Payday loans can drag you into a debt trap due to high costs. It’s easy to rely on those loans, and you may even be able to roll over a single loan multiple times to delay repayment. But easy access leads to an expensive habit, and the money you spend maintaining those loans will prevent you from getting back on your feet.

You can take several approaches to get rid of payday loan debt. We’ll detail these strategies below and discuss ways to prevent the problem from coming back.

Strategies for Getting Rid of a Payday Loan

1. Pay off the loan with a new, less-expensive loan.
2. Pay off the loan with savings.
3. Arrange an extended repayment program with your current lender.
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4. Temporarily increase your available cash to eliminate the debt.

Get a Different Loan

If you’re not able to pay off the loan at this time, a different loan can make it easier to get out of debt.

Alternative Lenders

Almost any other loan will be more affordable than a payday loan, so try different sources of money.   Small community banks and credit unions are your best bet for getting approved, especially if you have bad credit or you have never established credit. Some online lenders also cater to borrowers with less-than-perfect credit. That said, whenever you’re searching for lenders who market to “bad credit” borrowers, you run the risk of using predatory lenders.   Start with some of the online lenders or reputable peer-to-peer lending platforms.

Consolidate Debt

Instead of renewing existing payday loans, consolidate those loans with a more affordable loan, and then start paying off the consolidation loan. Borrow just enough to pay off your existing debt (and maybe enough to keep you from getting another payday loan)—and nothing more. It might seem like you’re borrowing from Peter to pay Paul, and you are, but you’re borrowing on much better terms.

It can be difficult to secure credit if you are new to credit.

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Loans for teenagers - what to anticipate

Many loan providers need you to be 18 so that you can simply just just simply take down a loan, with a few extending out their minimal age specification to 21 or 23 years of age. Most of the loan providers within the dining dining dining table will just accept applicants aged 18 and over.

If you’re seeking to borrow credit the very first time, you need to expect you'll spend greater rates of interest compared to those which have a proven credit score.