If you were in my shoes, how would you go about ridding yourself of payday loans? I currently have 6 loans.?

Question

I know that the majority of you reading this question . . . you're outraged, but in the past, times got extremely hard. I had to do something and because of my credit, this was my only option. The fees are killing me. My girlfriend is no longer employed, therefore . . . I'm taking care of the bills. What happens if I choose not to pay these loans? I'm worried. I'm stressed. I've even began having anxiety attacks due to the stress. Serious answers only please. I'm in need of help.

Answer 1

How the hell did you get 6 at once? I thought with the new laws you couldn't get more than 2 or 3 at once.

Tell your gf to get a job...anything. I don't what the hell she does, dishwasher fast food, anything legal.

Stop using payday loans. Work on paying off what you have and stop using them. Beg your family to help you if you need to, if they will help you.

Contact the payday loans, tell them you having trouble coming up with the money to pay them off, you want to pay them, cany they work out somthing with you?

Answer 2

First, cut back on all your expenses. Set up a budget -- eliminate all extras -- cell phone, cable, internet, eating out, new clothes, etc. Take every penny you can squeeze out of your budget, and concentrate on one of those payday loans.

You will need more income. Your girlfriend should go back to work and you should consider a second job. Have a garage sale, pawn jewlry and electronics, sell your blood, collect alum cans.

With 6 payday loans you have a very deep hole to dig out of. It ain't going to be easy.

Answer 3

Start with a written budget. Cut out anything that is not a necessity until you get rid of the loans. Take a second job and pile as much cash as you can on these rip off loans and be done with them.

Answer 4

If you chose not to pay the loans, then you wouldnt pay them...for a time. They payday people would eventually get their money because they are smarter and have more money than you. The know people will try not to pay, and know exactly what steps to take when you dont pay. For instance getting a judgment against you, then garnishing your wages, siezing your assets like your car and they can really put the hurt on.

There is a solution that might help you, but you wont like it. 50% of the world lives without electricity in their homes. Think you can cut power in your home and live like the poor people of the world for a few months so you can save money to pay those payday loans? I dont know your electricity bill but Im guessing you would save 100 per month that way, another 50 cause you wouldnt have internet. Another 50 you would save by not paying cable TV. Another 30 or 40 by cutting the phone line if you have one.

Or if you dont want to do that, you could live off rice & tap water for a few months (1.3 billion chinese cant be wrong) At my local grocery store (Winco) Rice costs 38 cents per pound which means you can eat for 1 month with 12 dollars. A normal person usually spends 300 to 500 per month on groceries/eatting out every month so you could save 288 to 488 dollars per month by doing that. Basically you need to cut back on your "luxurious" lifestyle. I know you are probably saying that your lifestyle is not luxurious, but electricity is a luxury, TV dinners are a luxury, Soda is a luxury. Cable television is a Luxury. You've overspent and now need to cut back.

Answer 5

It's already been suggested that you cut back on spending, but here are some ways to do it:

- Replace all incandescent light bulbs with energy saving florescents (this may have to wait until you can afford to buy them). Put a night light in the kitchen and in the bathroom, and use no other light source else unless absolutely necessary. Decide what you want before opening the fridge or freezer (why pay for the fridge to cool the kitchen?). Turn off lights, TV's, etc. that are not being used. Measures like this can cut your electric bill almost in half.

- Do all meal preparation at home: no takeout, order in, or eating out. Buy store brand food items, etc. when possible. If you carry a bottle of water, fill it at home. If you like coffee on the way to work, bring it from home. It's amazing how much money people can save on items like this over the course of a month.

- Until your loans are paid off, don't spend money on anything that's not essential. After they're paid off, open a savings account. If you put even a few dollars a month in it, there'll be something there for times like the one you're going through now.

- Don't feel like you're depriving yourself. Instead, think of it as learning how to live within your means. It's a valuable lesson, and will serve you well for the rest of your life.

Good luck.
.

Answer 6

i dont get how you can have six at one time because in kentucky, you are not allowed to have over $500 in check advances...well, all i can say is allow them to deposit the checks, and they will bounce, but then you can pay the bank back....but the bank will have their fees you must pay as well. once the check bounces, the check advance place will get the check back, then you have to pay them...maybe you can ask family to help you on some of them...dont stress yourself out over this...alot of ppl get in these situations....we have one check advance out right now, and its hard to get out of them because once you pay it off, you need it right back. maybe when income tax rolls around, you can pay it off...i dont know what to really tell you but just hang in there...good luck


edit: i found some info on your situation, here is the website

Answer 7

Here is what I would recommend:

1. First thing I would do is "Minimize Cost" of your borrowings.
You may look for some Personal Loans which can reduce
your interest rates. ( I am recommending few sites below).

2. Focus on "Minimizing your Spendings". Stick to spendings
on just basic needs for few months. No spendings on "Wants".

3. Try to pay off as much as you can with the Savings you might have after following step 2.

Good luck. Here ate the sites where you can borrow at
lower costs. But remember you have to be very honest about
letting them know "How will you pay back" and have to be diligent about paying them on time.

For personal loans you may try following P2P - Peer to Peer (or Person to Person) sites:

They are simple and many individuals will loan you money at an interest rate you can afford.

To know more visit the link below:
http://en.wikipedia.org/wiki/Person-to-person_lending

Following is the list of Site / Organizations where you can
seek your money need.

1. you can seek money from
www.Propsper.com.

2. http://www.virginmoneyus.com/PersonalLoans/tabid/54/Default.aspx

3. http://www.lendingclub.com/

4. http://www.zopa.com/

5. https://www.fygo.com/

6. Coming soon:
http://www.loanio.com/

Please note that you should provide a good, honest and detailed reasoning about Why you need money and how and when will you replay it.

Finally here is a nice article with some reviews.
http://reviews.cnet.com/4520-3000_7-6530959-1.html

Good Luck.
-N

Answer 8

How could you possibly have six payday loans out at the same time? These companies are the sleaziest of the sleaze but they do verify that no other payday advances are out on you before they issue you one. Well, I'm sorry you went to these bottom dwellers but if you don't pay them they will only compound the interest further and further until it's going to be impossible to repay them. Best to focus your attention on eliminating them one at at atime as quickly as you can.