The interest is so high that I cannot even begin to pay back any of the principal. I KNOW taking out these payday loans was VERY stupid, but at the time, it was a quick fix to a problem and because of my terrible credit, I wasn%26#039;t and am still not able to take out a loan from the bank with a lower interest rate. Does anyone have ANY suggestions? And please, save your criticisms...I know it was stupid to resort to payday loans.
I live in MN and have 3 payday loans out and I%26#039;m paying about $300 per paycheck (twice a month) in interest.emergency loan
check with the attorney general of your state, right now there are numerous lawsuits because of the interest rate charged and other wording in their contracts, a recent aarp newsletter has an excellent article on lawsuits against the payday loan industry, THEY ARE WHAT WE THOUGHT THEY WERE%26quot; a bunch of crooks, finally the government is getting involved
I live in MN and have 3 payday loans out and I%26#039;m paying about $300 per paycheck (twice a month) in interest. loan
You could try www.prosper.com.
You can take out a loan from them and use it to pay back your payday loans.|||Do they automatically take out the money, or do you have to send it in? If you send it in then I would recommend trying to tackle one of them at a time. First and foremost, though, you want to take care of yourself and your family. So that means the housing, food, clothing, etc come before this loan.
Interest may rack up on the other two, but you have to start somewhere. It may be tough for a while but you can get through this. I would also recommend cutting back on certain things temporarily in order to increase your take home pay. You might want to temporarily suspend any gym memberships, dining out, cell phone, Internet and cable access; any extras that you really don%26#039;t need. This will allow you to use more of your income for the loans. Also, you might think about selling some things around your house to get some extra money.
I always believe tough experiences are the best learning experiences. You can definitely get through this one. Just tackle them one at a time. The only way to eat and elephant is one bite at a time. :-)|||gladly we live in IL they check ahead of time to see if there%26#039;s another payday loan out there before they do another loan . It apparently sounds like this saves alot of money %26amp; sorrow. Do you have a car that is paid for ? For a title loan in order to pay off the other 3? Or just neglect an interest payment @ 2 locations %26amp; pay off everything @ the 1. Then rotate it till it eventually all gets paid. This is poor advice but it was the best I could come up with.|||Jeremey hit it right on the head. Have you tried to get a part time job for a few months to pay them off. Even if it is for a few hours a week till they are paid off will help a lot.|||I guess you can start by tackling the smallest loan/debt first and get that out the way
Then you can focus on the larger one
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