I have multiple payday loans due to a very rough finanacial patch. My payday loans are eating up my paychecks and putting me deeper in debt. How to I pay them off quickly when there is not enough money for anything extra?
Most States required that payday advance lenders offer a repayment plan by breaking up what is owed over several payments. As far as I know, they cannot deny this option to you, if the state requires it. You may have to do a Google search for the laws in your state.
go to your bank and share with a loan officer your problem. they may be able to offer a consolidation loan. many local community banks have banded together to offer help ti those who have themselves in payday loan problems. shelia wright
A bank would be a good place to start, hopefully in the same bank or credit union where you have your account. If this is not possible, then see if you can work out a payment plan with the lenders, this is based on state specific regulations.
If you go outside and look to loan consolidators, check with the BBB first before you take that leap. There are dishonest ones out there who will take your payments and pocket the money, never paying the payday loan people and others you may owe.
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I know everyone is trying to give good advice but the article also asked for words of encouragement. I can’t give you any advice as I am not a financial wizard or anything. But I will tell you to hang in there and try to keep your spirits up. I’ve taken payroll loans before and struggled to repay them. I was lucky that the agency I worked for helped me out. I was honest with them and they paid the loans then took 5% of the amount out of my paychecks until it was paid. Maybe this could help, maybe not. Again please don’t get depressed and keep trying. If you need to talk I think you are able to respond but I am not sure. Good luck!
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Lending tree.com has way better rates and you can roll all your pd loans into one loan. It’s really fast to see if your qualify. Also SoFi - Hope this helps!
