4 Responses to “What to do about to many payday loans?”

1. timothy p says:

   July 22, 2011 at 6:37 am

   If you don’t have the money this payday, what makes you think you will have it plus interest and fees next payday? These loans are designed to be a trap. The interest is high and the fees will kill you. Avoid payday loans in the future.

   For now… Sell things you don’t absolutely need on craigslist or ebay, get rid of any services you can live without (cable, internet, cell phone), borrow money from family and friends, get a part time job to cover the debt. Do anything but get another loan.

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2. Ed Fox says:

   July 22, 2011 at 7:12 am

   You will soon be hearing from collection agencies and receiving court summonses.
   A Payday loan is supposed to be for one month maximum – until your next paycheck. That’s kind of why they’re called Payday loans. There is no need for anyone to have more than one going at a time

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3. tudorjason says:

   July 22, 2011 at 7:26 am

   Because of the cycle you are in, your next payday will likely not cover these payday loans. You need to either ask friends and family to borrow money or you need to officially borrow money.

   If you need to officially borrow money, go to a credit union and inquire about a q-cash loan. It’s sort of like a payday loan, but the interest is much lower, you have about 3 times longer to pay it off, and if you can’t pay that, the credit union will work with you for you to pay it in full in time.

   Good luck.

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4. My Take on It says:

   July 22, 2011 at 7:33 am

   You are in for a heap of hurt
   If you wrote checks or gave your bank account info, get read for a slew of overdraft charges if you don’t have the money in your account to pay them off or pay the interest payment. In some cases, you will have to go into your bank and tell them what you have done and see if you can close your account.

   The payday lenders will also sue you.

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