17 October 2017
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4 Tips to Pay Off Your Payday Loan

4 Tips to Pay Off Your Payday Loan

Do you want to try a payday loan, but want to know the best way to pay it off first?

 

Sometimes, payday loans can be the best option for an emergency situation.

 

When you take into consideration the long-term interest rates from banks and credit card companies, a payday loan could really save you in a pinch.

 

 

However, you still have to pay them off. Luckily, we found four of the best payday loan payoff tips to help you get that loan taken care of.

 

Check out what we found!

 

Four Tips For Paying Off A Payday Loan

 

Tips For Paying Off A Payday Loan

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When the payment period is up and you need to pay your payday loan, these tips can help if you’re short.

 

#1. Talk To Your Lender

 

The first thing you should do if you’re short on your payday loan repayment is to speak with your payday lender.

 

 

Some lenders have hardship programs for specific circumstances that you may be eligible for.

 

For example, say you were laid off or fired from your job after taking out the payday loan. A lender may be sympathetic and will extend your loan repayment period or reduce the fees accrued.

 

There’s no harm in asking. If they can’t help you, there are other options as well.

 

#2. Consolidation

 

Consolidating a payday loan is difficult, but certainly not impossible. This option may work for you.

 

You can consolidate your payday loan through another financing source or lender, or through a debt consolidating program.

 

Through a lender, you can take out a personal loan with a lower interest rate, or at least an extended repayment plan, to cover the payday loans that are getting out of control.

 

Reduce Your Expenses

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#3. Reduce Your Expenses

 

This tip is pretty obvious, but it’s the planning portion of expense reduction that can really help you pay off that payday loan.

 

 

Take the time to sit down and make a list of things you can reduce spending on. We always think of the major stuff like power, water, rent, etc.

 

You should also consider smaller expenses like your phone plan, cable plan, transportation, and other factors that you can tangibly reduce in order to pay off your loan.

 

You’d be surprised at what could save you money.

 

  • Got a subscription to a magazine?
  • A monthly delivery box?

 

Take care of you payday loan first and cancel these things.

 

Put It On Your Credit Card

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#4. Put It On Your Credit Card

 

This should be your last resort because credit card debt can be pretty scary too. 

 

However, interest is typically much lower for credit card payments than payday loans. And the payment periods are much longer, too.

 

 

Many credit cards have an option for cash advances in case your payday lender only accepts cash payments.

 

Remember that cash advances typically have a hefty fee, so do your best to figure out if using a credit card will actually cost you more.

 

Pay Off That Loan!

 

Did these useful tips help you pay off your payday loan? Tell us your story in the comments below!

You can find more information and a great payday loan from sites like LittleLoans.

 

Pay Off That Payday Loan

 

Gaurav Jain
Article by Gaurav Jain
Hey There! My name is Gaurav Jain, a full time affiliate marketer since 2007. The reason for starting eMoneyIndeed.Com blog is to help you Save & Make Money Online. I write about Blogging, Online Marketing, Webhosting, SEO, Affiliate Marketing, Startups, Social Media, Email Marketing and more. Hope you enjoy the posts on eMoneyIndeed.com

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