I Got a Payday Loan I Can’t Pay Off. – Christopher

“Dear Steve,

i lost my job so i got a payday loan for $300 dollars, they put $1000 in my bank account and i can’t pay that all at once. they told me i can pay in payments but they will charge me a refinace charge of $100 on top of my $50 pay down option every 2 weeks

is their a leander that can give me a loan with monthly payments that i can afford. to pay this off


Dear Christopher,

The easiest thing to do would be to repay the loan immediately with the cash in your account they deposited and be done with it.

But your description sounds like a typical payday loan. You will either need to pay off the loan in full by the due date or pay to renew it on a regular basis.

Unless you absolutely know you will have the cash to payoff the payday loan by the first due date, they can be a financial trap and pit, as you’ve unfortunately discovered.

I hate to assume but I suspect that since you are unemployed and now have a payday loan that your credit score and repayment possibilities are not great. In that case it is doubtful you’d find a lender that would give you favorable terms.

If you did have a credit score above 640 and had landed a new job then you could look at someone like LendingClub.com for an unsecured personal loan.

Please post your responses and follow-up messages to me on this in the comments section below.


You are not alone. I'm here to help. There is no need to suffer in silence. We can get through this. Tomorrow can be better than today. Don't give up.
Damon Day - Pro Debt Coach

Steve Rhode

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