Your car breaks down.
There is no money in your savings account to cover the $300 worth of repairs. But you’re bank account is next to empty and you can’t miss work again.
Getting a payday loan is a fast and easy solution when cash is short and you’re faced with a financial emergency. But as more than 80% of people who take out a payday loan know, while getting a payday loan is easy, knowing how to get out of payday loans isn’t; they lead you into a cycle of debt that’s next to impossible to escape.
A $300 payday loan can quickly spirals into $2,800 in payday loan debt, and you end up paying $2,100 a month in fees alone. This situation can’t be endured. You’ve got to start asking yourself…
How To Get Out Of Payday Loans
You want out of the debt trap, but you’re not sure how to get help with payday loans. So, we’re sharing our must-read list of 50 ways to get out of the payday loan debt trap. If you thought it was impossible, think again. We’ve compiled this list so that anyone (yes, even you) can finally escape the payday loan cycle.
1. Payday loan consolidation
When you’re trying to manage multiple, if not dozens, of loans at once, all with different interest rates and monthly payments, it is next to impossible to keep track of them all. Payday loan consolidation takes these multiple monthly payments and combines them into one, easy-to-pay monthly payment. When you work with a payday loan debt assistance company, they are also able to: reduce the overall interest rate, get payday lenders out of your bank account, stop the annoying phone calls, and bring your monthly payment down to an affordable amount. If you’re interested in learning more about help with payday loans, contact our team today!
Here’s what you can expect if you get in touch with a loan specialist at REAL PDL HELP:
- We’ll ask you to provide us with some details. This will include the number of payday loans you have taken, the names of the payday loan companies you have borrowed from, and the total amount you owe.
- After we receive these particulars, we’ll determine the best type of help for your situation. For some customers with sufficient cash flow, a debt settlement can be a good solution. Debt settlement is utilized more frequently when there is a single substantial debt to one creditor. Settlement involves paying less than what is owed as a single lump-sum payment.
Another option is to obtain a debt consolidation loan. This turns unsecured debt into secured debt. Your new loan is used to pay off all your current loans.
- Real PDL Help can assist you with payday loan consolidation. This is the only program we offer. A payday loan consolidation program can lower or eliminate interest and fees on your existing loans, reduce your monthly payments, reduce the total amount you need to pay, stop calls from collection agents, and prevent creditors from taking funds out of your checking account.
2. Stop taking on more debt
In order to get out of the debt you’re currently in, you must first stop taking on more debt. Stop rolling over your payday loans and commit to moving forward without taking out additional loans. This is one of the simplest solutions for learning how to get out of payday loan debt, but it is also one of the most difficult.
You’ll have to exercise a high degree of discipline over your finances. One way to do this is to adopt the 50/30/20 rule.
According to this rule, you should:
- Allocate 50% of your income to your essential expenses. This would include rent, loan repayments, and food.
- Another 30% of your earnings could be used for your wants. Eating out, going to the movies, or other discretionary spending would fall in this category.
- Finally, you could save the remaining 20%. However, if you owe money to payday loan companies, you could make paying them a priority. Saving money could come later.
Of course, you don’t have to stick to the exact percentages specified in the 50/30/20 rule. In fact, if you’re heavily in debt, it’s advisable to cut down on your discretionary spending and try and pay off your loans as soon as possible.
3. Increase your income
Increasing your income is a great way to get rid of payday loan debt. When you increase your income, you can take all of the additional money you’re making and put it directly towards paying off your payday loans so that you won’t have to continue to roll payday loans over. Finding extra income is easier than you think. Keep reading for ideas.
4. Decrease your expenses
When you decrease your expenses, all of that extra money you would otherwise be spending can go directly towards getting out of payday loans. Eliminating non-essential spending from a typical monthly budget, frees up a huge portion of your income to help with payday loans.
5. Ask for a pay raise
Increasing income is sometimes as easy as asking for a raise. Sit down with your boss and ask about the possibility, you may be surprised at what this can do for your income, career and payday loan debt assistance.
6. Work overtime
Logging a few extra hours every week can increase your paycheck significantly. If you have the opportunity to work overtime, you’ll be getting paid time and a half which really. It’s an easy way to increase your income and help pay off payday loans.
7. Have a yard/garage sale
It’s time to clean out the attic (and garage)! This is a great opportunity to do a little fall cleaning, clear out everything you don’t need or don’t use anymore and make some money. Several hundred dollars can help make a huge difference in paying off your payday loans.
8. Find a part-time job in your fringe hours
Work during the day? Find part-time gigs for making extra money during the early morning or evening/late night hours. Maybe you deliver newspapers (yes, that’s still a thing) or work at a coffee shop before heading into your 9-5. Or spend your evenings delivering pizza or bar-tending. Either way, picking up a part-time job can help you get some extra cash to get out of payday loans.
9. Spend less than you earn
When you spend less than you earn, you have money left over after your bills are paid. Sounds simple, but so many people spend more than they earn, falling further into the debt trap. When you have money left over after each pay period, you can slowly save and help pay off payday loans.
10. Stop eating out
Eating out is expensive. You can easily spend 2 or 3 times what you would spend on a home-cooked meal. Make a commitment to stop eating out until you’re out of the payday loan debt trap. Then, take all of that extra money you typically spend at restaurants ($200-$300 per month) and put it towards your your fund to get out of payday loans.
11. Start a side business
Make some money on the side with a side business. There’s hundreds of options from mowing lawns to childcare to selling some product you make yourself. Turn your hobby into a business and make some extra money to get out of payday loans.
12. Start using coupons
Money saved on groceries means more money you can put towards your help with payday loans. Using coupons is a great way to slash your monthly grocery bill. There are tons of resources online to learn more about getting the most out of couponing.
13. Create an emergency fund
You never plan to get a flat tire, chip a tooth, or have to rush the dog to the emergency vet. You don’t know when a financial emergency is going to happen, but you do know that they will happen. So, rather than waiting until you’re strapped for cash and trying to find cash fast (which results in more payday loans), create an emergency fund. It will keep you from going further into payday loan debt.
14. Stop overspending
Eating out. Clothes. New phone. A concert. In order to get out of debt, you have to stop overspending on all of these things that aren’t necessities. Overspending leads to more and more debt. Cut it out of your life and you’re on your way to being free of your payday loans.
15. Meal prep
When you plan ahead and meal prep, you’re less likely to overspend on pre-packaged food and eating out. Prep your meals for the week on your least busy day and store them in the fridge or freezer. You’ll save time and money that will help with paying off those payday loans!
16. Create a budget
If you don’t have a budget, there’s a significant chance that you’re spending extra money every month without even noticing it. A budget shows you where your money is going and exactly how much is going where. A budget also allows you to plan so that you know exactly how much you can expect to spend and how much will be left over after all of your bills are paid. For many people, creating a budget helps them find extra money that they didn’t even realize they had. And any extra money is money that can be put towards getting out of payday loan debt. Not sure how to create a budget? Check out our guide on how to create and use a monthly budget.
17. Make money on eBay
People have made careers out of selling things on eBay. If you’re looking to make some extra cash to get help with payday loan debt assistance, do a little research and find out what (and how) you can resell on eBay for a great profit.
18. Rent a room in your house
Everyone is doing it! Thanks to Airbnb, you can make extra cash with the extra room in your own house.
19. Start a side hustle
A side hustle is a side job that allows you to make extra income in addition to your main source of income. Money Peach shares the top 68 side hustles, as well as the one they used to cut the time it took to pay off their debt in half.
20. Use your baking skills
Put your baking skills to good use. Host your own bake sale. Let the neighbors know that you’ll be selling your famous pumpkin pie this Thanksgiving. Or do you have a recipe for something that everyone loves? Banana bread? Biscuits? Chocolate chip cookies? Start selling them to friends and family. Spread the word on Facebook. A little extra cash can go a long way and help pay off payday loans.
21. Take advantage of the holiday season
The holiday season is a great time of the year to find part-time work and make extra money. Take advantage of the busy time of the year and make the most of your extra hours.
22. Sell old things you no longer need on Craigslist
Time to clear out the closets and the garage. If you don’t have time to organize a yard/garage sale, try selling all of these items on Craigslist. You can sell everything from big appliances to furniture to electronics and old kitchen and house-ware. And you can make a lot of money on items you otherwise wouldn’t be using.
23. Get creative!
Put on your entrepreneurial hat! Think outside of the box. There are hundreds of opportunities around you to increase your income and decrease your expenses to help with payday loans.
24. Cut the cable
Don’t worry! You don’t have to miss all of your favorite shows. Check out these 5 ways to cut the cable and save hundreds a month without missing your favorite TV.
25. Start freelancing
Freelancing is a great side hustle and a great way to make some extra income. There are tons of opportunities to put your skill set to use from personal assistant opportunities, to coding, to design, to copy-writing. Search the top online freelance sites to find opportunities to make a little extra cash so that you can get out of payday loans.
26. Use your creative skills on Etsy
Etsy is a great place to put your creative skills to use and make money selling things you love to do. Put your crafty hobby to good use!
27. Make money dog-walking and pet-sitting
You can make great money pet sitting and dog walking. And there’s some amazing sites that make it easier than ever. Check out sites like Rover.com. You can make up to $20+ dollars for a 30-minute walk.
28. Put your lawn mower to good use
Mowing lawns is another great way to make some extra cash, especially during the summer. If you live in a big neighborhood, print out some flyers and take them around to your neighbors. A few yards a week can bring in a lot of extra income each month that can help with payday loan debt.
29. Make extra money with childcare
Babysitting is another great way to make extra money on the side. If you have a 9-5, look for opportunities in the evenings or on weekends. You can print flyers and take them around to your neighbors with children, or check out sites like Care.com.
30. Live off of one income
If you’re a dual-income family, live off of one income and use the other income to pay off your debts. Making this sacrifice for a few months may be uncomfortable, but it gives you the ability to get out of payday loans fast.
31. Forgo gifts for money
If it’s around the holidays, or your birthday, and everyone is asking what gifts you’d like, instead of gifts, ask for money. Tell family and friends what goal you’re working towards and get them involved! Rather than spending money on a physical gift, they could gift you that money instead. This money can be used to help pay off payday loans.
32. Use your car
Thanks to Uber you can now make extra money with the car you’re already driving. You get to pick your hours and decide when and where you’ll work. Increasing your income with a part-time job has never been easier.
33. Shop secondhand
If you have to buy new things, shop secondhand. You can find great prices on used things that are in great condition – everything from appliances to furniture to clothing. Shop on Craigslist or eBay, or shop your local consignment stores and yard sales. The more money you save, the more money you have left over to help with payday loans.
34. Sell things on consignment
Selling old and unused items on consignment is a great way to make money on things you don’t use anymore. You can sell everything on consignment – from shoes to clothes to toys and furniture.
35. Make money tutoring
Do you know a particular subject really well? Are you a teacher? You can make up to $50+ an hour tutoring. Take your knowledge and put it to money-making use!
36. Give photography a try
Got a camera? Got a knack for photography? People are hiring photographers for every occasion from yearly family photos, senior year photos, infant photos, weddings, parties, and more. Ask a friend or family member to take their photos for free. Then use those photos to advertise on your personal Facebook page. You may be surprised how much money you can make that can go towards help with payday loans.
37. Teach music lessons
Are you musically talented? Do you know how to play a particular instrument? This is another great way to use your talents to make money – teach music lessons! Do some research to find out what music teachers are teaching in your area and market yourself to your friends and family.
38. Find & follow motivational websites & blogs
Are you musically talented? Do you know how to play a particular instrument? This is another great way to use your talents to make money – teach music lessons! Do some research to find out what music teachers are teaching in your area and market yourself to your friends and family.
39. Start a small business
Got a particular skill? Have a product you can sell. You can easily start a small business and make extra income to help you get out of payday loan debt.
40. Write down your goals
When you know what you are working towards, it is easier to stay inspired and on track towards getting help with payday loans. Write down your goal. When do you plan to be free of your payday loan debt? Write it down. Make smaller goals leading up to that; use those goals to stay focused and on track.
41. Do a spending “fast”
Wisebread explains a spending fast as a “method of getting out of debt through the elimination of all non-need spending.” In short, you cut your expenses to a bare minimum and throw all of your extra income towards your debt. If you’re curious, Wisebread shared their 16 steps for doing a spending fast.
42. Downsize
Downsize. Move into a smaller and less expensive home or apartment, until you’re debt free. Housing costs (rent or mortgage) are a huge percentage of your budget every month. Saving a few hundred dollars in housing each month can go a long way towards paying off payday loans.
43. Only use cash
Using only cash can help keep you from overspending. Take out however much cash you budget and use it when going out to dinner, grocery shopping, or buying anything in general. When you have a limited amount of cash available, you aren’t able to overspend.
44. Downsize your car
Big, expensive car payment? Opt for a less expensive ride. By reducing your monthly car payment, you can save thousands of dollars a year and get out of payday loans faster.
45. Use an online budgeting tool
When it comes to creating a budget, it doesn’t have to be hard or complicated. There are dozens of online (free!), easy-to-use tools that make creating and managing a budget super easy!
46. Save change!
A penny saved really is a penny earned. We often let change pile up in our car, in jars, in piggy banks, and around the house. Cash it in! A little change can go a long way. And start saving your change moving forward. It adds up and can help pay off payday loans.
47. Quit expensive habits
From smoking, to nightly glasses of wine, to a drive-thru soda everyday, habits can be expensive. Quitting them is not only good for your finances, but also for your health. Money saved from quitting these habits can then be put towards helping pay off payday loans.
48. Pack your lunch
Americans spend on average $2,746 on lunch every year. That’s $53 every week, including packing your lunch and eating out. You can spend less automatically by committing to pack your lunch every day. Then, refer back to #15 for how to save even more when packing your lunch.
49. Put any extra income towards your debt
Bonuses, stock dividends, tax returns … put any extra income towards help with payday loans.
50. Find free entertainment
You don’t have to stop having fun and doing activities with the kids just because you need help with payday loans. Find free ways to have fun. There’s a ton of free opportunities for entertainment and adventure in any size city – from local parks to free concerts to your local library.
We can help you learn how to get out of payday loans!
You really can get out of payday loan debt. Take one tip from this list or a dozen. You can transform your life (and your finances). If you’re struggling to do it alone, we can help. Contact us today to learn how payday loan consolidation and payday loan debt assistance can help you get out of the payday loans faster.
