How to Pay off your Payday?

How to Pay off your Payday?

Repayment of the payday

Repayment of the payday

It would seem that each horse is obliged to know how to pay it back. However, according to the representatives of loan companies, many people do not know exactly when and how to repay the debt and, therefore, the lenders often have to bear additional costs due to borrowed money. So we will try to present below all information that will enable timely repayment of the payday.

By submitting a request for a break, we are perfectly aware of how much we will have to give back. For the loan companies on their websites have special calculators that will instantly show us what the cost of the loan is. Therefore, we do not have to wonder what amount to transfer to the loan company’s account. What’s more, usually a few days before the repayment date, we’ll get an SMS or email with a reminder of how much we have to pay. Once we know how much money we have to transfer, we need to know which account we need to transfer. The account number can be found in our agreement with the lender and also on the company’s website, usually in the tab with questions. If we already know how much and where to transfer money, we can make a transfer. Please enter the account number carefully and the amount that your bank is to transfer. A very important thing that many people forget about is to enter information in the title of the transfer that it is a payday refund of a given person. It is worth checking out on the lender’s website what to enter here, because companies often have different requirements in this respect – also this information is most often found in the tab with questions. After checking all the data, we can already make the transfer.

The time when we make the repayment is very important. We must remember that the money must flow into the account of the loan company in the period specified in the contract. This means that the transfer must be made a little earlier, because the money must “reach” from our bank to the lender’s bank. Unless we have bills in the same banks, then there is no problem, because internal transfers are made almost in real time. Therefore, we must make a transfer at least one business day before the repayment date. Then we will be sure that the money will arrive on time. Transfers to loan companies can be made both via online banking and in the bank window, by filling in a regular transfer.

Correct and timely execution of a transfer with payment of a payday, can save us from significant costs, because if we do not make repayment on time, the loan company will charge us with additional fees, which will significantly increase the cost of already expensive payday.

Nathaniel Smith

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