How does a person go about getting out of several pay day loans?
I have tried to get a bad credit personal loan to consolidate all of these into one. Each paycheck I have to pay out $332 just to simply roll over my payday loans, I havent even begun paying them off. I barley make that much each paycheck to begin with. Does anyone know any other solution. I know this is my own fault, and I was stupid to take these out to begin with, but at this point I am looking for any type of advice. If you have any please let me know. Thank you!
December 1st, 2010 at 6:09 am
See an attorney about declaring bankruptcy or what other options you may have. No matter what you do, you are probably going to have to pay it back somehow.
December 1st, 2010 at 6:13 am
See if the company that lent you the money will lump them all into one. Maybe your employeer can give you a personal loan. This is surely a situation where you should taken into consideration you would have to pay the money back eventually. Best of luck in whatever you do.
December 1st, 2010 at 6:15 am
if you let them go, there is a small chance they will turn it over to a collection agency that will settle for less than the balance due. But thats a big IF.
Have you tried going to a bank or credit union to see if they will give you a loan to pay this off? The terms of a traditional loan from a bank are probably easier to pay off.
December 1st, 2010 at 6:16 am
If there is anyone you can borrow from I suggest that first before filing bankruptcy. It dosnt sound like your in THAT much debt. If not is is possible to find a part time job just until the debts are paid off? THEN, stop using checks for a while until you “train” yourself to not use those horrible lending institutions! Trust me, I have been there too! If you let them go they will harass you, I have had a couple work with me in the repayment process if I paid it off in a month! Good luck, just think how great it will feel to be out from under their claws!
December 1st, 2010 at 6:57 am
Get another job until you can get these paid off, and chalk this up to ‘Stupid Tax’. I have done far more stupid things than this (and will probably do more). It will be a character builder if you buckle down and pay this off.
If you are like me, no one can tell you that something is a bad idea if you have it set in your mind. You must experience this and learn it for yourself.
Good Luck!
December 1st, 2010 at 7:48 am
I know how you feel. I did the same thing you did. I had about 5 or 6 payday loan that needed to be paid off, so I went to Prosper.com. I pleaded my case with them, and got my loan within a week. I finally paid off my payday loans, and now I just have to pay Prosper every month, but I almost got that paid off too. Just dont make the mistake of getting more payday loans if you get a loan from Prosper. Good luck.
December 1st, 2010 at 7:59 am
Dealing With Too Many Payday Loans Although payday loans are excellent ways to cover for those unexpected bills that pop up in our daily lives at the worst possible times, people can often be sucked in to costly, high interest loans quickly and easily. The best way to counteract a problem with payday loans is to curb the debt before it begins.
As a good rule of thumb, you should only use a payday loan as a last resort. Also, only take out a large enough amount of money to cover your expenses or tide you over until your paycheck arrives. The vicious circle continues as individuals who rely upon their monthly check find it taken by the loan company to repay the payday loan.
If you find yourself with several payday loans and a mountain of looming interest, know that there are options. Many individuals are quickly overwhelmed with the situation and hastily file for bankruptcy. This should be your absolute last option, but do not panic as there are many more suitable options.
First and foremost, stop taking out payday loans. As soon as you can break the cycle, then you can begin to dig yourself out of debt. Also, before you agree to any loan, research the loan rates and fees.
Second, evaluate your situation. Whichever debt has the higher interest payment should be paid off first. If possible, consider taking out a larger loan with a lower interest rate to completely repay your payday loans. This way, you will only have one low payment each month.
Third, even as you are paying off your loans, you should continue to save money. Many individuals neglect this important step and find themselves without a rainy day fund to use in case of emergency. Instead of turning to a payday loan to cover unexpected fees, consider creating a savings account for those events that seem to happen at the most inopportune time