How to Get Out from the PayDay Loan Trap
Find yourself in a Payday loan trap? Seek a flexible term loan from urLoan™
The majority of Canadians know what they are getting themselves into when they obtain a payday loan. Typically, a financial emergency has led them to a state of desperation and short-term funds appear to be the only solution. Days, maybe weeks later, the emergency is over and now you are stuck with one or more payday loans that are charging you significant fees or interest. A Payday trap is a simple concept, you borrow from one payday lender for an emergency and suddenly find yourself at another Payday lender trying to pay out your first payday lender; and suddenly, after fees, interest, and other charges, you owe several Payday lenders and are trapped.
Here are some basic ideas you need to be thinking about to help you get out of the payday cycle:
1. Don’t beat yourself up or panic
It happened and there is many Canadians out there in the exact same situation as you. People learn from their mistakes and the best thing you can do now is move on and improve your situation.
2. Don’t allow checks to bounce
Don’t allow the checks you have outstanding to bounce as it will make an already less than ideal situation much worse. Many of these Payday lenders charge significant fees for bounced checks which is going to compound your problem.
3. Pay down your balance as quickly as possible
Pay as much as you can, as soon as you can. Finding a more reasonable debt consolidation loan for example, could help you rid all your Payday loans very quickly. Remember, Payday lenders are charging in the hundreds and sometimes thousands of percent on an annual effective interest rate basis and so paying down your balance as soon as possible will have an exponentially positive effect on your financial situation.
4.Cut your expenses
This is a no brainer, too many Canadians right now are living beyond their means. It’s important to get a grasp on your monthly expenses and cut any excess, this will allow you to properly budget out a plan to re-pay your payday loans, if you can’t get a debt consolidation loan right away.
5. Avoid emergencies altogether
Planning ahead is something that can be practiced and will help to ensure that you never have to go through this again.
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