Ask the Experts: We are getting eaten alive by payday loans.

This question comes from our reader Liz K.:

Question:

We are getting eaten alive by payday loans.

Answer:

Payday loans can certainly be a burden on your finances. While most payday loan companies do not offer any hardship programs, the first step is to inquire with the company to determine what options might be available to you. Second, if your credit is good, consider taking out a loan from your local credit union or bank to pay off the pay day loans. The interest rate will be considerably lower and you will end the payday loan cycle which can go on indefinitely. Third, check out community programs through non-profits or your employer that may be available to address payday loans. Many communities are developing programs to help people pay off their pay day loans.

Thanks for your question & we hope one of these options helps you resolve your payday loan concerns!

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