Where to Turn for Payday Loan HelpUsed correctly, a payday loan can be a helpful tool in quickly paying unexpected car mechanic, home repair, or medical bills. The problem is that many take them out expecting to be able to pay them back on the due date, but run into additional financial problems before that date. As fees and interest pile on, a payday loan can become problematic. If you’re in a situation where you cannot afford your repayment, here are tips on where you can get payday loan help.
Look Into Church ProgramsIf you are a parishioner, your church may offer financial help to get rid of a payday loan. Some churches are working with their banks or credit unions to low interest loans to members of the church. In Virginia, the Jubilee Assistance Fund has helped many people pay off their payday loans with credit union-backed loan programs that offer much lower interest rates. One benefit to church-based loans is that you also get free financial counseling where you’ll learn vital skills at avoiding future problems with debt.
Talk to a Consumer Credit Counseling AgencyIt’s also a good idea to talk to a consumer credit counseling agency. You’ll learn vital tools in managing debt, but they also work with the payday loan company to help come up with a payment plan that you can manage on your current salary.
Visit Your Main Bank or Credit UnionWhile a payday loan can provide you with cash in a hurry, if you’re struggling to pay it off, talk to your bank or credit union and get payday loan help. One of the reasons people choose a payday loan is because they’re quick . After you have the cash in hand, you may have the time it takes to get approved for a personal loan by your bank or credit union. You’ll end up with the money you need to pay off your payday loan at a much lower interest rate.
Cash in Unused VacationDoes your employer allow you to cash in your vacation time? This can be an easy, fast way to get the cash you need to pay off your payday loan. You do have to forgo some of your vacation time, but it’s going to be less stressful than dealing with the unpaid debt. If you are struggling with payday loan debt, don’t let the stress eat at you. There are solutions that can help you pay off a payday loan. With some payday loan help, you’ll have your debt under control and no longer have to worry about coming up with the money in a hurry.
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