Let’s first talk about how much you will be typically charged for late payments. When it comes to credit cards, late fees vary from $30 to $50, depending on your credit card company. For utilities, you will be charged anywhere from $21 to $45 and may also have to pay a reconnection fee of $32. So if you have a habit of paying all your payments after the due day, you are likely to spend more than $1200 a year on late payments alone.
If you are just a day late, you will still need to pay a late fee, and your credit score will take a hit. So do whatever you have to do to remind yourself before the due date. Let alarm, schedule in your calendar, or ask Siri or Google to remind you to pay your expenses are some good ways to keep yourself informed. But if you do miss a payment date, make sure to pay them off as soon as you can as credit card companies take several factors before computing your credit score.
Do you need assistance avoiding missed deadlines? You may consider arranging payments ahead of time by setting up automatic payments. Your credit card provider may also provide tools to assist you in making timely payments, which may be useful when you’re traveling, or life becomes busy in general.
When putting the envelope in the mail, keep an eye on the clock. When it comes to paying your bills, timing is crucial. Companies usually evaluate if a payment is late based on when they receive it, not when it was mailed. So, if your payment isn’t received by a certain time on the due date—for example, 5 p.m.—the credit card company may deem it late. So be mindful about the time and do not wait for the last second to make payments.
The tips above are great, but what if you don’t have the money to pay off your bills in the first place? Getting a traditional loan can be an option, but it can take weeks to get approval, and you will end up defaulting on your loan, causing your credit score to decrease. To avoid such a situation, you may consider taking an instant payday loan. They do not require an extensive credit check or the need to pledge any collateral. Payday loans can be applied online from the comfort of your home, and there does not require much paperwork.
Payday loans have gained much popularity, and in 2021 alone, over 12 million Americans applied for instant loans. But not all payday lenders are reliable; many lenders ask for additional fees before loan approval and do not disclose all the terms associated with the loan. This is why we always recommend getting loan approvals from reliable loan matching services like PaydayLv.
At paydayLV, you may avoid incurring late, overdraft, and re-connection penalties by taking out a short-term payday loan. We have an array of reliable lenders in our network to help you find the best rates. You can compare prices and review the loan terms before signing the contract.
With these easy tips, anyone can avoid paying late fees if they are just mindful about their dues. And if you do face financial hardships, an instant payday loan at paydayLV is there to help you out; apply today to learn more.