4 Alternative Ways to Pay off Payday Loans

Sep 18, 2019

 

While many people aspire to gain financial security, the harsh reality is that many people find themselves in situations where they have to borrow cash. Often, when they find themselves in a tight financial situation, they tend to apply for loans as their financial obligations grow.

Thankfully, the advent of online lending has made it much easier for people to take out a much-needed loan without going through an unnecessarily-long and complex loan application process. 

 

Why you should go for a payday loan

In recent years, the assortment of online loans that can be taken out has grown tremendously. From one-day loans to credit boosters, there are many loan options, regardless of the intent of application, duration, amount, or interest. However, despite the different loans available on the market, payday loans stand out among the rest. 

With an easy application process, quick granting time, and relatively-low interest, payday loans have become the option for most working professionals in a tight spot. However, while it’s fairly easy to understand how payday loans work and how they can work to give you leverage in managing your financial situation, it is essential that you know how to pay off an online payday loan.

 

The best ways to pay back a payday loan

Here are a few different ways you can pay off an online payday loan:

 

1. Sell off your unwanted things

Go through all your things and see what unused or even used items you can put up for sale. To get the best price and make the fastest sale possible, use the internet to put your items up for sale on online auction websites, e-classifieds, and online marketplaces. 

 

2. Apply for extra work

Depending on your weekly and daily schedule, skills, and amount of dependents, taking up a second or third job to pay off a payday loan can make a difference in your difficulty in complying with monthly payments. Some common types of additional jobs that are easy to balance with a full-time job are:

  • Rideshare driving
  • Part-time insurance salesperson work
  • Freelance jobs for any special skill
  • Remote part-time jobs

 

3. Ask for an advance payment

Oftentimes, many organizations can offer different types of financial assistance for needful employees. Depending on your tenure in the workplace, position, and salary level, the accounting department at your job can provide you with extra cash every month so that you can easily pay off your loans during critical months. 

 

4. Adjust your withholding pay

By changing your withholding pay at work, it can be much easier to have a significantly-larger amount of cash every month for paying off your loans! Adjusting your withholdings at your job can help give you an extra boost with making payments on time while keeping yourself free from having to subsist off of a small remaining amount post-payment every month. 

With these alternative payment methods, you’ll be able to discover that it can be much easier to make the necessary monthly payments for your payday loans. Although it may prove to be quite difficult at first, seeking alternative payment options can make a huge difference in terms of how well you can manage your loan payments every month. 

If you’re in South Africa and want to take out a personal loan at affordable rates, feel free to contact Hoopla Loans today to see what we can do for you!