Payday loans have grown in popularity the last few years. In case you don't know what a payday cash loan is, here's a short synopsis. This is a short term cash loan designed to take care of immediate cash requirements. Payday advance loans are usually due in full by the pay day following the issue of the funds, hence the term "payday loan".
Because of the ease of availability, many consumers find themselves in a vicious cycle of payday loan debt that never seems to end. It starts with one loan, then something else comes up and they take a second cash advance loan to pay the first one. Sounds like a good idea, but each time you do that, the interest starts all over and the rate on these instant loans is nothing to sneeze at.
If you do happen to find yourself in this cycle, here are a few ways to get out from under it:
1. Remember that it is a loan and needs to be paid back. It is in your best interest to pay it off as quickly as possible, whatever that means. Suggestion: find a way to take care of pay day loan debt and muddle through until the next payday. This is a much better and cheaper option than paying more interest or taking out another loan.
2. Be prepared to take action and don't just think about paying off your payday loan debt. In all honesty, intentions don't lower your balance; cash does.
3. Know the laws concerning payday lenders. As a borrower, you may have certain rights under the law. Some states are on the side of the borrower and allow balances to be paid in several equal installments after a certain period of time or number of loans is reached.
4. In the most serious situations, consult a credit counseling service. These financial experts can advise you in these matters and they know of the laws mentioned above. You will have an agent assigned to your "case" that will listen to you, assess your situation and propose options and/or solutions to your personal situation.
5. Don't wait until the situation gets to the most serious possible. Raise the cash to pay that debt off any way you can. Go to your employer and ask if they can advance you on your paycheck. You could pay that back over several manageable payments, possibly via payroll deduction.
6. Perhaps you could find part time employment to help take that balance down or borrow from a family member or a dear friend. In any case, the idea is to pay that debt off as quickly as you can. The alternative is losing sleep, stomach problems and a growing line of debt that doesn't go away on its own.
So pay of that payday loan debt quick and get back to living your life on your own terms. One of the hardest things to do is live within our means. We all want to live well and have nice things, but high interest debt is not desirable and isn't healthy for you in the long term.
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