Hello, I need a request to divide the payday loan into installments. I have a few days to pay off (30 days) and amounts vary from USD 1,000 to USD 4,000. It came to the point that I pay off one liability with the newly contracted one and I fell into a debt loop.

I don’t know how to deal with all these debts. Please, advise me what solutions I have? how to get out of debt and avoid debt recovery and a bailiff? is the extension of payday loan a good idea? What will the fees be then? is it worth to decide?

I have no money, and lenders are starting to harass you. Help me pay back payday loans …

Today you will learn how to spread the payday loan in installments (a checked application template can be found at the end of the article) when difficulties arise when paying the payday loan or extending it for another period (refinancing).

Most often, as you know, the problem with paying back payday loans arises when we simply have too many of them and our monthly home budget cannot cope with such large expenses.

In addition, even despite the awareness that the payday loan is an expensive loan, we decide on it because the money is available almost immediately and we often do not care whether in a month (because payday loans are usually provided), we will have funds for her repayment.


Dividing the payday loan into installments

payday loan into installments

Before I get to the heart of the matter on how to break down payday installments, I will try to make you realize that payday loans should really be a last resort … first of all it is an extremely expensive loan, especially when there are delays in paying it off.

And how do loan companies tempt us with offers? most often they are:

  • loan without certificates,
  • money even in 15 minutes,
  • all you need is your ID card,
  • first payday for free.

As you can see, everything is nice and beautiful, but until payday loan arrives. For example, taking a payday payout of USD 1,000, sooner or later there will be a moment when we will have to pay back that amount once (plus considerable interest)! you already know that it is very difficult to deduct such a round sum from the payment and selflessly transfer it to the account of the loan company.


The home budget can suffer

home loan

Of course, you can not give away the whole amount and extend the payday payback (refinancing payday loans), but know that there is a damn expensive deal, especially when the payday loan amount is a bit larger … Sometimes payday extensions cost up to USD 1,000 / month. So, by extending the payday loan by a few months, we could pay it back completely if it wasn’t for the costs of extending it!

So instead of deciding to refinance, try to spread the payday loan in installments by submitting an application to the loan company.


How to spread the payday loan in installments to avoid additional fees?

How to spread the payday loan in installments to avoid additional fees?

If you are in a goalless situation and you have a problem paying back payday pay, don’t hesitate to send it to the company that gave you payday pay – a letter asking you to spread it in installments! Such a move may protect you against the impending debt loop …


What is the debt loop?

debt loan

This is the moment when you lack the cash to pay your current liabilities. Then you reach for another payday loan to get funds to pay the installment for the previous loan. By following these steps several times, you fall into the debt loop, because interest and fees accompanying subsequent loans, accumulate by imitating the so-called “Snowball effect”.


How to write a request to divide the payday loan into installments?

How to write a request to divide the payday loan into installments?

It is quite easy to write. It is best if the request to divide the payday payment into installments should contain a clear request in itself, as well as true and factual justification, as well as necessary data. It is best that you even join the request for payment in installments, some document confirming the reason for the difficulty by which the payment of the payday loan was impossible. Authentication in the eyes of the lender is a big plus.