It is not impossible to find yourself unable to pay an online loan, whether you have received it from a peer-to-peer platform or through a commercial lending app. These services offer various ways to delay the payment of your monthly installments, especially if you are only missing a few pounds, however, what happens when you are unable to pay the whole amount of money?
There are dozens of places to get money from, in order to pay for your online and offline loans, and most of these can be used in order to make money regardless of what standing debts you might have.
In some cases, you may even be able to take out loans from other websites, as long as the ones that you have borrowed from in the past have not reported the transaction to any banking institutions or financial registries.
Do the math and find the best course of action – Consider getting rid of unwanted items
If you find yourself in a financial crisis that prevents you from paying back an online loan that you’ve received in the past, the most important thing that you should keep in mind is that you must find a way to get the money you need without creating larger debts.
You may be able to take out another loan from a different platform in order to pay back the money that you owe, however, this will only prolong the duration of your financial issue. The best course of action when it comes to finding an efficient way to pay off your loans is to do the math and figure out which is the best way to get money without wasting more than a couple of pounds on taxes and fees.
Below, we will look at ways through which you can get the money elsewhere, however, if you do not want to use another service or get another loan, there is always the option of going through some of your old possessions and finding something that you no longer need and is worth selling.
There are many local platforms that allow you to sell anything from used footwear to electronics and house appliances. Some of these websites will even send a courier to your door in order to pick up the item, so there is no need to leave the house.
Use alternative ways to get loans or make money online
Online loan services are usually considered to be a simple alternative to the banking system, but the two rarely communicate. In other words, you may be able to use a credit card in order to pay off your online debt or to take out a payday loan from an ATM, deposit the money into your account and then transfer it to the platform that you borrowed money from.
This having been said, there are also a few ways to get an extension on your loan, using the platform that you’ve borrowed the money from:
- Peer-to-Peer lending services – These platforms tend to be the most flexible when it comes to getting an extension on your loan because they pair you directly with the lender. This makes it easy to get in touch with him and explain the situation. In most cases, the individuals that lend you money will try to understand the issue. They may give you a few more days, or even weeks, to come up with the money, without penalizing you for the delay;
- Commercial lending services – Most of these services have clauses that specify what happens if you cannot pay on time. They will penalize you depending on how many days your payments are delayed, as per your initial agreement. What you have to keep in mind here is that for a 2-3-day delay, you will only have to pay a couple of extra pounds, which may not be too difficult to do;
Getting loans from multiple services is possible, and you might use the money in order to pay off your older debts, but this course of action is not advised. Online money-lending services do not always communicate with one another, however, getting money from one source in order to funnel it into another platform will only have you pay more fees and taxes for the transactions.
Generally speaking, if you do not have the money to pay a monthly installment on time, things are not as horrible as they seem. Most companies will not penalize you harshly if you are 1-2 days late on your payments. Furthermore, if you would rather pay it off as quickly as possible, there is always the possibility to get a payday advance from your local bank or to use a credit card in order to get the money.