With so many stores closing and businesses downsizing the demand for payday loans is skyrocketing and along with that we also need payday loan debt help for everyone.
It is so easy to get caught in the payday loan trap and having a safety net to fall back on is priceless!
Because the demand for these loan services is rising and jobs are disappearing daily we felt the need to post an article with tips on how to avoid “The Trap” and where to get help if you are already caught in a payday loan trap!
What Exactly Is “The Trap”
what we call “The Trap” is actually called a payday loan trap by the industry. For a complete description, you can check out our article called The Two Minute Payday Loan Trap
A simple explanation for the trap is when you, for example, take out a payday loan and then take out another to make the payment of the first loan.
This creates negative cash flow on your paydays and just by doing this one pay cycle you have already pretty much trapped yourself.
You now have two loan payments that are more than your paycheck and they are growing every day due to the crazy interest rates these companies charge!
Keep in mind this is only one simple example, there are many other ways to end up in the trap but there are only two options you can use to avoid any chance of ending up trapped in payday loan debt.
The first of the two options is a no-brainer. You can avoid ever getting caught in the payday loan trap simply by not take out a payday loan in the first place!
While this is the best way to avoid any traps we understand there are times and circumstances where a person just needs money and may only be able to borrow it in this manner.
If a person finds themselves in this situation the only safe way to use these loans is by following option number two.
Pay off the whole amount of the loan on the first payday!
Do not extend it, do not take out another loan to help make the payments and do not get caught in the tricks the online loan companies use of only charging you the interest payment each payday unless another payment amount has been arranged ahead of the payment due date.
Yes, they do that!
We have covered how to not get caught in “The Trap” but what about getting help if you are already trapped?
This is the easy part!
We can help you with your out of control payday loan debt in any state!
Take a look at how we do it here: Payday Loan Repayment Plan
We want to hear from you!
If you have any questions or comments please leave them below in the comments section and we will get right back to you!