How to Get Out of a Payday Loan
Anyone who has ever used payday loan companies before knows that these lenders expect you to pay on time and at high APR rates. While these loans are sometimes helpful in giving you funds when you need them, what happens if you can't pay them back?
You have ways to stop paying payday loans legally if you go through the right sources. The DoNoPay app is your best online legal source to help you find ways to either extend payday loan payment, or learn how to get out of a payday loan completely .
What if I Stop Paying My Payday Loan?
Many negative things can happen to you financially if you don't pay a payday loan on time. The worst of these is the late fees these companies attach if you're just one week late.
These fees add up over time, bringing no sense of financial relief. And a few other bad things can happen to you:
- The payday loan company usually sends unpaid loans to debt collectors who may harass you.
- The payday loan company will continue to call you repeatedly many times per day.
- You may not be able to ever borrow money again if the payday loan company is a franchise.
Does an Unpaid Payday Loan Affect Your Credit Score?
Unfortunately, yes. You'll likely see your credit score dip dramatically if you're numerous weeks overdue on paying your loan. Of course, the cascade effect of this is dramatic. The chances are that you 'll be unable to get any loans if your credit score dips too low.
That's why it's imperative to find ways to amend the situation as soon as you can. The sooner you can, the better chances of your credit score staying stable.
How to Get Out of a Payday Loan On Your Own
Is there a way to get out of paying a payday loan through a DIY process? It's not easy to do, but it's possible to directly work with payday loan companies to address your payment issues.
They may help you:
- Set up an installment plan where you pay a bare minimum per month.
- Create a payday loan extended payment plan.
- Go to a debt consolidation company where you can consolidate all your debts into one lump sum.
- Wait for payday loans to settle.
You could also ask friends or family for a loan to pay back the payday loan. However, this can lead to increased debt since you still have to pay back your family or friends later.
All of these steps require a lot of valuable time you may not have. It also involves filling out more paperwork, plus causing possible disruptions in your private life because of borrowing from people you know.
Your Next Steps if You Can 't Get Out of a Payday Loan Yourself
Perhaps you don't have any time to bother with the above scenarios. This is understandable, though it still leaves the problem of dealing with the payday loan debt.
You might want to consider working with the payday loan company anyway to see what options they have. However, don't expect them to be overly lenient and they may still send your debt to collection agencies.
Our DoNotPay app is your best solution to removing all these possibilities to save you the most time.
Solve Your Payday Loan Issues with DoNotPay
If you want to get out of paying your payday loan this month, our DoNotPay app can give you a more straightforward process in just five easy steps.
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:
- Search "Negotiate Payday Loans" on DoNotPay.
- Enter the state you took out the payday loan in.
- Tell us the amount you borrowed, the date you took out the loan, and when the payment is due.
- DoNotPay will automatically calculate the APR on your behalf, and determine the best way to negotiate your case based on the amount.
- 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 Out of a Payday Loan?
You have three good reasons for using our app for your payday loan problems.
|It’s Fast.||Why spend long hours on the phone when you can let us handle it for you?|
|It’s Easy.||Forget filling out long, stressful forms. We've got this.|
|It’s Successful.||Our proven track record using automated legal forms can help you solve this and other issues in a hurry.|
DoNotPay Works with Other Companies/Entities/Groups with the Click of a Button
It's not just payday loan companies where you can use our app. We can help you deal with many other companies where you might have disputes or other legal issues.
For instance, we can help you deal with birth certificate matters, and even acquire death certificates through any particular entity. This also includes dealing with harassment issues or owing other companies money.
What Else Can DoNotPay Do?
In addition to the options mentioned above, you'll be surprised at how much we can do to make your life easier. DoNotPay goes above and beyond simply showing you how to get out of a payday loan. As the first AI lawyer service, we can:
- Help you get out of parking tickets.
- Help you create financial aid appeal letters.
- Get compensation for annoying robocalls.
Visit us to see all of what DoNotPay does for our customers.