Payday loans are small, short-term loans offered by payday specialists to help you bridge an occasional gap between pay checks. However, they are not meant as a solution for dealing with long-term financial difficulties. Though legislation often limits the amount of interest that lenders can charge consumers, it can still be as much as 400% for payday loans. Failure to pay the amount back promptly will result in extravagant extension fees and penalties, which may in turn require additional payday loans.

Because people often turn to payday loans when they don’t qualify for bank loans with less onerous terms, there is a real tendency for multiple loans to pile up. If the original loan isn’t paid back in time, the financial hole will only continue to grow. 

5 Signs You Might Have a Payday Loan Debt Problem

If any of the following pertain to you, it may be time to get help.

1. You are carrying more than one payday loan at the same time. This is especially worrisome if you are carrying loans with multiple lenders in different locations.

2. The shortfall that required you to take out a payday loan in the first place still exists. Did that payday loan solve your problem?

3. You’re anxious, depressed, or overwhelmed by your financial situation due to a payday loan. These types of feelings are common among people struggling with loan debt.

4. If you’re paying more toward interest each week than toward the principal loan amount, it’s a sure sign you are in financial trouble.

5. The only solution to your financial situation is taking on more payday loan debt because other options are no longer available to you. Sadly, you may be in the process of becoming a credit risk.

If this sounds like you, Progressive Debt Relief may be able to help. We specialize in payday loans and are familiar with the perils and pitfalls surrounding them. With no upfront fees required and sympathetic, experienced account managers at your service, getting out from under your payday loan debt load is possible. Contact us today at 1.866.867.1493 to get yourself back on the path to financial health with a free consultation.