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Online payday loans leave me without being able to pay rent

I have $2000 in payday loans. i got caught up in the cycle. by paying the fees, i don’t have money to pay rent, etc. I may get evicted. is there a solution? the debt calculator did not have payday lenders as a creditor.

Donna

Online payday loans leave me without being able to pay rent by

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  • Monalisacomputers

    I would suggest talking to your leasing office and letting them know you might be late with this months rent. Then gather as much money together over the next week or two to pay your rent. Talk to your bank or even a bank that you don’t have an account with and try to get a loan to cover the payday loans immediately and possibly your next months rent too. A standard long-term loan to pay off a payday loan will save you a lot of money because you are talking about a maximum of 30% APR versus 300% APR in some cases. Get a friend or a family member to help you borrow the money long-term if need be. Good Luck!

  • Msullivan

    Donna,

    There is no easy way out of payday loans. They are like addictive drugs. You don’t owe enough to make bankruptcy worthwhile and if you can’t make payments well beyond the interest owed you cannot pay them off.

    This is the one instance where it makes sense to borrow. Since there is no worse way to borrow than payday loans you should try everything. Talk with family and friends. Visit your bank or credit union (many offer a form of payday loan although some aren’t much better). Check out the social lending sites on the Web.

    Of course you can default and hope they don’t catch up with you, but if you have income they will probably catch up with you. You may actually have suffer eviction and move into a shelter long enough to pay off the loans.

    I wish I had a better answer.

    Good luck! Things will get better.

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