How to Get Out of Payday Loans

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When you take out a payday loan, you may only intend to borrow a small amount. After all, the amount you qualify for is based on how much your next paycheck will be. However, things can snowball quickly and it’s more common than you might think for borrowers to miss their payment due date, which comes around during your next pay period. Before you know it, you might owe far more money than you borrowed in the first place, prompting you to wonder how to get out of payday loans. It’s not always easy to get out of payday loans, but it can be done with persistence and an organized plan. Join the friendly professionals at Xpress Cash as we cover some common ways to manage payday loan debt, below.

How Can I Get Rid of Payday Loan Debt?

There is more than one strategy to get out of payday loans and start taking care of your debts. Find the one that will work best for your unique situation, below.

  • Apply for a new loan to consolidate debt. What some borrowers don’t realize until it’s too late is that a payday loan is the most expensive type of loan you can get. On the positive side, this means that you can consider consolidating your debt with just about any other kind of new loan, and it will be cheaper and easier to pay off. Small local banks and credit unions are good sources to go to for trusted help, as they can ensure you consolidate with much better terms.
  • Talk to your lender. If you’re having trouble paying off your payday loans, the best course of action might be to contact your lender to see ask about extending your repayment period. You might feel nervous about calling, but many lenders are willing to work with you to set up an extended payment plan.
  • Ask about payday alternative loans. Many credit unions offer payday alternative loans (PALs) which are designed to pay off and replace an existing payday loan with a more manageable payment plan. PALs usually borrow anywhere from $200 to $1,000 and come with a repayment period of one to six months. 
  • Start earning cash on the side. If you’re already working a full-time job, seeking out a second job may not be feasible. However, there are other more flexible ways to earn money on the side. If you have a car you could sign up for Uber, Lyft, or food/grocery delivery services. You can also take a walk around your place to see if there are any clothes, accessories, sports gear, electronics, etc. that you’d be comfortable parting with to make some quick and easy money.

Get Additional Help at Xpress Cash!

The friendly team at Xpress Cash helps people from all walks of life figure out what their next steps should be when they’re in a financial bind, and we can help you too! Contact us or stop by one of our Michigan locations to seek out additional help to get out of payday loans today.