Short term and payday loans have captured the attention of the loaning public since they offer full control on loan details such as the loan amount and the payment schedules.  In effect, they make the borrower’s lives easier.

There are other loans offered such as short term loans, that allows for a slightly longer repayment period.  Lenders offer such for the maximum period of 90 days or 3 months. If you need to learn more please visit

Then there are payday loans. 

Payday Loans

The term “payday” loans originated from the fact that people who apply for these loans have the intention of allocating an exact amount of money from their next pay cheque for the repayment of the loan.  It means they do not need a long repayment period and the goal of applying for the loan is just to get by until the next payday.  People take out these loans as a contingency when they do not want to go to the banks because the bank requires high minimum loan amount or when they do not want to borrow money from their family and friends for fear of being bothersome.

But what if these payday loans do not suffice to make you survive until the next payday? What if your financial resources dwindle down until you are left with not enough funds to repay them?

Heart Loans Tips

Heart Loans offer the following tips when confronted with this problem.

You have everything figured out, you’ve made your computations and you are absolutely sure that you can comply to the payment requirements of your repayment schedule.  But what if, you incur another emergency expense, like another leak in your pipes, or your car needs another round of repair?  What if you can not pay your loan in time?

Do not panic.

Firstly, Do not panic.  Panic cause anxiety, disabling you to think clearly. Pray for strength and courageousness.

Face the Problem.

Secondly, Never ignore the problem.  Situations such as this may be intimidating, but can be resolved.  Acknowledge the problem and give it some attention.  Think of it objectively.  There are steps to get you out of the situation.

Seek help.

Make some consultation.  Various websites run by either the government or by private organizations, are good places to look for financial support and advice. 

Know the law.

Be aware of the law and how it works.  It is a mandate for payday loan lenders to suspend repayments of debts until the borrower develops another repayment schedule in coordination with a debt adviser.

Tell your bank.

If the situation is more serious or if it worsens to the point that you are afraid you will not be able to sustain yourself for expenses such as food, utility bills, mortgage or rent, you may contact your bank to request for a cancellation of the recurring payment that your loan lender debits from your account monthly.

Talk to your lender.

Be honest with your loan lender.  Tell them personally or through correspondence that you are facing some serious financial difficulties and you will not be able to repay them in the time specified in the repayment schedule.  This does not erase your loan from them.  As a matter of fact, there is still the tendency that the loan may still incur interest, but at least you will be able to buy some time to look for ways to correct your financial situation.

Contact a debt adviser.

If you are confused with how to come up with a new repayment plan, there are debt advice services offered to help you.  A debt adviser will help you untangle your debts.

There is always hope.  There is always life after debt.

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