Taking on a payday loan can help you in times of need but it can also lead to you having to pay back substantially more than you borrowed. Most people who take on a payday loan end up owing more in fees than the amount they initially borrowed. So, before you consider taking out a payday loan and falling into an endless trap, here are some important things that you should consider. 

There Are Alternatives to Payday Loans  

While taking out an additional payday loan to pay your previous one may seem like your only option, there are other, less financially destructive alternatives to payday loans such as:

· Personal loans 

· Debt consolidation loans 

· OppLoans 

· Credit card advances 

· Asking for an extended payment plan 

If you use any of these alternatives to pay off your existing payday loan, it is important to never fall back into the same trap by determining your debt management planning process.

Getting Out of Your Payday Loan Trap

Since payday loans are legal debt, you can’t just stop paying them. Failure to pay these loans back can lead to your payday lender reporting negative marks on your credit report, sending your account to collections, or even suing you for your debt. Some legal ways to avoid paying back payday loans include: 

· Filing a complaint against the payday loan company – This is an option when lenders refuse to create a payment plan with you. Complaints can be filed at both state and national levels. Depending on the severity of the complaint, you could potentially have your payday loan debt reduced.

· Contacting state regulators – Once the loan company fails to work with you on an extended payment plan, state regulators can help in determining if any laws have been broken. However, this option doesn’t necessarily mean you can stop paying your payday loan debt. 

· Filing for bankruptcy – As a last resort, you can file for bankruptcy to try to get out of your payday loan debt. Although this too is not a guarantee of avoiding payment, once your bankruptcy is filed, harassing calls from creditors will cease.

Escape Your Payday Loan Cycle the Right Way

Here at Progressive Debt Relief, we understand that paying off your payday loan is stressful. With over a decade of experience and our client-first approach, we can help end your debt-related issues. By negotiating with debt collectors in an efficient and effective way, we will work with you to find the best plan for you to pay your debt faster. We offer free consultations and no upfront fees to reduce your debt-related stress. 

For more information regarding our services for your debt relief, visit our free consultation page on our website or call us at 1-877-590-1847.