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Getting An Extension With Payday Loans In Knoxville TN
When most people need cash in a hurry, they often resort to payday loans since they are very easy to obtain and can be very helpful in times of need. Usually, the normal repayment is taken out of their checking account on the subsequent payday. While this may be considered to be very convenient, it can actually be a bumpy ride.
It is important you understand the costs and risks involved before using payday loans in Knoxville TN as they don’t actually end up to be helpful in all situations. Sometimes, your next paycheck may not be enough to repay back the short-term loan. So, what do you do? Here are some valuable options to help you get an extension with a payday loan.
Ask for an extension
Of course, it is possible to request an extension in advance if you know that you won’t be able to repay the loan by the next payday. There is no need to be indifferent or careless about paying your bills on time as this will not help matters in any way. As you already know, most payday loan lenders won’t tolerate nonchalance and could likely go to a collection agency without haste which can badly affect your credit rating.
You can notify your lenders by filing for an extension within two days of the due payment. Let the lender know when your next payday is due so they can know when to expect payment. Note that you may be required to pay extra charges. In some cases, it may be regarded as applying for another loan while you get the extension.
Refinance your payday loan
Refinancing your payday loan can be another less expensive option for you. Basically, it’s like asking for a rollover or an extension. But in this case, you will need to pay part of the amount you already owe. When it comes to refinancing payday loans in Knoxville TN, borrowers are required to pay at least the interest on the first loan. Like taking out a new loan, refinancing payday loans comes with the same interest rate as the former. Usually, you’ll have until the next payday to get the loan repaid.
Apply for another loan
Getting a second loan may be the easiest way to pay off the first particularly in most desperate situations. Obviously, you will need to receive your cash from another payday loan lender before the other is due. Before you can get the initial loan closed, you will need to include the interest in the payment.
This will certainly work for you once you can obtain two or more payday loans in Knoxville TN without any delay. However, this may not be a good idea for you as you will be required to pay high interest rates. It is best to seek short-term loans when there is basically no other way to get quick cash at a lower rate. Ensure to shop around to find the best deal before applying for your payday loan.
Payday Loans In Knoxville Tn