Redundancy impact on Payday Loan

Posted in News About Loans For People With Bad Credit

Statistics in a report by Credit Action show that between March and May this year 1,293 people were made redundant every day. Being made redundant can have different effects on different people, for some it’s a relief and spurs them on to a new career or early retirement, for others it can impose a negative impact, especially for those who may not benefit from a large redundancy pay out and have debt commitments such as payday loans to contend with each month.

In some scenarios those who may have just taken a payday loan, may be wondering how they are going to repay their payday loan as they will not be in receipt of another pay date to pay back the loan.

If this happens, you need to contact your lender to advise them of the situation and come to a suitable arrangement for you to be able to afford to repay the payday loan. If you cannot afford to repay the payday loans the advice would be not to ignore the problem but confront it so that you do not fall into debt problems.

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