By Shawn Lee Martin
Over 12 million Americans take out payday loans annually and many of them end up drowning in payday loan debt because they do not understand how these loans work.
Additionally, each one of those 12 million Americans take out an average of 8 loans a year and end up extending each one of those loans up to 5 times.
The interest alone these people are paying is huge and unnecessary if they only knew how to properly use a payday loan and yes, there is a way to use them safely.
We could state numbers all day but you get the idea here. If you need help with payday loan debt and most people that come to this website do indeed need help, let me assure you we can deliver that help to you as soon as today!
Let’s take a look at how to deal with payday loan debt if you are already trapped or it is out of control and collectors are calling, how to use these loans the right way if you ever need to take one out in the future, and lastly lets explore other options to payday loans that make more sense and are less risky.
Need Help With Payday Loan Debt?
The Phone Is Ringing Constantly!
This is the first thing our clients tell us when they come looking for help with out of control payday loan debt and we understand exactly what they are talking about.
The payday loan collectors do not stop calling, harassing, lying to you, threatening you and on and on!
You do not have to put up with this and if you are presently experiencing this kind of activity please check out our Payday Loan Repayment Plan to see how we can stop all of this craziness in its tracks!
The Right Way To Use These Loans
There is the right way to use a payday loan. There are times when you just need to raise some cash right now and there are no other options available.
If you are ever in this situation and you do decide to use a payday loan all you need to do is remember a couple of things to keep your experience a good and financially safe one.
- Do not borrow more than you need
- No loans for over two weeks
- Do not extend a payday loan
- Always pay off the loan on the first due date in full period!
If you follow the above rules and you understand you are going to pay a large interest rate for that two-week loan and you are OK with that and you can afford to pay this loan back on the first due date in full you will be fine.
The best way to deal with these guys is to not deal with them at all and there are more and more options becoming available to people who can not get a conventional loan but there are also traps to watch out for with the alternatives to payday loans.
Alternative Ways To Borrow Money
Many credit unions and banks are making short-term low-interest rate loans available to people who currently are stuck with payday loans.
Search carefully by making phone calls and try to use local banks you can visit in person and stay away from the online companies as they tend to be more susceptible to fraud.
The federal government is working on new legislation for these types of loans and hopefully, they will become available nationwide soon.
We also have a page dedicated to helping people find ways to make ends meet. You can check it out here: Free Available Resources
We hope this article helps you in dealing with out of control payday loan debt, how to find alternative ways to borrow money when you need it and how to deal with payday loans if you do decide to use them.
We love answering your questions so please feel free to leave any questions you may have below in the comments or you can always drop us a line using our Contact Us page!
Need Help With Payday Loan Debt?