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Paying Off a Payday Loan

Category Paying Bills
While financial problems may make a payday loan seem like the best solution, they can be very difficult to repay, largely due to the very high interest rates. This is a guide about paying off a payday loan.
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Ask a QuestionHere are the questions asked by community members. Read on to see the answers provided by the ThriftyFun community or ask a new question.

By 0 found this helpful
February 1, 2011

I am at a loss. I don't have that much actual debt, but I have a payday loan, that I have to keep borrowing month to month to make ends meet. I can't pay that off and leave it or I can't pay my other bills. I am 61 and need to start saving, anyone have any suggestions. It is hard to get a consolidation loan because I rent and don't own a home.

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By Punkin50 from Oklahoma City, OK

Answers

February 1, 20110 found this helpful

I used to use payday loans occasionally. However, I never borrowed more than I knew I could afford to pay off out of my next paycheck and still have enough left over to squeak by on my other necessities. I also only borrowed about 2 or 3 times a year. Besides monthly bills what do you buy that you can get by without? Things like magazines, newspapers, books, movies, fast food, etc. I know a person doesn't think much about the cost of these things but they do add up.

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February 1, 20110 found this helpful

You are actually better off paying late fees to bills such as heat and electricity instead of getting a payday loan. The 3 or 4 dollar late fees are substantially lower than the interest rates on the payday loans. Also, what other things could you do to tighten your budget? Cut cable bills, fast food, entertainment? Even simply lowering your thermostat by 1 or 2 degrees helps lower your bills.

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February 2, 20110 found this helpful

Have you tried to see if you qualify for food stamps or energy assistance? You could also check to see if they have an Angel Food ministries in your area where you can buy food really cheap, or look to see if there is a food bank near you. The best way to save money is to not spend it.

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February 2, 20110 found this helpful

One other idea: Do you have a full life insurance policy that you can borrow against? This should be a last resort, and only borrow the amount you need to pay off your payday loan.

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