How To Payoff Your Payday Loan Effectively

If you are struggling with payday loan in Singapore-http://expresscashloan.com.sg/payday-loan/ or someone close to you are struggling with payoff payday loans, please share this article. Here are some strategy that can help you get out of the payday loan in Singapore cycle without filing bankruptcy or risking damaging your credit.

1.Do not get another payday loan—no matter what happens. Basically, stop adding new interest debt.

2. Get Organized. This step is very important if you have more than one loan to concern. Write the name of each loan company, its corporate phone number, loan due date and any other details. This will give you a clear head and help you effectively organize a plan.

3. Find out if the Loan Company is a CFSA Member. Contact each loan corporate office and confirm whether or not they are a CFSA Member. As a member, these companies are required to offer solutions to help consumers needing more time to pay back their financial obligation.

4. Start with the biggest loan (Loan A) and work yourself down to the smallest one. Visit the loan company for (Loan A) and request an EPP on the day before your loan is due. Once you sign the appropriate paperwork you are typically granted and extension until the next payment due date.

5. Develop a plan to gain extra money. Get a part time job, work overtime at your current place of business, have something unnecessary sale and/or contact your bank/credit union and see if you are eligible for an Advanced Deposit or other solutions. Remember, you must maximize every dollar and commit to using every extra dollar towards paying off you payday loans.

6. Repeat step 4. The next pay cycle repeat step 4 with Loan B. If you need more leverage just wait a couple of pay cycles in between your EPP requests for Loan A and Loan B. Continue this process until all loans are paid in full.

7. Start a savings. Once you have successfully paid off all of your payday loan in Singapore, you WILL NOT be eligible for obtaining another payday loan from those particular companies for 12 months, it is good for yourself and you know it. Once you break this payday loan cycle you should have renewed confidence in you own ability to save for future emergencies that will inevitably happen.