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How to pay off payday loans – a few simple tips

Payday loans – as the name suggests – are a financial product with a short repayment period. The temptation of easy money is considerable, but you have to take into account that the repayment terms are very short and many decide to take another payday loan to be able to settle the previous one.

How to pay them off without getting in debt even more?


Many swear that they would never take payday pay. However, sometimes it turns out that it is the last resort in difficult situations, such as illness or sudden renovation or repair of damaged equipment.

There is nothing wrong with this, you only need to settle payments within the prescribed period to avoid additional fees for delays. However, when we do not know how to fulfill the contract and we are convinced that we will encounter repayment problems, it is worth considering an effective solution that will protect us against financial problems.

Extension of the repayment period

Extending the payday loan repayment period is a very convenient solution, however, it should be borne in mind that it is an expensive investment. Payday extensions cost up to PLN 300 per month. This is a good option, especially for those who cannot pay the entire amount of payday loans in a given month for various reasons, but can afford a one-off extension to gain time.

It is worth remembering that extending the repayment period for several months is not profitable, because it can significantly exceed the amount of the payday loan. Where to look for information about the extension? Usually it appears on lenders’ websites.

How can I extend the repayment period? In a loan company branch or on the website. On the lender’s website, it is often possible to register and take out a loan online . After registration, each customer has access to his panel, in which he can see when to pay the debt, to which bank account number to transfer the money, and even if it is possible to extend the repayment period.

In case of repayment problems …

First of all, bet on honesty and contact loan companies where you have debt. Sweeping the problem under the rug will only compound it. Hiding financial problems is never a good idea because an employee of a loan company will call us sooner or later and ask why the liability is not regulated.

Instant payment

Instant payment

Try to contact the lender to agree on new repayment terms. Do not allow the contract to be terminated, because in such situations the obligation must be repaid in full – immediately. To be able to spread the commitment into installments, you must remember to submit the application. What should it contain? A reasoned request to divide the payday loan into installments. Explain why we are unable to pay the commitment within the given time limit.

Not all non-bank institutions agree to divide the payday payday installments into installments . So it’s good to think about another form of debt regulation. Bank loans are worth considering. Preferably from the bank where we have an account.

The bank, seeing regular transactions and inflows to the account, will gladly grant us a loan – without leaving home, via online banking. This loan will allow you to pay the payday loan, and we will pay it back in convenient installments, without fear that we are forced to pay the whole amount.