9 Responses to “Q&A: I got trapped with payday loans, how do I get out, they are breaking me?”

1. klkneal says:

   February 11, 2012 at 5:20 pm

   Good luck with that the interest is SOO high on those loans, You may try to get loan through your bank and pay off the higher interest loans with your bank loan.

   Log in to Reply
2. Valerie R says:

   February 11, 2012 at 5:58 pm

   Unfortunately, you cannot get out of them. The simple answer, althought it may seem tough, it not to do them ever again. The finance rates are astronomical and crazy. They should not be allowed.

   Log in to Reply
3. M says:

   February 11, 2012 at 6:03 pm

   I was trapped one time, too. If you have paid back the money you originally borrowed and are not paying their high interest rate, get them on the phone and ask them how long they are going to RAPE you. Tell them you are in the process of writing a letter to the Attorney General of your state. They will tell you that you are paid in full, but you have to promise not to report them. Wait for a week or so after this is done and report them anyway. This worked for me. Try it.

   Log in to Reply
4. WJ says:

   February 11, 2012 at 6:23 pm

   The only way to get out from under them is pay them off as soon as possible. Always pay them more than their minimum balance requirement so you can pay off the principle and not just the interest.

   Log in to Reply
5. CPA/PFS says:

   February 11, 2012 at 7:02 pm

   The only realistic way is to repay them.

   Consider asking your employer if you can work some overtime.

   Consider getting a second job.

   Consider asking your employer for a temporary loan with an agreed upon repayment schedule.

   Consider asking your family member for a temporary loan with an agreed upon repayment schedule.

   Consider selling an asset.

   Log in to Reply
6. smart E says:

   February 11, 2012 at 7:55 pm

   There is no real out. You signed a contract and now have to live up to it. Try and borrow the money you owe them (from a legitimate lender) and pay them off. Or… sell stuff until you can pay them.

   Pay Day Loans and similar operations are predatory and should be regulated. Some charge upwards of 500 percent interest. Everyone out there, never… ever borrow from these places.

   Log in to Reply
7. bunny77 says:

   February 11, 2012 at 8:53 pm

   Girl, I hear you. I did a payday loan for my cousin. She jipped me out the money and I didn’t have it to cover it since I (technically) didn’t borrow it. I got screwed out of 560 bucks and a cousin. Someone on here said they (the payday loans) shouldn’t be allowed and I agree. Especially if you take it out for someone you ‘trust’. Good luck honey.

   Log in to Reply
8. Dianne S says:

   February 11, 2012 at 9:09 pm

   They got me trapped once too! The best suggestion I can give is every month when you renew it just pay it down a little bit so if you getting a pay day loan for 300.00 only get it for 250.00 next time then only for 200.00. That is the only way I got out of mine. Oh yeah and if you ever broke again you can not think of them as your backup! They are easy to fall back into again. It only takes one bill to make you go back! Be careful with those guys and good luck!

   Log in to Reply
9. samy says:

   February 11, 2012 at 9:23 pm

   you need a loan consolidation for paid all your paiday (low interest), you need a cosigner. I found interesting information about your answer & options here. http://all-debt-consolidation-loan.blogspot.com/2007/07/loan-consolidation.htmlGood luck!

   Log in to Reply