I’ve Got Payday Loans I Don’t Think I’ll Be Able to Pay. – Eddie

“Dear Damon,

I’ve got 5 payday loans from the internet totally $2610 in principal. I’m not late or have any late fees, but its starting to catch up with me and I find myself wondering what to do. Do you have a company you trust or some advice on what I should do?

Do you have any suggestions or someone I could talk to in order to do the right thing with the payday loans?


Hello Eddie

I am assuming you aren’t able to qualify for a consolidation loan or you likely would not have gotten a payday loan. The problem with payday loans is that they are horribly difficult to pay off if you are barely getting by and were in a typical financial position that would force you to get a payday loan. On rare occasions you can go back to the lender and let them know what your hardships are and try and work something out with them.

If that doesn’t work, then the only options you probably have left is raising the money to pay them off faster or letting them go and trying to work something out with them down the road. I wouldn’t recommend letting them go because they are such a small dollar amount, you will find that the balance will double and possibly triple fairly quickly.

There are really not very many good options with payday loans and they are best avoided at all costs.

Damon is a talented independent debt coach that provides in-depth assistance and consultations for people struggling with debt. If you want a personal debt coach to help you through a difficult situation or want assistance to find secret discounts offered by debt settlement companies I think Damon Day is an excellent person to contact for advice and assistance. He can be reached directly at DamonDay.com

If you have a debt related question you’d like to ask, just use the online form.

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