Additionally, according to a report done in 2016 by the Office of the Auditor General, Utah has the fewest number of restrictions for lenders compared to other states. Based on the report, an online payday loan of $300 can attract an APR of up to 521% if it's paid in two weeks.
The requirement to pay that lump sum amount at once can make it a bit stressful and challenging to clear the debt in full and on time and this is where DoNotPay comes in handy. At DoNotPay, we 'll help you to ease the burden by negotiating with your lender for better loan terms.
What If I Stop Paying My Payday Loan?
Failing to pay back your payday loan on time in Utah can attract additional fees and interest. These fees are normally referred to as non-sufficient funds (NSF) fees, and they apply when you lack funds to cover a transaction.
Additionally, you can be forwarded to a debt collection agency for failing to pay the loan in the agreed time frame. Once you 're reported to a debt collector, they might also report you to national credit reporting companies. Some of these collectors may even take you to court for defaulting on your loan.
Does an Unpaid Payday Loan Affect Your Credit Score?
If you fail to pay your payday loan by the expected date and your debt is forwarded to debt collection agencies, you'll see a dip in your credit score. This is because the loan will appear on your credit report. And since the loan default can stay in your credit report for up to seven years, you might have difficulties securing future financing.
Handling Your Utah Payday Loan Payment Plan by Yourself
Once you have collected a payday loan in Utah, the easiest way to settle your loan is by allowing the lender to deduct it from your paycheck on your next payday. Notwithstanding, if you're unable to pay by then, there are a few things you can do to lessen the burden.
- Ask for a roll-over - You can ask for a roll-over or an extension of your loan till you're able to clear the loan.
- Loan consolidation - You can consolidate your payday loans by moving your debt from multiple accounts to one account, basically with a lower interest rate.
- Debt relief - You can get debt relief by negotiating with your lenders to lower the amount you owe. This process can be a bit stressful as you'll need to be able to convince your lender. Seeking professional help from a company like DoNotPay puts you in a better position to get relief as they are experienced in the area.
- Payday loan installments - in Utah state, lenders can grant you an installment plan to help you clear the loan without so much struggle. Unlike normal payday loans, payday installment loans get paid in multiple installments over an established loan term.
How DoNotPay Can Help with Your Utah Payday Loan Payment Plan
If you're completely unable to pay off your on time, do not despair yet. Here is what you can do:
1. Seek to Be Placed On a Payment Plan
If you're unable to pay your payday loan on time, you can ask to be placed on a payment plan where you'll pay the loan in installments.
2. Request for an Extended Payment Plan
If you can 't pay your loan by the due date, you can request the lenders to extend the dates for you. In Utah, your extension can go up to 10 weeks or 70 days, and the cost of your extension is determined mainly by how long you choose to extend.
3. Negotiate Your Loan Terms
While this method isn't a surety, in some cases, your lender might be willing to negotiate your loan repayment terms, including APR and interest fees. There's nothing wrong with trying!
So How Does DoNotPay Help With Your Utah Payday Loan Payment Plan?
At DoNotPay, we automatically produce a negotiation letter on your behalf that you can take to your lender to request better loan terms. 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.
Why Use DoNotPay To Pay Off Speedy Cash Loans?
There are three important reasons why DoNotPay is so helpful when it comes to resolving your payday loan issues .
| It’s Fast. | You don’t have to wait weeks or even months to solve your Utah payday loan payment plan problems. |
| 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. | See financial results, fast! |
What Else Can DoNotPay Do?
DoNotPay can support you beyond simply handling your Utah payday loan payment plan. Our innovative solutions can help you tackle some of life's most stressful, complex, or difficult challenges. For example, DoNotPay can help with:
- Help you file a complaint
- Help with the bills
- Acquire refunds from organizations
- Robocall compensation
- Terminate subscriptions or memberships
- Reduction of property taxes
For more information, get in touch with DoNotPay today!