Payday loans can drag you into a debt trap due to high costs. ItвЂ™s easy to rely on those loans, and you may even be able to roll over a single loan multiple times to delay repayment. But easy access leads to an expensive habit, and the money you spend maintaining those loans will prevent you from getting back on your feet.
You can take several approaches to get rid of payday loan debt. WeвЂ™ll detail these strategies below and discuss ways to prevent the problem from coming back.
Strategies for Getting Rid of a Payday Loan
- Pay off the loan with a new, less-expensive loan.
- Pay off the loan with savings.
- Arrange an extended repayment program with your current lender.
- Temporarily increase your available cash to eliminate the debt.
Get a Different Loan
If youвЂ™re not able to pay off the loan at this time, a different loan can make it easier to get out of debt.
Almost any other loan will be more affordable than a payday loan, so try different sources of money. п»ї п»ї Small community banks and credit unions are your best bet for getting approved, especially if you have bad credit or you have never established credit. Some online lenders also cater to borrowers with less-than-perfect credit. That said, whenever youвЂ™re searching for lenders who market to вЂњbad creditвЂќ borrowers, you run the risk of using predatory lenders. п»ї п»ї Start with some of the online lenders or reputable peer-to-peer lending platforms. Continuar leyendo «How to Get out of Payday Loans»