Q&A: What is the quickest way to payoff payday loans?
What is the quickest way to payoff payday loans?
Other than not taking them out in the first place, what can I do to pay off some payday loans that I did when we hit a money slump…We are slowly getting back on tract otherwise (budgeting mortgage payments weekly, working with debt consolidation) but now these are hanging over our heads!
Best answer:
Answer by e.sillery
I was in the same situation about 6 months ago. It is very hard to get them payed off, they charge so much interest. I was lucky enough to sell a motorcycle I had and used a portion of that money to pay them off. I have vowed to not fall into that trap again.
It has been hard but I have managed to do it.
I am finally able to quit robbing Peter to pay Paul.
I am sorry I was not more help, but I wanted you to know you are not the only one that has had this problem.
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I don’t understand why anyone would pay 391% APR for a 14 day loan to start with!!!
Take out a personal loan from a bank to pay off the payday loan. Ask your friends/family if you can borrow the money.
Take any and all extra money you have and pay as much as you can off of the smallest one.
When that’s done, take all the money you were paying on the smallest one and put it towards the next smallest one.
Continue this process till all the loans are paid off.
Now, pay off any and all other debt you have in the same manner. “BUT I WON’T HAVE ANY MONEY IF I SEND IT ALL AWAY TO PAY OFF DEBT!” Buddy, you already don’t have any money. In fact, you have negative money since you’re in debt. And if you hit another emergency, what do you think credit cards / hard money loans are for in the first place???
Pay off all your debt, then save 3-6 months of expenses, then invest the money for your future.
Or, you know, continue spending more than you have and be in bondage to creditors for the rest of your life. Whatever.
The quickest way to pay off a payday loan is to freeze all spending except: housing, utilities and groceries. Until you pay off the loan, don’t go out to dinner, go to a bar or even buy a pair of underwear. I don’t care if you’re underwear has holes in them.
The problem with refinancing is that you still have to pay the money back. If you can do that great, but what people really need to do is build up 6 months of savings for these problems.
The only way to excise these demons is through financial education and self esteem. I would go to your local library and read books by Robert Kiyosaki (Rich Dad Poor Dad” or Suzy Orman. I also suggest speaking to your friends that have things together financial. You have to be honest with yourself and other people, if you’re not getting it done financially. You need more than just working 80 hours a week.