How To Manage Your Loan Payments And Avoid Late Fees

December 2, 2021 | Daniel Dewitt

woman struggling with loan payments

Nobody wants to deal with late loan payments. It can cause all sorts of stress. It can lead to late fees and hits on your credit score. Therefore, it is in your best interests to prevent loans from going late. We hope the following tips will help.

Here’s How To Manage Your Loan Payments

1. Know When Payments Are Due

It is always wise to know exactly when payments are due. The vast majority of people who deal with late loan payments don't really pay attention to when the next bill is due. Remember, if you miss it by even a couple of days, you will get late fees.

Typically, loan payments are due at the end of the month. However, this does not necessarily mean you should put it off till the last day of the month. Make it a habit to pay on last Friday of each month, for instance. You should also remember that your bank may take a day or two to deliver money to the lender.

2. Budget Properly

It is important to be smart about budgeting. At the beginning of each month, draw up a list of all your expenses, including loan and bill payments. Make sure that you budget for your everyday expenses, like food. If you budget correctly, then you can avoid overspending which may result in using up the money that’s meant for the loan repayment.

3. Set Up Automatic Payments

This may not be possible with all banks and lenders but it can be useful if you can do it. Setting up an automatic payment for a loan will help you avoid stressing about your loan payments. The money will be taken out of your account at exactly the right time. You may find that there are some lenders that charge less when you set up automatic payments. This is because they won't have to send you a bill each and every month. They will just take the cash.

4. Contact Companies If You Can't Pay On Time

Occasionally, you may find yourself in a situation when it might be hard to make your loan payment on time. In such cases, it is important that you don't stay silent.

If you believe you will miss a loan payment, then reach out to the lender. Explain the situation. They may have a solution that can help, assuming that this is not something that you are doing regularly. Believe it or not, lenders are not out there to claw every dime from you. They want to be paid back, but they can work through any issues that you may have. It is called responsible lending.

calling about late loan payments

5. Consider a Title Loan

Sometimes, you may have loans that are going to go late and there may not be much that you can do about it. This is often because you have to deal with emergency expenses such as medical bills or urgent repairs to your property.

And if you do face such an emergency, remember that you can get a title loan online with Cash Cow in Louisiana. A title loan is a type of secured loan against the title to your vehicle. With Cash Cow, you can borrow up to $1,400. The actual amount will depend on the value of your vehicle and its market value.

Some people have found that a title loan has allowed them to keep their finances on track and get through a rough financial patch.

Looking For A Title Loan? Cash Cow Is An Option

If you are considering a title loan to help prevent loan payments from going late, then Cash Cow in Louisiana is an option.

Our process may allow you to receive the cash that you need to cover your loan payments as soon as the same day. Here is how it works:

  • You fill in a short inquiry form on our website.
  • One of our team members will contact you on the phone. They will discuss your submission, as well as allow you to ask any questions that you may have about title loans. You will also be told where your closest Cash Cow location is.
  • Come along to your nearest Cash Cow location with your vehicle, photo ID, and the lien-free title to your vehicle.
  • Your vehicle will be inspected to determine how much cash you qualify for.
  • You sign the loan agreement.
  • You receive the cash that you need as soon as the same day.

happy about title loan

Avoid Late Loan Payments With A Title Loan Today!

While late fees on loan payments can be avoided with careful financial planning, sometimes things don’t go as planned. In such case, consider getting a title loan from Cash Cow. With title loans, the funds may be available to you on the same day you apply which will eliminate the possibility of being late on your payments. You can get the process started today by submitting a short inquiry form for title loans online on our website.