Reader Questions

How can I payoff my online payday loans quickly?

Consumer Complaint Submission
Written by Consumer

I have one big question, I have 5 online payday loans and I have been doing good such as trying to pay down or pay off my accounts.

Now, the fees are getting to me extremely high and not doing anything with my principal balances.

Instead of going thru these debt settlement companies, is there anything I can do to just pay the principal balance? Like sending a certified letter with the payment enclosed?

I know I will need to close out my checking out because they will still hit my account because they have access. Please help.

Thank you and God Bless.


About the author


This is information that was submitted by a third party and not generated by or Steve Rhode.


  • PW,

    You are not alone!  I am employed, but we have not received raises in 5 years.  Plus I have to pay $344 per pay period to (which I have deducted from my payroll check).  This coupled with student loan payments, car payments (had to purchase new car due to engine being fractured), cost of living increasing to the point that no matter what I do I cannot make ends meet without a payday loan. I don’t want to use them as a resource, but the debt to income ratio is too high for me to qualify for a large enough loan to clear all of my debts.

    I do not feel shame or guilt, because I did what I needed to do to pay rent, keep utilities on, food and simple clothing.  Being on this website is your first step to changing your financial situation.  I am very glad that we are asked to reach out to others on this website.  This way I know that I am not alone, either.

  • PW,

    Payday loans are evil and insidious and I am sorry you got caught up in that web. Since they are on-line you might explore the possibility that the terms of your loans violated the laws in your state. Many states restrict payday lending and fear of action from an attorney general can be enough to get some lenders to accept settlements. Contact the consumer protection office in your state to see if you might get help.

    You certainly can offer to settle for the amount owed less fees and the lender may accept. You do not need to pay a settlement company to make an offer. It never hurts to try to settle but I would not simply send send a check and announce that you are done paying. And you may find that closing your checking account has some ramifications too. 

    Good Luck!

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