Strategies for Receiving a Mortgage Loan When You Are Short on Money Consistently pay your loan in time and avoid getting extensions. In the event you extend such loans, you only will aggravate the interest also make it even harder to repay the loan in the way. The usual duration of the payment loan is two months. In the event you realize that you are not able to repay your mortgage within that time period, it will not fundamentally enter the default state. A lender can provide the option to ditch that may permit you to acquire an extension, however there are added expenses to achieve this. Payday-loans can supply a solution to individuals who desperately need dollars and do not need other options. However, these folks must recognize just what they indicate before trying to get such loans.