How do you go about getting rid of payday loans?

Answer by  tamarawilhite (17883)

Raise cash by working overtime or selling things. Then pay it off. Do not roll over the loan into another pay period. And do not take out another payday loan again.

Answer by  SGividen (652)

The best way to get rid of a loan is to pay it back. Take on a second job or sell unwanted items for extra cash. Make sure you are clear about all of the terms of the loan and know the conditions for repayment.

Answer by  knightmare (1231)

First option is to pay it back. Unfortunately most payday loans have high interest rates. Your second choice is to stop paying, let it go into collections and then settle with the collection agency for a lower price. This will take months, result in harassing phone calls, and really hurt your credit rating however.

Answer by  LauraCalico (278)

If payday loan debt is an issue, it is likely time to turn to credit counseling. A legitimate credit or debt counseling agency can work with you in order to manage your debt. An agency can negotiate with creditors on your behalf as part of a debt management plan; this plan will help you tackle your debt.

Answer by  Romz (222)

You can try to transfer the debt onto a credit card with lower interest rate, into another loan with a lower interest rate, or you can simply try to pay above your minimum payment to pay off the loan quicker.