It is a common knowledge that payday loans comes with high interest fees that makes this type of debt, expensive especially if you carry it too long. In case you are unaware, but most payday lenders make money by rolling over the loan or when customer fail to pay, they also make money from the penalty and other fees that automatically come with non-payment of debt, which is why I was very adamant in paying off my payday loan fast.
Like everyone else, I have also experienced the brunt of the last recession and when I’m having money problem, I turn to payday loan with no credit check to take care of my sudden expenses. In fact, I apply for a payday loan not just once but many times, which further complicate my financial life, until one day I just decided to settle all my debts once and for all.
Of course, paying a debt is not easy but it is something that I must do and do fast, if I wanted to get hold of my financial life. Today, I am debt free, free from my payday loan and I am sharing a few tips that have greatly helped me, pay off my payday debt fast, as well.
Below are few tips to pay off payday loan fast.
- Put off whatever unnecessary expenses first, until the day comes when you can afford to buy anything you want. For example, delay buying clothes, unnecessary home improvements or any repairs not badly needed and whatever expenses that could, prevent you from paying your debt fast. Instead, use whatever extra money you have to pay off the loan.
- Get extra job or work extra hours to have additional money to pay off your payday loan. I babysit, tutor kids and walk dogs to get extra cash to off my payday account. Therefore, I can be free from debt fast and no longer have to pay off interest after interest.
- Other things I did to be free from my payday loan includes selling items in my house that I no longer need or not using a lot, ask my boss for small advance and most importantly, live with whatever money I have. If I can be free of my payday loan, you can too. Take note, payday loans are not bad, but it becomes one when you do not pay on time.