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Payday Loans | How To End The Payday Loan Nightmare [Must See]

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Payday Loans | How To End The Payday Loan Nightmare

Millions of people turn to payday loans to get out of a tight financial spots or unforeseen emergencies. These short-term loans entice customers by offering fast and easy loans of up to $5,000 at a time, with no need for collateral or a credit check. All you typically need is a source of income and a checking account. However, the interest rates are high for these loans; up to 6000%, and many people end up renewing the loan each payday because they have to pay such high fees, thus falling even further behind. Getting out of a payday loans nightmare can be tough, but is possible.

Close all accounts associated with any payday loans you have out, if the company is still collecting fees. If you have run into the problem where you cannot pay the loan back, the company may still be automatically taking money out of your account. If the money is not there, then you have to deal with added overdraft charges, returned check fees from the payday lender and late charges. Avoid this altogether by closing your account, at least short term.

Immediately inform the payday loan company, or companies if you have multiple loans, that you have closed all of your account. Make the payday loan companies aware of your intentions. Explain to them that you plan to re-pay the payday loans, but you do not have the money in your account at the moment. Don't avoid any calls from the company--the longer you personally deal with them, the longer they may hold off turning you into a collection agency. And yes, payday loans can absolutely ruin your credit.

Attempt to arrange a payment plan to pay off the payday loan company without having to use your checking account. Speak to a manager of the company you used to inquire if he will not turn your debt over to collections if you pay the money off yourself.

Offer to pay one lump sum, if you have it, if the company agrees to drop the finance fees associated with your loan. Finance charges are what hurts consumers the most, as they can range from $10 to $30 for every hundred borrowed. Payday loan lenders may negotiate your terms if you can give it a one-time payment that pays off the principle of the payday loan. As you can see, there are more than one way to pay off payday loans.

Apply extra money to the debt until the payday loan is paid off, which can be done a number of ways. Work overtime, sell unwanted items, get a second job until you can pay off the debt. You may even consider getting a loan from family, friends or your job to pay off the payday loans debt, thus freeing you from the worry that it will be turned over to a collection agency and hurt your credit score. Payday loans serve their purpose but it's the best practice to avoid payday loans all together.

Time Stamps:
My intro to payday loans: 1:00
What made me get a payday loan: 2:08
Misunderstanding the credit system: 3:10
Ways to eliminate payday loan debt: 4:03
Conclusion: 8:21

Sources:
- https://www.youtube.com/watch?v=XSBFFtO7E3g
- http://youtu.be/XSBFFtO7E3g
- http://www.reddit.com/r/personalfinance/comments/1j3h3k/payday_loan_nightmareplease_help/
- https://en.wikipedia.org/wiki/Payday_loans

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Thank you so much for watching my video about payday loans and ending the payday loan nightmare.

http://www.youtube.com/watch?v=XSBFFtO7E3g
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