Need help consolidating payday loans
As long as the 0 plus a .50 fee is paid at the end of the two-week term – the time your next paycheck comes due – you’ll be debt free. Before you know it, you run out of money again and can’t repay the loan two weeks later.So you pay a fee to extend the loan for another 14 days.There are several strategies to get out of the vicious payday loan cycle, and the strategy you choose to implement will largely depend on your financial situation.To free up funds to pay back your loan, you’ll have to cut expenses where you can.Alternative Lender #1: Friends and Family Financing Receiving a small loan from your family is a popular option suggested on the credit website message boards.This can help you make a one-time payment to the payday lender and close your payday loan once and for all.After which, you can pay back your family in small payments made up of the fees you would have otherwise been paying to the payday lender.
“The lender takes direct access to a borrower’s bank account in order to establish the loan, either through a check or direct access to their online account.
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EPPs give the borrower more time to pay off a loan without added fees and interest and without getting turned over to a collections agency, as long as the borrower doesn’t default on the EPP.
If your lender doesn’t offer an extended payment plan, you may want to turn to any other entities you owe money to.
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Note that restructuring could impact your credit score, but will not be as costly as bankruptcy.