Regular debt consolidation companies don't handle payday loan consolidation b/c it is different from credit card debt. Any advice on paying these back?Is there any help for people who have payday loans. Like a company that consolidates them? Or any advice?
First of all...avoid payday loans at all cost! These are as big of a rip off as rent-to-own stores. They prey on the financially uneducated and humans natural tendency for instant gratification.
Now that that is said. There is no secret to paying off debt. Simply pay as much as you can as quickly as you can to get rid of it and never go back there again.
Even if there was an option to refinance with a consolidation company, you would just be moving your debt to someone else. Sure, they'll give you a ';lower monthly payment';. But you'll be making that payment for the rest of your life (or 30 years or whatever.) There are instances where refinancing to get a lower interest rate makes sense, but, it won't apply to payday loans.Is there any help for people who have payday loans. Like a company that consolidates them? Or any advice?
Sounds like somebody got some payday loans and is now feeling the ''pinch'' of them now that its time to pay them back.You should know if its that easy to get money that there's a ''catch''somewhere in the contract and that's if your late they sock it to you.(did they?) you need to borrow some money from somebody that will give you time to pay it back with little to no interest and pay off Payday Loans and stay away from them.OR file bankruptcy.I feel bad for the people that are ''preyed'' upon by these ''lenders'' because they target low income people.
See if someone in your family can lend you the money to pay them off.
Scrimp and save to get rid of them as fast as you can.
Pay them off as fast as possible, and never ever get one again. Payday loans are a ripoff of the borrrower.
You would benefit from financial counselling. Check locally under social services.
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