8 Tips to Payoff Safe Payday Loans

Convenient safe payday loans online are often used when a bank account needs a quick boost of cash to make to the next payday. Every personal situation differs so there are many reasons why this short-term loan is used. With two week average terms, these loans can often prove frustrating to people who lack enough income to cover both living expenses and debt. Not all low-income wage earners need a fast cash fix.

If the budget cannot balance demand and supply, safe payday online loans are one way a credit challenged person may solve a quick money problem. In order to keep the problem from growing, the payoff should be made as soon as possible. If you are a borrower who struggles with the payment terms and conditions, the following 8 steps will help you organize your budget to get the debt paid off quickly.

8 tips to safe payday loans payoff:

1. Stop borrowing money. Don’t reuse a new payday loan online in order to pay off a previous one. The interest will only further eat away at you income.

2. Your minimum payment must cover the interest fees. You will want to pay any amount over that to bring pay down your principle balance. Empty the piggy bank, return the bottles. Cut some items off your grocery list. If you cannot afford to pay the loan off in full, scrape together as much as you can. This will lower the interest fees the next term around.

3. Continue to cut back. This is a good time to really look at your budget expenses. If you are going to cut back to payoff this debt, you might as well follow through and continue to pay off creditors once this short-term loan is paid off. Work on high interest debt first.

4. If you are paying extra towards credit cards at the moment, take any excess above the minimum payment and add it to your short-term loan payoff. Once the payoff is complete you will now have extra to apply to credit card debt.

5. Be careful on what you spend throughout the two weeks. Carefully consider each purchase. That money might be more useful as a short-term loan payoff rather than pizza delivery.

6. Is there any freelance work you could do to earn some quick extra income? If you don’t have a skill or talent, try selling off unwanted personal property.

7. Even as you pay down the debt, don’t change targets. Keep at the short-term loan until it is gone. Between short terms and high interest, this debt holds higher priority than credit cards no matter what the balance is.

8. Stay the course. Don’t give up even if it takes multiple terms to pay it all off. You are much better off putting the debt behind you then keeping it on your to-do list. If you get frustrated with all the cut backs let one slide briefly instead of quitting altogether. Rewarding yourself for a job well-done is a good strategy.

How Payday Loans Offer Hardworking Employed People a Real Way to Access Funds in an Emergency

Payday loans have been around for a while, and are still a popular option amongst millions of people who need to access emergency cash. If you spend time watching television, or browsing the internet, you will no doubt see many adverts from Payday loan companies, encouraging you to borrow from them. So, regardless of which company you choose to do business with, and whatever the press and media continue to say, there is little doubt that Payday loans are a significant and real financial credit option for many households today.

According to recently published figures, more than 2 million working families turn to a short term payday loan when they are short of cash, or having a financial emergency.

Most people are aware that Payday loans are not the best option if they have long term debt problems, or are struggling with extremely low income. In these extreme financial situations, Payday loans are not recommended. Certainly, good lenders will always advise borrowers to think carefully about their own financial situation, and to consider whether a short term loan is best for them.

The majority of borrowers are hard-working, diligent people, who understand how Payday loans work, and appreciate the ability to access funds very quickly, and then repay the loan fully within the few weeks. It seems borrowers prefer this type of short term loan, as opposed to longer term loans which are around for much longer, and can cost just as much money, if not more.

Not so long ago, the majority of people simply turned to their bank or building society for help when they needed it. This is something that is happening less. It seems that there has been a fundamental shift in how banks and building societies are regarded these days. Yes they are still used, and they remain a necessity of our everyday lives, but over the last few years, there is no doubt that the inherent trust in banks, and the big financial institutions as all but gone.

In a recent survey, customers were asked what they think of banks, and the overwhelming feeling from respondents was that the big banks are there, and we need them, but they should not have a strangle-hold on our lives, or our money.

Payday loans offer people a different choice, and another way to deal with things. Whether you choose to go to your bank, or to a Payday lender, there is no doubt, the message here is to consider all your options, and then, when you understand what is available to you, choose the credit option that suits, you, your family, and your own personal financial situation.

When you decide to apply for a Payday loan, first calculate how much you can afford to repay. These are short term loans and will need to be repaid in full when you next receive your wage. It is best to use an online calculator to work out how much your loan will cost, and to establish whether you will have enough at your next payday to repay the loan. This is how to successfully use a payday loan, so that it can help you when you need it.

It is an excellent way of accessing emergency cash quickly and simply, and then, in a few weeks you can clear the loan completely, and get back to normal. It is this quick and simple approach to borrowing that makes payday loans so popular amongst thousands of people.

If you want more information about Payday loans, how they work, and whether this is an option for you, do some research and have a look at different lenders, and then make your decision based upon what you can afford to repay, and when you next receive your wage.

I Need a Payday Loan Quick – He Said

Over the years I’ve noticed an abundance of payday and quick loan type businesses popping up. Generally they exist in areas where there is a larger cash economy. Often in parts of the city where folks do not have regular bank accounts, speak little English and don’t trust banks, or where less than economically savvy people hang their hats. They wouldn’t do well with a normal bank account because quite frankly they can’t balance a check book. Whose fault is this, is there someone to blame? Why has this venue flourished while the regular banking sector taken such a hit in this last economic recession. Yes, let’s discuss all this if we might.

Many years ago, I had an acquaintance who started a payday loan business and a pawn shop. I used to tease him and call him a loan-shark. He vehemently defended his establishment as just, honest, and claimed free-market status. He said he didn’t hold a gun to anyone’s head to bring in their personal items or take out expensive consumer loans, they did it by choice and I for one who loves freedom, liberty and choice should respect this. Yes, I understand that argument. Still, when you see too many of these types of businesses in town, well, you know; there goes the neighborhood as they say.

I’ve always noted that they attract the wrong element. But maybe that’s because that level of citizen may not be able to use the normal banking system, for whatever reason. Perhaps, previous personal choices they’ve made, who knows, nevertheless, my observations do hold true. In neighborhoods with an abundance of liquor stores, one-dollar stores, tattoo parlors, and bars, we always see the proverbial payday loan establishment in a strip center nearby, usually more than one. Yes, it must be a good business model, even with the bullet proof glass and often less-than-desirable standing in line or loitering out front.

Then again as my past acquaintance says; who the hell am I to judge? In wealthier suburbs you don’t see a lot of payday loan businesses really, sure there are a few, but in the inner city or poorer neighborhoods you see them in every large shopping center and near areas with lots of low rent apartments. There are other issues with all this, you see many people go to cash checks in these types of places, and the company takes a hefty fee for doing so, sure there is risk involved for them, but their business model allows for that too. People not paying taxes, working under the table, getting occasional checks – cash those checks at these places.

It seems we have a problem with consumer credit these days. Credit Card companies make a killing off those with large perpetual balances and charge interest rates which are insanely high. Banks can’t charge that much for their loans, as they are regulated, but somehow these companies can thanks to their lobbying power. The same thing is true for pay day loans, that’s the same ballpark I’d put them into. Let’s face it poor people make poor decisions, often they don’t have many choices, but choosing to use an establishment like one of these is yet another unwise decision on top of whatever choices led these folks to this personal economic reality of theirs.

The Wall Street Journal has done a number of articles over the years of how the cash economy exists, how the IRS is trying to cut down on it, and how payday loan companies and pawn shops have sprung up to meet the free-market needs of those who are playing in an underlying realm of our economy. The growth of both the cash economy and these types of establishments has really grown over the years.

Additionally,despite what my acquaintance has to say about all this, I don’t find that a positive development. It just perpetuates economic enslavement, high interest rates on short-term borrowing, and increased criminal activity and minor tax evasion issues. So, the other day, when sitting at Starbucks overhearing a conversation, someone said; “I need a payday loan quick,” I thought to myself; “no he doesn’t” that’s just a poor temporary economic decision, which is probably a habit of his, and why he is still poor. Please consider all this and think on it.

What You Should Know About Payday Loans

Everyone encounters times of financial distress. Oftentimes, we rush to end this misery and get past the situation as soon as possible. Unfortunately, this may mean that you leap into a payday loan without fully understanding what one is. Of course, you probably already know that it is important to know what you are getting yourself into and how you will need to handle your loan later on.

The first thing that you should know is that a payday loan can be exactly what you need but it is not always the best choice in every situation. This is why you should be wary of the advertisements that are frequently seen. Regardless as to how desperate your situation may be, you will still need to take the time to consider all of your options before you decide upon the best course of action. There are some times when a payday loan will not be your best option.

So, what is a payday loan? It is a cash loan that is made on a short term basis. For this reason, you can usually only borrow between $100 and $1,000, depending upon what state you reside in. The majority of these loans are made for only 2 weeks, at which time you must repay them in full. The reason for this is that a payday loan is only meant to help you cover your costs, in case you have an emergency, until your next payday.

There are many places where you can find a payday loan. While some finance companies offer these, the most common place to get a payday loan from is a business that actually specializes in quick cash loans like these. Since they specialize in these loans, it is usually an easy, fast process to get the money that you need. Of course, there is usually a fee that is charged for the loan. This fee is usually a percentage of the loan but it can also be a flat fee such as $15 per $100 borrowed. As aforementioned, it is expected that you repay these loans on your next payday.

In order to get a payday loan, you are going to have to prove that you have an active checking account. You will also have to show that you are employed. Furthermore, most lenders will require you to write them a check for the amount of the loan plus fees, which they will hold until your next payday at which time they will deposit the check and receive their “pay back.”

Unfortunately, if you are not careful, you can be like a lot of the borrowers who find themselves getting roped into a constant borrowing cycle. These people tend to borrow money and pay it back, only to fall short on cash again later in the month at which time they borrow more money. Research shows that 60% of the payday loans that processed each day are made to repeat borrowers.

Today it is becoming more and more popular to obtain a payday loan via the Internet. This is a simple process in that applications are processed online and then the funds are deposited into the bank account that you have specified. Once it is your scheduled payday, an electronic withdrawal will be processed so that the loan can be repaid to the loan company.

Before you take out any type of loan, you really need to do your research. You may find that if you cannot find any other way to get the funds that you need, then a payday loan may be your best option. If so, then you need to choose your lender wisely and make sure that you never borrow more money than you can afford to pay back whenever you receive your next paycheck. By doing your homework now you can eleviate a lot of problems in the future.

Faxless Online Payday Loan

How do you handle stress? Do you count to ten in your head, yell into a pillow? How do you deal with your anxiety and constant worry? Does music help; do you talk to a close friend? Stress, anxiety and worry are common factors of life. You typically feel dizzy, hot or upset about the situation itself. Did you know that one of the most common concerns for male and female adults is financial stability? In fact, it’s one of the leading causes of stress, anxiety and worry. What if I were to tell you that there was an easy way to reduce the stress in your life? What if I could tell you about a convenient and carefree way to secure your financial future? Would you believe me?

What is a Payday Loan?

A Payday Loan is a fiscal sum awarded to you by a responsible lender when you need it most. The sum can range from $100 to $1,500; the loan is often granted to a borrower until his or her next paycheck arrives. In most cases, Payday Loans are used to fund emergency expenses that can’t wait until payday. For example, if you run into medical, legal or automotive trouble, a Payday Loan can help. That being said, some borrowers will use their Payday Loan to go on a shopping spree or even a quick vacation!

What is a Faxless Payday Loan?

A Faxless Payday Loan is a fiscal sum awarded to you by a respectable lender, however documentation is not required for loan approval. In other words, you save yourself from the tedious worrying that comes with faxing documents back and forth between lenders. That’s right, not all lenders require you to fax in paystubs, credit reports and identification before receiving your approval letter. Don’t waste your precious time, research a Faxless Payday Loan.

Why should I get a Faxless Online Payday Loan?

Finally we get to the best part; Faxless Online Payday Loans. A Faxless Online Payday Loan can be defined in a similar fashion to a Faxless Payday Loan. The most obvious difference between the two is that one is taken out in an office and the other is taken out in the convenience of your own home. With the help of modern technology, you can take out a Faxless Online Payday Loan in minutes and receive your approval letter nearly as quickly.

What information is required to receive a Faxless Online Payday Loan?

This is where you begin to consider the catch, right? Wrong. Although some information is required, it is minimal and much easier than filing and faxing a multitude of papers. If you wish to receive a Faxless Online Payday Loan you must fill out a simple online application which shouldn’t take much more than five or ten minutes. Applications usually request your name, address, employment information and phone number, but applications will differ from lender to lender.

Why not make peace with your finances? You know all of the facts, so what’s holding you back from a Faxless Online Payday Loan of your own? Absolutely nothing but a monitor, tower, mouse and keyboard, so get to it! Say good-bye to stress, say good-bye to worry, say good-bye to anxiety and say hello to a peaceful happily ever after. You can restore the peaceful environment you once knew and sleep sound knowing your finances are covered! A Faxless Online Payday Loan is always there when you need it.

It isn’t enough to talk about peace. One must believe in it. And it isn’t enough to believe in it. One must work at it.”

Payday Loan is Costly Cash?

A payday loan is indeed a very expensive loan as claimed by lots of people when compared to other types of loans – no doubt about it! It’s a norm that the annual percentage rate (APR) of a typical payday loan gets up to 300% and even to a staggering 1000%. However, payday loan is costly cash only holds true when a borrower treat payday loan as a long-term loan! Most of the time, we heard unlucky stories of borrowers caught in an unrecoverable bad credit dilemma and payday lenders are all to blame. But wait! Have a look in the details of the story. You’ll find that in fact, they are to be blamed for these unfortunate situations. Most of these unlucky “victims” share a common mistake – they didn’t plan their financial budget properly. They don’t settle the loan as soon as it ought to be and worst when they roll-over the loan times over times! What if a borrower clears up the loan without roll it over? For sure the situation wouldn’t get that bad and disastrous.

Let’s take a look at the true purpose of payday loan – to work out any emergency cash flow problem in short run. Short enough to get you over to the next payday. It’s hardly comparable when ones look at other finance charges such as late payment charge, bounce back charge, NSF charge and etc. If all these charges are converted to APR, they yield to an even higher rate! Well, some may claims that these charges are not a form of credit and hence APR is not applicable! But from a consumer’s point of view, they are the same – the same money consumers pay!

Typical charges found under different cases for example:

NSF fee at banks: $28
Merchant Returned Check fee: $20
Credit Union NSF fee: $18.91
Apartment Rental Late Fee: $30.22
Mortgage Lender Late Fee: $28.24
Auto Lender Late Fee: $20.33
Utility Late Fee: $15.25
Utility Reconnect Fee: $44.75

In comparison, when annualized as APRs under a two-week term:

$100 payday loan with $15 fee= $391% APR;
$100 bounced check with $48 NSF/merchant fees = 1,251% APR;
$100 credit card balance with $26 late fee = 678% APR;
$100 utility bill with $50 late/reconnect fees = 1,304% APR.

The usage of payday loan services under a right way serves as a valuable service to the consumer. Most of the bigger financial institutions close the eyes to this underserved demand. The credit risks and reputation risks are some of the factors that these depository institutions don’t offer payday loan. Payday loan lenders take great risks in doing their business. So, high pricing on the loan is needed to justify that risk which is significant, even when compared to other types of unsecured lending such as credit card. Apart from that, the processing costs for payday loan do not differ much from their higher-principal, longer-term counterparts such as auto loans and mortgages. Therefore, conventional interest rates at these lower dollar amounts and shorter terms would not be profitable. For example, a $100 one-week loan, at a 20% APR (compounded weekly) would only generate 38 cents of interest, which is a no match to the loan processing costs.

Research found that the operating costs of payday lending lie in the range of collected advance fees. After minus off the fixed operating costs and the unusually high rate of default losses payday loans don’t result in extraordinary profits. Higher default rates for payday loan portfolios and these loan losses can average 15% or more of loan revenue. Underwriters of payday loans must also deal with people presenting fraudulent checks as security or making stop payments.

Instant Payday Loans A Quick Solution

Has it ever happened to you that you have found short of cash, for any purpose like for a medical bill or for car repairs, which were an emergency and could not have been overlooked?

From now onwards you can avoid that humiliation by taking the help of instant payday loans. Instant payday loans are basically loans, which are taken for a short term for a specific purpose. These loans generally fill the cash shortage, which can unexpectedly come up before the next cheque becomes due.

Instant payday loans are ideal for expenses such as:

· An unexpected medical bill

· An unexpected car bill

· Grocery bills

· Various utility bills, or

· Any other petty expenses which can suddenly come up

These small expenses can be quite frustrating and then these expenses accrue and can become bigger. So they should be paid off as early as possible before they become even more menacing.

Applying for instant payday loans is easy. Now days there are no of organizations, which are offering the instant payday loans to the people. All a borrower needs to do to apply for a payday loan is to know how much he needs as a loan amount. Then go online and fill your personal and loan application forms of the organizations that deal in providing the instant payday loans. If your conditions fulfill the criterion of the lenders the loans will be transferred in your checking account within one business day i.e. in 24 working hours.

As far as the repayment of the instant payday loans is concerned it is also easy. The repayment schedule is told to the borrowers before they have taken the loan amount. The repayment schedule usually ranges from a period of 7 to 14 days with an opportunity available to extend that up to a month as well. A higher rate of interest will be charged every time the loan period is extended. The amount of loans that you can borrow is from £200 to £1500 with the loan amount depending on your income. So more you earn more you can borrow for your instant payday loans.

Instant payday loans provide many advantages to the borrowers but one disadvantage that could be labeled at these loans is that they carry a high rate of interest. Since they are short-term loans the lenders tries to earn more by charging a higher rate of interest. However you can get comparatively low rates of interest if you can negotiate well with the lenders. Instant payday loans comparison is a good way to find comparatively lower interest rates online.

However there are a few criterions, which a borrower has to fulfill before they can apply for instant payday loans. They are

· The borrower should be currently employed with recurring or regular income

· The borrower should have a minimum income of £1000 per month

· The borrower should hold a current and active checking account, and

· The borrower should be a UK resident and should be at least 18 years old.

Instant payday loans are available to all kind of people even to people with bad credit. These loans are short-term loans and as long as the criterion is fulfilled the loans are made available to everyone who needs these loans. Since these loans are made available quickly there are no credit checks.

Benefits of instant payday loans are:

· They are affordable in any kind of emergency

· They are required in a quick time so no credit checks are required

· They are easy to apply and are approved quickly

· Financial information of the borrower is kept confidential

· Easy for everyone to apply

· Minimum or sometimes no paper work required

Anything can happen any time. Any unexpected bill can come up from anywhere it is not always that we can cover for that. With the help of instant payday loans you can feel secure that nothing will go wrong. As with these loans every possibility is covered.

No Credit Check Payday Loans To Escape Delay Through Credit Checks

Your plans to get loan proceeds released in haste can be marred because of credit checks. A credit check would involve studying the credit report of the borrower. With a clean credit report you can hope to qualify for approval within a few days. But, if loan providers smell some or other deformities in your credit report, you are bound to get a delayed approval; sometimes as late as weeks.

A no credit check payday loan may have been born of the intention to save borrowers of the unduly delay in credit checks. Through no credit check payday loans, borrowers can draw small amount loans (in the range of £40 to £1000) to be returned within a week or a month.

Borrowers with bad credit will heave a sigh of relief on finally discovering a loan where past credit defaults are not given sufficient weightage. For drawing regular loans, borrowers with bad credit history always have to face a step-motherly treatment. No credit check payday loans allow bad credit borrowers to draw loans at par with the borrowers with bad credit.

The needs to be covered through a no credit check payday loan are characterised with urgency. Borrowers cannot delay satisfying these needs for long. Had it not been for an unexpected expenditure, the borrower would have easily met the routine needs through his monthly salary. A no credit check payday loans can easily supplement the vacuum created by the shortage of ones personal income.

Though no credits check payday loan takes off a larger chunk of the paperwork and the hassles associated with borrowing, there are certain requirements that borrowers still have to fulfill. While a few requirements are common with every loan provider, lenders may have different points of view on certain others. The essentials where almost every lender has a common view is that the borrower must be employed and be over 18 years of age. The borrower must have his salary directly transferred to his bank account.

However, on the issue of collateral, the lenders have different stands. While the first group maintains that payday loans must be secured, the other group does not. The first group of lenders would demand of the borrower to present a post-dated cheque in support of their pledge for repayment. The cheque would be dated as the day when the payday loan is to be repaid. The loan provider would, unless the borrower requests for term extension, present the post-dated cheque on the due date in the borrowers bank account and get the amount back.

The proponents of the unsecured no credit check payday loans demand no such collateral. Borrowers who are looking for an unsecured payday loan will be especially benefited through this.

Assuming that the borrower has fulfilled every criteria stated by the loan provider, the no check payday loan would be approved in no time. The borrower will find the loan proceeds credited directly to his bank account by the next working day or within 24hours of application.

At times, this rule does not hold good. The payday loan will not be approved within the stated time period. Before criticizing the lender for his failure to do so, it will be advisable to look at ones own faults, if any, during the application stage. Many a times, borrowers misspell certain important details in the application form or write numbers incorrectly. The loan provider instantly rejects such applications. Consequently, borrowers must be careful while filling the no credit check payday loan application. He must be especially vigilant while submitting his name, amount of payday loan required, and his bank details.

No credit check payday loans carry a very high rate of interest. An important reason behind this is that payday loans is a short-term loan. All short-term loans are expensive. Consequently, borrowers need to be cautious while using them to finance monthly expenses. And, if these are taken, then borrowers must try repay them within the due time period to prevent them from adding too much interest.

Tim Kelly is an expert in finance having completed his LLM in Finance (Master of Laws in Finance) from Institute for Law and Finance at Frankfurt University.He is currently working with Best Payday Loans as a financial advisor.

Use A Payday Loans Direct Lender to Make A Positive Change

Credit challenged borrowers struggle when trying to get help for an unbalanced budget. What happens when there is a pressing need for fast cash and credit cards are no longer useful? Many people seek the help from a best payday loans direct lender when there are no friends or family to turn to. A short-term loan is not necessarily a favored option because they do carry a high interest charge and can be a struggle to pay back. The fact that there is an option at all is what makes these loans favorable. Sometimes people just need an open door to turn their finances around and a payday loan does the trick.

Just because these loans carry a high interest charge does not make them a poor choice. Don’t ever go into one blindly. It is very important to ask all the questions directly to your payday loans lender so you understand what kind of fees you will face when paying the money back. If you go by only what you have heard from other borrowers, you may get the wrong impression or go into the loan with a distorted view. Get the real facts for yourself.

A responsible direct payday lender will have a professional staff to help you understand the process. Make a list of questions at home and bring them with you so you don’t forget one. Your whole purpose to apply for a short-term loan is to take advantage of an alternative money option when credit challenges closed the others. These loans are small, based on your total monthly take-home income, in order to make them affordable. This does not mean that it will be easy to pay it back. You have to consider your current finances as well as project into the following months to figure out a plan to pay it back. Think positively, you will have the best results that way.

You can grumble about the fast payoff or you can be thankful to have the opportunity to get fast cash. This lender is not what put your finances into a credit challenged position, but this loan could prevent you from making it worse. In order to take full advantage of this opportunity, you will want to make every effort to get it paid back as soon as possible. It can be your gateway to a financial second chance.

What do you need to know before you use a payday loans direct lender?

1. How much money can I borrow?

2. What are your fees?

3. Do you have payment options?

4. What happens if I cannot pay?

It is always good to know the consequences just in case some other money emergency pops into your life and the payday loan payment must be placed on hold. You have to weigh your options. Is it best to stick to the payment plan or would an extension be more cost effective? When you know all the fees involved, you can calculate the final cost for each scenario and figure out what works best for your personal finances.

The PayDay Loan Web – Don’t Be a Needy Fly That Gets Caught in This Web

my personal payday loan story that can help you

the term payday loan starts with the letter “p” which is the same letter that starts off the words pain, penalty, poor and poverty. Both the internet and the physical world are full of places where you can get a loan with bad credit, no credit check, and no employment verification but what these modern day loan sharks don’t tell you is that their interest rates are so high that one day you may end up with the payday loan mafia coming after you!

Sure, these loans look very attractive to those in financial need that are unable to get a loan by conventional means but when the facts are presented what you have to pay back just isn’t worth it. This fictional character that we all refer to as “guido” which is the person that comes to break your arms and legs when you don’t pay a loan shark back is in existence in a different way when it comes to payday loans. Instead of your arms and legs the payday loan guido comes after your heart, soul and peace of mind.

Payday loan places make their offerings look so attractive but it is all an illusion because who can really see when they are desperate? What you don’t want to happen is for what appears to be a temporary solution to become a long term problem and many times that is exactly what happens.

I’ve been caught in the payday loan otherwise known as payday advance web many times. Sometimes life’s circumstances leave us very few choices and we decide to do what we feel like we have to do to buy gas and put food on the table. Like I said, i’ve been there before and as a survivor of payday loan debt I have knowledge that can help you.

I want you to ask yourself a question which is, “if you don’t have enough money to get by what makes you think you can payoff a loan with 300%- 700% interest?” You might as well sell your first born child. Payday loans may seem good in the short run and you may get instant gratification and even a rush when you hold that cash in your hands or see it in your bank account but in the long run it is a race that many can’t win.

My story, like many, was that I obtained payday loans to cover immediate expenses I needed cash for but didn’t have money to pay the loans back so I got extension after extension paying out ungodly amounts of money. Before long I was getting new payday loans just to pay the other payday loans I had received. I was trapped in a vicious cycle with no way out and a ton of stress upon me. I became a needy fly caught in the payday loan web, especially since most of my loans were online loans; I was literally in a virtual web. The payday loan spider sucked the life blood out of my bank accounts and I didn’t know what to do.

Please understand that you can’t solve a problem with a problem and you can’t come out debt by creating more debt. The solution to your debt starts with gaining additional income sources and paying off existing debt little by little so you can be free. In my own personal payday loan crisis I got up to almost $7, 000 worth of payday loans and when renewal payment time came my entire paycheck was gone. This is a miserable experience that I pray you can avoid. You might already be at this state but even if you are I have some suggestions for you that will offer hope.

The first thing you have to do is to make a conscious decision to get out of this situation. Decide to change and become a butterfly rather than a fly caught up in the payday loan web. When a caterpillar is going through the metamorphosis in the cocoon in order to become a butterfly there is a struggle. The struggle is in fact what makes the butterfly great because the struggle to get out of the cocoon transformed actually pushes fluid from the butterfly’s body into its wings so that it can emerge in beautiful flight. This process may be a little painful but it will help you fly and be what you were made to be.

One thing that I did was to become an affiliate for payday loan companies so that I could get paid from other people acquiring payday loans. Some people are just going to get them so there is no reason why you shouldn’t get paid from the process that made you pay so much. The second thing I did is what really helped me which was to get a payday loan consolidation company to take on my debt at a reduced amount and pay the payday loans back for me on my behalf. It was one of the best choices I ever made and it was a way out of the payday loan web.

You can do a Google search to find companies that will represent you in this way but do your research and make sure that the company you choose is credible. I used pdl assistance, inc. They require an upfront fee to take your case but they will work with you on paying it and it is around $200. Next you set up a plan to pay them a monthly amount on your payday loan debt and they pay your debtors directly. They will give you different term options to pay the debt off and they will deal with the payday loan companies for you. Doing this took a huge weight off of me. I got a 12 month term to repay my payday loan debt at 35% of what I owed the payday loan companies. The $400 a month I was paying on this plan was much better than the $700 plus every two weeks I was paying for all the loans I had.

One important thing to know when you start a payday loan consolidation program is that the payday loan companies are going to call you to collect. When they call just give them the information for the company that is representing you and let them know that the debt is going to be repaid to them as part of a loan/debt consolidation program you have initiated. I obtained the fax numbers to my payday loan companies and sent them notification on who to contact regarding the repayment of my loans. If you do this make sure to include your account number and social security number so they can properly locate your account.

Some companies will continue to try and collect from you in spite of this so I have another suggestion if this happens. If you get numerous collection calls after you have informed them about your debt consolidation you need to fax and/or send them a cease and desist letter. You can get a template off the internet and submitting this letter will stop the collection calls while your debt consolidation program is in the works.

Another tip is to close the bank account you have the loan fees being deducted from if possible. You will want to start a new account before you close your existing account and under no circumstances get payday loans under the new account. You have to treat the payday loan habit like an addiction. If you are going to stop it then stop it because replicating the mistake will only make things worse for you.

If you need money then get bad credit credit cards and pay them on time to build your credit. Pay more than the minimum payment and use them to pay bills so you can pay what you need to pay while building your credit. No debt consolidation company can legally advise you to close your account but sometimes it is the only way to keep the payments from being processed and causing you hundreds or even thousands of dollars in overdraft fees. For me this was the easiest way because I had so many loans and it would have cost me a $25 fee for every stop payment processed plus the bank could have missed some.

I also want you to know that the cease and desist letter can be used for any type of debt collection and not just payday loans. It is important to know your rights and you can find them out online at the federal trade commission’s website where you can learn about the fair debt collection act. You will learn what creditors can and cannot do regarding the collection of your debts and how to stop inconvenient and harassing behavior.

I do not encourage anyone to get a payday loan because it can get out of control so easily. If you must get a payday loan be sure to get one with low fees well below the normal $30 per $100 borrowed.