A Guide On How To Deal With Payday Loan Debt

By Shawn Lee Martin

Payday Loan Sharks

Everyone who takes out a payday loan should have a guide on how to deal with payday loan debt handy to avoid getting caught in the payday loan trap!

We understand most people’s mindset when they are making the choice to use these services and good intentions are always up front but bad things do happen to good people every day and having a guide going in will make the journey much more manageable.

Let’s explore what a payday loan guide is and why a person should have one and understand it before they enter into a contract for any high-interest short-term loan agreement!

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The Guide

What we call a guide to payday loan debt is really just a collection of all the information a person should know about what to expect when using these types of loans.

That being said let’s start by going over what these loans are and how to use them correctly to avoid the pitfalls they can create in your finances.

What Are They?

Payday Loans are short-term high-interest loans that do not require any credit history at all. To qualify you really only need to prove income of $750.00 plus a month and have a bank account. You may receive the money you are borrowing the same day directly deposited into your checking account when using the online payday loans and over the counter customers can receive their money right at the store they are using.

These loans are high interest and a typical $500.00 two week loan can cost you up to $150.00 in interest plus any counter charges bringing your payback amount up to around $650.00 plus.

Using Them Correctly

There is only one safe way to use these services. If you follow these rules you will never experience the pitfalls of these loans.

  • Your loan is paid off in full on the first due date, period!
  • Never extend a payday loan, ever!
  • Never take more than one of these loans out at one time!

If only the above were followed we here at Help With payday Loan Debt would be out of business!

But rarely does that happen and that is why we opened this article with the fact that everyone should have this guide!

The Pitfalls

pitfallsThese loan companies practice some very shady collection practices and getting on the wrong side of them can prove to be a handful of constant pressure from them to collect their money.

They are set up for customer failure and by being set up that way they end up making incredible amounts of money off of their customers.

They encourage you to extend your loans and taking out multiple loans and if you default they will harass you to no end and the charges just go up and up and up.

Doing yourself the service of understanding these pitfalls and how to avoid them before you use these companies will save you huge amounts of money and also much peace of mind.


This is a really simple guide that stresses three points that will save you from any pitfalls these companies produce:

  • Your loan is paid off in full on the first due date, period!
  • Never extend a payday loan, ever!
  • Never take more than one of these loans out at one time!

If you use these as your guide to dealing with payday loan debt you will be safe from getting caught in the payday loan trap!

We would love to hear from you!

Do you have any stories you would like to share about payday loan debt? Any questions?

Please post them below in the comments section!
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4 thoughts on “A Guide On How To Deal With Payday Loan Debt”

  1. Thanks for the info. Usually, companies/individuals who lend money with such high interest should be considered illegal and should not be allowed to operate at all. The reason why people borrow money is because they are in need, and “helping” them get the instant money is actually not helping at all since the borrowers end up paying more. But how do we stop systems like these? As long as there are borrowers who patronise them, they will keep on operating.

    1. Hi, Pitin!

      You are spot on with the statement “as long as there are borrowers that will patronise them. In other words, as long as the market is there.

      The problems lie in greed in my opinion.

      What would be wrong with lower interest, longer term loans to these same people?

      In a perfect world…….


  2. Most people I know that takes out a pay day loan have every intention on paying it back but as you said they have very high interest rates and that makes it harder to pay back on time. Is there anyway you can do a search to see which loan shark has the lowest rates? And what do you do if you can’t afford to pay loan and don’t want to take and you need to extend the loan? Most importantly how do you avoid taking out a loan in the first place? If you could research the reasons most people take out loans maybe you can help them avoid them all together.

    1. Hi, Randy!

      What an awesome comment!

      The main problems with payday loans is they are set up for maximum profits and they are targeted at the poor and disadvantaged. IE; no credit, bad credit.

      They know these people can not get regular loans and thus they target them with quick easy money with no credit checks.

      There are many states and agencies trying to make a difference and pass laws that will even the playing field but they are up against big money and corrupt politicians.

      We must just keep chipping away!

      Thanks for stopping by!


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