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Payday loans are short-term loans that give you a small amount of cash with the agreement that you’ll pay it back, along with additional fees, at your next paycheck. Although they may seem like an easy way for people experiencing financial hardship to get fast money, they can quickly pull you further into a cycle of debt and bad credit.
Some of the biggest disadvantages to payday loans are the high interest rates and short repayment terms. If you aren’t able to pay back your debt in full on the due date, which is usually within 14 days or by your next paycheck, the lender will likely encourage you to roll the debt over into a new loan. More fees and excessive interest charges are tacked on with each rollover, which can quickly grow into a massive amount of debt.
Additionally, if you default on your payday loan, you risk your debt being sent to collections. This can negatively impact your credit and make it more difficult to obtain loans in the future.
Rosemary inherited her late mother's home, but she had to take out loans to pay for crucial home repairs. Accredited Debt Relief helped bring her $2,800 monthly payments down to $670, allowing her to worry less and put more money into her savings.
Depending on your unique financial situation, consolidation could help you overcome your payday loan debt. However, consolidating or refinancing debt may not be right for everyone. You may want to consider debt consolidation if any of the following are true:
Debt consolidation is a bankruptcy alternative that involves finding a solution to consolidate your bills and, in some cases, get out of debt years earlier than making minimum payments.
You're paying too much interest or are stuck making only minimum payments
One or more of your credit cards are maxed out or your credit utilization is over 40%
You miss payments or you can’t afford both your monthly payments and basic needs
Your debt is worsening your quality of life, physically or mentally
You can break the payday loan cycle in a few different ways. These include enrolling your debts with a debt consolidation option, using a debt repayment strategy, or securing a separate line of credit to help pay off what you owe. It may be tempting to work with the payday loan provider to extend your payment plan or roll your debt into a new loan, but both of these options are designed to keep you in debt (and paying more in interest and fees) for a longer amount of time.
Yes — consolidation is a common strategy used to get out of payday loans. You can consolidate by securing a new line of credit or by enrolling your debts with a debt consolidation service.
Yes! There are a variety of methods you can use to overcome your payday loans. Popular strategies include working with a debt consolidation service, getting a consolidation loan, and using new payment strategies to reprioritize and pay off the debt on your own. Some options may be able to lower your monthly payments by 40% or more.
Since 2011, Accredited Debt Relief has helped thousands of individuals throughout the U.S. take back control of their debt. Our team of Consolidation Specialists can review your payday loan situation and match you with solutions that best fit your financial needs.
With an A+ BBB rating, we offer customized financial solutions that can help you pay off your debt obligations efficiently. Our experienced team can help lower your monthly payments and tackle your debt. Break the payday loan cycle today — contact us for your free consultation.
Enrolled Debt: $43,922
Paid Off For: $21,403
Savings: $22,879*
Enrolled: 2/10/2020
Graduated: 8/31/2021
Enrolled Debt: $21,974
Paid Off For: $12,797
Savings: $9,176*
Enrolled: 3/22/2020
Graduated: 10/21/2021
Enrolled Debt: $24,954
Paid Off For: $10,634
Savings: $14,320*
Enrolled: 1/1/2020
Graduated: 10/28/2021
* These examples do not include fees. This is a small sample of results our team has achieved for our clients. These results were obtained for clients who successfully met all of their terms and received offers. Results may vary, and there are no guarantees that all creditors will agree to new terms. These examples are not representative of results in all cases.
People who consider payday loans often do so because they are living paycheck to paycheck and run into a sudden, unexpected expense. Budgeting for these loans can be an impractical financial decision for many borrowers.
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If you need to borrow money, you have a variety of options. However, you’ll eventually need to pay your lender back, so it’s important to have a repayment plan.
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Maxed out your credit card? It’s OK. It happens. The important thing is to understand the consequences and find out what you can do to get the debt under control.
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