How to Get Help With Payday Loans

Get Help: Payday Loans Advice from DoNotPay

If you find yourself owing more to a payday loan company than what is in your next paycheck, you may need . DoNotPay can help you get your payday loan debt under control!

The best strategy for you depends on your unique circumstances. For example, if the amount you owe to payday lenders is substantial, you may be looking for ways to legally stop paying a payday loan. Or, you may be considering a loan consolidation. You might even be wondering if payday loans ever settle or if there is a possibility that the lender might work with you on an extended payment plan. No matter how you look at it, you need loan relief from the stress these loans are causing, and DoNotPay's advice can help you do exactly that.

What If I Stop Paying My Payday Loan?

It's always better to find legal ways to get out of a payday loan than simply not paying your lender anymore.

If you stop paying on your payday loan, the lender will first inundate you with calls demanding payment. If you still cannot pay, the lender will eventually send your account to a collections agency or take you to court.

What is the Difference Between a Payday Loan and a Traditional Installment Loan?

Some payday loans may function like a payday installment loan, but there are some critical differences between a payday loan and a traditional installment loan.

Type of LoanLengthInterestProvider
Payday LoanShort TermHigh InterestOffered by Payday Lenders
Installment LoanLong Term (Payments Spread Out Over Months or Years)Lower InterestOffered by Banks and Credit unions

Many payday lenders may now give you an installment loan option, but always check the interest rate and loan terms. When given a choice between a payday loan versus an installment loan , the installment loan will almost always have lower payments.

Does an Unpaid Payday Loan Affect Your Credit?

It is always best to arrange a settlement or pay your bill to keep your credit score in a good place. An unpaid payday loan can be a negative mark on your credit report, which is where it will stay for seven years.

How to Get Help With Payday Loans by Yourself/On Your Own

The payday loan system usually provides only two options if you 're trying to get help on your own.

The first option is to pay the money owed on time at the lender's overwhelmingly high interest rates. The second option is to pay an extra fee to renew or extend your loan, which traps you in the vicious high-interest cycle that payday loan lenders have come to be known for.

Plan ahead if you need help with paying off your payday loans by yourself:

  1. Do not avoid their phone calls or letters. Correspondence from your payday lender will not stop until you resolve the actual financial issues.
  2. Contact the lender and tell them what has happened to your payments. Be prepared to make, at minimum, an interest payment. Going forward, keep to your scheduled payment and you should be fine.
  3. Tell the lender what you can afford to pay and see if they are willing to accept. Since the lender wants their money, there is a good chance that they will accept any arrangement you bring to them. You might even be able to negotiate an extended payment plan (EPP), but you will almost certainly end up with extra fees.
  4. Propose a custom payment plan complete with fees and a lower APR. While this option is not always successful, some payday lenders are more open to this than others.

Next Steps for Getting Help With Your Payday Loans if You Can't Do it Yourself

Negotiating with your payday loan lender can be incredibly frustrating and taxing. Payday lenders have built a business around taking advantage of your financial situation and are typically less open to working with you (and not against you) than traditional lenders.

If you can't get out of your payday loan situation on your own, complicated options include:

  • Borrowing from family or friends
  • Taking a second or third job to make extra money
  • Consulting with an expensive debt consolidation company
  • Talking to a bankruptcy lawyer if you have numerous payday loans simultaneously

Instead of going the do-it-yourself route, work with DoNotPay to get expert payday loan help in the negotiation process.

Solve Getting Help with Payday Loans With the Help of DoNotPay

How to lower your payday loan using DoNotPay:

If you want to lower your payday loan but don't know where to start, DoNotPay has you covered. Lower your payday loan in 5 easy steps:

  1. Search "Negotiate Payday Loans" on DoNotPay.

  2. Enter the state you took out the payday loan in.

  3. Tell us the amount you borrowed, the date you took out the loan, and when the payment is due.

  4. DoNotPay will automatically calculate the APR on your behalf, and determine the best way to negotiate your case based on the amount.

  5. You're all set! You can generate your personal negotiation letter with one click, and use it to contact your lender to get better terms for your loan.

Why Use DoNotPay to Get Help With Payday Loans

DoNotPay provides you with the best way to get help with your payday loans.

DoNotPay is:

  • Fast - You can spend minutes getting help instead of hours.
  • Easy - No mountains of paperwork to fill out
  • Successful - We know what we are doing and will do our best to negotiate the right results for you.

DoNotPay Can Help You With Any Debt-Related Issues With the Click of a Button

Don 't let your debt-related issues stress you out. With DoNotPay, you are just a simple click away from solving your problems.

No matter what state you live in, DoNotPay knows precisely what you need to do to solve your problems. Simply search for the actions you need to take, or the financial challenge you 're facing. And with a click of a button, you are on your way to lifting the weight of debt from your shoulders.

What Else Can DoNotPay Do?

DoNotPay can help you with numerous things:

Want your issue solved now?