1. Automate debt payment – Payday loans are given to people who have a stable source of income. In other words, your application will be approved only if you have a regular income or salary every month. It would be much easier if you could pay off the debt with the money you will receive next month. However, there are some people who are not capable of doing that. They would spend the money elsewhere and have little left to repay. Then visit the bank and automate the payment of the debt. The money should go to your creditor as soon as it reaches your bank. You can spend the remaining balance in your account. In fact, most creditors have automated payment forms with them. Just ask them and they will be able to provide the same for you. If you take a loan from us, you have the option to repay automatically. On your payday, the cash will be directly debited from your account and credited to our account automatically. You might forget to pay, so this is the safest route to avoid late payments. Some people have cash but forget to pay, so automating payments is a great way to avoid late fees. In fact, you should automate your payments for all your credit cards.
2. Cut your expenses – You’re in debt, so the last thing you should do is spend a lot. Make this the central goal of your life at least for now. So go ahead. Cut your expenses where you can. Make a plan. Go back to the drawing board and see where you can cut expenses. Get rid of the expensive cell phone plan or cable package. Get something simpler. Try to reduce your grocery budget. There is always something you can do without. You can get rid of debt more easily this way, and it will also leave money in your account that you can save each month. This will help you in the long run.
One of the best ways to stop spending on things you don’t need is to stop watching TV or greatly reduce the amount of TV time you watch. They show all the kids great ads and we are forced to buy. You just don’t see them and stop buying products with little or no use. And of course save money.
2. Increase your income – Have you ever thought about trying to earn more money? By doing this, you will surely be able to pay off the debt quickly. A second source of income can also help you avoid taking out a loan in the future. Contrary to what many believe, earning a second income is really not that difficult. For example, you could sell all that junk you have on eBay. You will earn some quick money to pay off the debt and you will also be able to reduce the clutter in the home. You can also start a blog to earn some extra money in the long run. Or you can find weekend jobs. There are many ways to earn extra money. You just have to try.
3. Make small payments – The term of a payday loan is small: you must pay the money back after you receive the next month’s paycheck. But if you can earn some extra money in the meantime, then you may want to consider paying off some of your debt with him. This will help you keep your charge under control and make it much easier for you to pay for it later. Plus, if you keep paying, then you won’t be wasting the extra money you’re earning. Find out from your payday lender if you are allowed to make small payments in the middle of the month.
4. Is there a prepayment penalty? – Sometimes there is a prepayment penalty if you pay off the debt early. Ask the creditor while you take the loan. If you have already taken out a penalty loan, calculate how much it would be in dollar terms compared to the interest you would save if you paid it off sooner. This will help you come to the correct conclusion about whether you should pay early.
5. Lower the interest rate – Try to negotiate with the loan company if you can. See if they are willing to lower the interest rate. Sometimes some companies will indulge you, because they want to do business too. These agencies might agree if they see that you are serious about trying to pay off your debt. It will always be easier for you if you have to pay off the debt at a lower interest.
6. Loan against life insurance – One of the advantages of a payday loan is that you can get the money you need very quickly. It can be transferred to your bank account in 24-48 hours. That’s perfect in an emergency. But once you have the money, you’ll have some time on your hand. So you can try other options. For example, you can borrow against your life insurance and other savings and policies to pay off your existing debt. Yes, you’ll receive less money later, but that’s a small price to pay for cash drain at this point in life. Life insurance interest is below commercial rates, so you’ll save more than you spend.
7. Borrow from your 401(k) – Similar to the point above, you can borrow up to 50% if you participate in a 401(k) retirement plan at work. So see how much money you have in your account and take some of it out to pay off your debt. Don’t worry. Payday loans are small dollar loans anyway, so you won’t have to take out a lot of money.
8. Renegotiate the terms – If for some reason you see that at the end of the month you still cannot pay the loan, try to renegotiate the terms with the creditor. Convince the loan agency that you are serious about repaying, and there will be many who will do their best to help you. Perhaps your fees or interest can be reduced. You never know unless you ask. After all, the payday company wants the money back, too. Our lenders will cooperate with you if you tell them well in advance that you will pay off your loan but need some time. Our lenders will work with you to find a plan that works best for both you and the lenders. But please inform them at least one week in advance.
10. Get eligible tax deductions – Are you receiving all lucrative and eligible tax deductions? You may be surprised that many people don’t understand this simply because they don’t know the details. Get professional tax help if you need it. This will help your financial health in the long run. You will have extra money with which you can pay off the debt. In fact, you may not even need the loan.