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Payday Loan Blog - What Do I Do If I Have More Than One Payday Loan That Isn’t Paid Off?

 Friday, 02 November 2007

What Do I Do If I Have More Than One Payday Loan That Isn’t Paid Off?

What Happens If I Have Two Unpaid Payday Loans?

Ever had a string of really bad luck or unfortunate events happen to you when you were least prepared to deal with them? Maybe you had your car break down after you already spent your last pay check or had four bills due all the same week. These situations tend to pop up sometimes and several of them at once can be really problematic. That’s how many people end up having multiple payday loans due at once with no way to pay them off. If this ever happens to you, you’ll likely be hearing from your payday loan lender very quickly. They’ll probably ask that you take out more payday loans to cover your last ones. Eventually, if you don’t pay back the loan or take more loans out, the lender will hand you off to a collections agency. Dealing with collections agencies can be frustrating and stressful, which is why you should contact the payday loan lender before the debt gets too out of hand. Explain your situation and see if the two of you cannot work out a solution. However, some companies may be less forgiving and could even press charges for intentionally writing bad checks. Fortunately, there are some other steps you can take to pay off the loans.

So What Are My Options?

If you have multiple payday loans you need to pay off and can’t seem to get any leeway from your lender, you have several options at your disposal. As you probably know, payday loans are meant for people who need cash quick and don’t have the credit score to get a credit card or loan, if that’s the case for you, review your credit score for errors and try to get approved for a low interest credit card. This would allow you to transfer some or all of your payday loan debt to the credit card, depending on how high of a limit it has. You may have other monthly bills and payments to make, but you can often call your credit and get the payment delayed or reduced. Another alternative you could take is signing up for a debt consolidation program or debt management counseling. These programs basically roll up all of your debts in to a one large single debt. The debt consolidators negotiate with your lenders to get you a lower monthly payment and possibly eliminate the interest on the debt. It has been effective for some people and would open up some money to put toward the payday loan debt. Finally, it may be time to make some serious lifestyle changes if you haven’t already. It’s always difficult to change the way you live, but if you have multiple payday loan debts unpaid, then it’s definitely time to start cutting back and saving every penny.

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Friday, 02 November 2007 12:32:09 (US Mountain Standard Time, UTC-07:00)  #     

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