Trying to Avoid a Late Payment? Here Are Your Options

Managing personal finances isn’t always easy. Sometimes, even despite your best efforts to save money, you can find yourself in the midst of a short-term financial emergency. For many people, skipping a credit card payment or paying the rent late simply isn’t an option — especially if they wish to improve their credit score. So what can you do to ensure you meet your financial obligations and avoid extra penalties? With no credit check loans for those in need and a host of other options, you have more resources than you might think.

Communication is Key

Failing to communicate your current struggles to those you need to pay is the worst thing you could do in times of financial turmoil. In many situations (even with dental bills), you can negotiate a payment plan that will break a larger expense into smaller monthly instalments. If you have a history of consistently paying your rent, your landlord may be willing to not impose any additional fees if you can make your payment within a few days of the normal due date.

Even your credit card company may be willing to work with you in some situations. Most credit card issuers allow you to make a minimum payment in the first place. Though you should never let credit card interest pile up, paying the minimum amount is far better than skipping a payment entirely. It never hurts to ask the billing company what alternative payment options you have.

Short-Term Loans

When alternative payment solutions aren’t available, turning to a no credit check loan can be a reasonable method of dealing with your debt. You don’t need a spotless credit history to qualify for these loans, which usually total a few hundred dollars. Instead, your employment status is used to determine whether you qualify to take out a loan. This can help you avoid NSF fees and other unexpected expenses.

Keep in mind that these loans do carry a higher interest rate. As such, they should generally be reserved for financial emergencies, rather than frivolous purchases. While loan amounts are based on your ability to repay, repeatedly taking out loans to fund weekend getaways or other unnecessary expenses could create serious financial trouble in the long run.

Other Same-Day Cash Options

Though not as readily available as any credit check loans, there are other options that can help you get the cash you need on short notice. In an emergency, you could sell some of your more expendable possessions to raise the money you need. Alternatively, you may have friends or family who are willing to loan you some money (most likely without any interest payments, either).

If you have a bit more time to address your financial situation, it may be worthwhile to take on additional part-time work. Temp agencies often provide daily or weekly payments, allowing you to accrue extra income quickly. Similarly, babysitting or tutoring can also serve as a great way to earn some extra money with same-day payments for your services.

Planning for the Future

While you can’t always predict what might happen in the future, you can take steps to ensure that you don’t face another financial emergency anytime soon. Start by building up an emergency cash fund. Put a small portion of each paycheck into a savings account, where it won’t be touched unless you are in desperate need.

This may require that you adjust your budget as well, but this is never a bad thing. Taking steps to cut unnecessary spending will go a long way in preventing future financial trouble. As you take control of your finances and plan for the future, you can ensure that short-term problems don’t lead to lasting difficulties.

Colin Shaw
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Written by Colin Shaw

Colin has been in the finance market for over 20 years and specialises in best business practice to make an organisation profitable. The only man for the job when it comes to numbers and accounts with a keen talent for simplifying finance for the wider market.