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  • Call your lender and ask
  • Pay your lender as soon as possible to avoid mounting interest
  • Seek help if you cannot repay your loan


Finding out if you have any outstanding payday loan is very easy. The first thing to do is to call or message your payday provider and ask. You will need to give your personal details but your lender will be able to tell you if any of your loan is still outstanding. 


What should I do if I have outstanding payday loans?


If you have any outstanding payday loans you should pay them off as soon as you can. Paying off late can cost you more in interest and you may be charged late fees too. 

If you have more than one loan to pay off it’s wise to pay off the loan with the highest interest first. This way you will avoid paying high interest rates for many months. If you have a payday loan with a high interest rate it will cost you a lot in interest to pay it off over another 6 months. Comparatively, paying off a personal loan with a low interest rate over 6 months or 1 year will likely not make that much difference to the overall amount you pay.


How should I pay off my payday loan?


The best way to pay off a payday loan is always quickly. Payday loans are only ever designed to be a short term financial fix. Payday loans are a quick fix, and supposed to be paid off when your next paycheck, hence the name – payday loan. As a result, interest rates for a payday loan are often high, compared to more long term loans like a mortgage.  

With the relatively high interest rates of payday loans, the best way to pay them off is as fast as you can. Pheabs allows you to repay your loan early with no extra fees. The longer you take to pay off your payday loan, the more interest you will accrue and the more expensive your loan will end up being. The earlier you pay off your loan the less late fees and interest you will pay.


What happens if I cannot repay?


If you are having trouble repaying your loan there are a few things they can do. Firstly, you should seek financial advice. A financial adviser will be able to look at your unique financial situation and advise you on the best path out of debt. Many charities will offer free financial advice to those who are struggling. 

You can also talk to your lender if you are starting to struggle repaying your debts. In many cases, payday lenders will be able to alter your repayment schedule to work for you. Lenders are often keen to help you repay your loan in a way that  works for you.