We all know how it all starts, an emergency that you need the money here and now, and the only place you can get it is the payday loans. They are quick and not too many questions asked and you can borrow up to $1000.
But these payday loans get millions in trouble every year. And this post will give you tips on how to get out of payday loans working from home. But, first things first.
What Is A Payday Loan?
Payday loans are short-term, high-cost loans mostly up to $1000 or less, usually to help you cover emergencies until your next payday(sounds good and easy I know).Depending on where you`re located, payday loans are quick transactions through a physical storefront or you can go to payday lenders online.How you get the money will largely depend on where you got the loan but usually, there are four ways to get the cash:
- Prepaid debit card.
- Cash.
- Check.
- Direct deposit to your account.
Payday loans create a cycle of debt that is almost impossible to get out of.A $500 loan may take you years to pay as the interest rates in these loans are impossible to keep up with.
Most people go to payday loans because they are in some kind of emergency or the other and can’t find the money anywhere so they take the funds to pay back in the next payday.
With payday loan companies giving money away carelessly l might say, the result is that people always find a way to borrow from these short time lenders, and soon it`s a cycle you can not get out of.
The interest rates are so high, then come administration fees, late payment charges and before you know it, you are trapped. According to consumerfinance.gov payday loans have an annual fee of 400%.
And if you think it can`t happen to you, then think again, people trapped in payday loan credits thought the same at the beginning.
Few weeks, or a few months later it`s the same thing from most people.
- I can’t pay the short time payday loan back.
- The payday loan company is refusing to take small amounts because you can’t pay a lump amount in 1 go.
- Threatening phone calls from payday loans.
- How do I get out of the payday loan?
- The charges and interest rates are escalating out of control.
- Please help, l need to get out of payday loans Debt.
Payday Loans Complaints
There are all kinds of complaints out there, threats, scams, collecting money you have supposedly paid back.
Some payday loan companies have been fined millions for unfair fees and using ways to get money from clients who can’t pay. Read here.
Payday loans should be avoided at all costs. But how do you avoid payday loans if your money does not stretch till the next paycheque? In some states in the US, payday loans are not permitted.
If your salary never makes it to the next paycheque and you`re living day to day then things have to change because you`re either not earning enough or you are living beyond your means.
It`s time to earn more wages, you can either look for another part-time job that takes you away from home or it`s time to learn affiliate marketing, and start making money online.
Most payday loans Collect a 1% interest per day if you can not make payment in the agreed time, this adds up very fast and a $100 loan can quickly spiral out of control.
Not only do payday loans make it almost impossible for you to repay once you miss a payment with the high percentage interest.
If you can not make payments, you will ruin your credit file, and getting credit in the future will be very difficult.
Got an Emergency but no funds?
If you have an emergency but no funds, going to that payday loan operator may seem like a good idea NOW because your emergency is now.
What with the easy to obtain quick short -term loan to take care of such emergencies? A payday loan is the worst quick fix you can think of.
Quick Way To Earn Extra Money
Donating blood plasma can be a quick way to make extra cash. People get paid to donate blood plasma and you can make up to $300 a month doing this. Just find a blood plasma donation center near you.
This in-detail post will help you understand how to earn extra money donating blood plasma.
Sell Your Unused Stuff
Everyone has stuff lying around, how about decluttering and selling all that stuff you don`t need? On sites like Craigslist, you can sell anything and earn money fast.
Never sold on Craigslist before? this in-detail post explains how to get started selling on Craigslist for beginners.
What If You Can’t Pay Back the Loan in Full?
If it comes clear that you can`t pay back your original loan in full, many lenders will offer to “rollover” the loan so you can continue making payments. Do you know what just happened? You`ve entered a trap. The renewal cost fees and interest keep growing so the amount you originally owed keeps going up.
Get Help 
If you are having problems paying back your payday loan, talk to your payday loan lender and try to find a payment plan that works for you.
If you ignore to do this and still can’t pay your payday loan, your payday loan lender will pass the case to a debt collector, and believe me when it reaches to this point it`s no fun.
The debt collectors will start calling you, sending you letters demanding payment and if you still can’t pay.
The debt will show up in your home demanding you pay and when they do show up, they are not leaving with payment in full.
How To Get Out Of Payday Loan
I`m not insensitive and going to recommend another payday loan online or offline, your best chance of staying away from payday loans in the future is to find something that can bring you an income long term.It must not be something you have to leave home every day, that’s why I mentioned affiliate marketing. Affiliate marketing is free to start, no investment and you have the potential to earn for years to come. Check this post to understand why I talked about learning affiliate marketing from experts.I learned affiliate marketing from this integrity driven, very successful affiliate marketers and you can do the same. I`m not talking of those overpriced, under-delivered low-quality ebooks and courses, this is a full course with over 1 million members.Click here to join the program totally free and create your blog, learn how online and making money works, with no-one pushing you to buy anything.
It is possible to get out of payday loans, by learning online marketing and making money online, you can increase your income.
Making money online may seem impossible or only possible for the selected few, this is not true.
Anyone with the right training can learn internet skills and make money online.
You can make money selling other people’s products from your blog, selling on Amazon all at your time and pace.
Making money online l can confidently say is easy if you have the training and follow what you learn.
Read my post on how you can make money online if you put in the effort, you can make money online, there are so many people always looking for items and for help online.
Finding Long Term Income Ideas and Avoiding Payday Loans
As said above, my advice to anyone will be to start affiliate marketing, it’s beginner-friendly but, you still need training and that’s why many people fail at affiliate marketing.There are endless affiliate marketing training courses out there, find what works for you, but before you join any, check this in-detail post on what to look for when joining affiliate marketing training courses.
In fact, making money online is in simple steps, starting with the right training and a website of your own.
A Quick Look at How You Will Be Creating Success
With the right training and the right people around you, you can learn the 4 steps it takes to build a website and start making money online and getting away from payday loans.
It may all seem new and foreign or confusing with little things like but l don’t have a hobby, no interest.
We all have an interest, cleaning your home is an interest, quilting, reading all these are interests and you need just one to make a full-time income online.
You can get out of payday loans if you learn to make money online and be free of debt.
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If you have read this far, join the best affiliate marketing website online, and learn how to build a successful online business beginning with the foundation, your own website.
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Here you will meet successful marketers all interested in your success as you learn in a spam-free community.
If you have any questions regarding this post or any other post, please do leave me a message.
Resources: Video Is From Youtube NOT mine.
I hate payday loan companies so much. It’s so easy to get yourself into a situation where you end up with one, yet the process of paying it off and getting ahead again is extremely difficult. At the same time, the people who get trapped in this situation are often the ones who either aren’t good at saving or don’t have the income to save much. In either case, those people don’t have the tools that they need to get out.
You’re right that the best thing is not to get into that situation in the first place – but what do you do if you are already involved.
I do like the idea of trying to make money in other ways to get the loan paid down.
Hello Vince
Payday loans are easy to get into but then it`S a situation that`s almost impossible to get out of.People do not realize that small amounts can quickly add up to unmanageable and impossible to pay credit.
Anyone in payday loan situation can try making extra income online while trying to reduce the amount owed.
You made great points regarding payday loans. They should be avoid all together. They are proven to have hidden fees, and high interest rates. Some people just take the payday loans because they feel uncomfortable not have money in their pocket. It should be your last stop for loan. I’m glad I don’t need them.
Thanks Tatjana
l feel payday loans should be made illegal worldwide.A friend took a small payday loan she could not pay back and ended up having to pay higher ends of 5 figures.They are simply said evil
I’m glad how you pointed out that payday loans are a slippery slope. In today’s economy far too many people rely on them then find the shocker when they attempt to pay them back. You did a very good job of outlining this. I liked in the end how you turned the post into something positive that people can figure out how to make extra money. well done.
Glad you liked my article,l know from experience how payday loans can put real strain on people.My advice to anyone stay away from pay day loans