We’ve all had to face financial emergencies at one time or another, and you might have turned to borrow money from direct lenders to help get you through it. Even if you don’t have a great credit score, there are lenders that provide no credit check loans, so no matter your situation, you still might be eligible.
However, you might come across some issues when it comes to repaying. Not only can this cause problems with the lender, but it could also potentially hurt your credit score too. To help, here are some top solutions to stop any problems you have with late payments.
One of the easiest ways to stop your payments from being late is to have them set up for automatic payments. You could have your repayments done via a direct debit that comes out on the same date each month without you having to do anything.
This way you won’t forget to send the payment and stop any late fees from being charged to you. If you don’t want to set up a direct debit, there are also third-party tools you can use that will help automate your payments.
These tend to be common with digital-only banks that work via a smartphone app. These can be particularly helpful if you’re wanting to keep all your payments in one place.
Know Your Accounts
Set one day aside each month, or even a week, to go over your accounts. Make sure you know exactly how much money you have coming in and how much needs to go out. This will stop you from not leaving enough money in your bank for your payments and ensure you know which bills you’ve paid.
If you don’t want to set your payments to be automatic, you might find it useful to have reminders each month. You could set them on your phone, write them on your calendar, or just make sure they’re in a place where you’ll easily see them, so you don’t forget to pay.
Try to set your reminders for a time of day when you can stop what you’re doing and pay it there and then. Otherwise, you’ll wipe it away and think you’ll get round to it later and end up missing the payment again. Some companies, in particular banks, will send you reminders when a payment is due, so if you aren’t signed up for them it could be a good idea too.
Change The Payment Date
If you’re consistently missing payments because they’re at the end of the month and this is when you’re most swamped with work and do lots of overtime, it might be best to change the payment date.
Try to have your payments come out roughly on the same day each month and when you’re able to spend the time paying them. Having them spread out over the course of the month can make it impossible to remember them all, so contact the companies and try to move them all onto the same date.
Missing a payment can seem scary the first time you accidentally do it but try not to fret. Make sure you contact the company the second you realize and pay it.
It’s also good to ask if any fees have been added to your account because of this too. If you find it hard to stay on top of your payments, try implementing some of the useful tips above and you’ll soon find you never miss any!