Payday loans are smart way to avoid more expensive forms of credit, but they're not a long term solution for debt. For your long-term financial independence we encourage you to consider the following steps:
a) Take an inventory of all your debts We suggest that you make a list of all your debts. For example, all you owe this month - utility charges, phone bills, rent/mortgage, car payments, loan payments, and others. When these numbers are on a paper instead of your head, it becomes easier to manage them. If your expenses add up to more than your paycheck, you will need to look for ways to reduce and/or postpone those expenses.
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b) Reduce and/or postpone expenses between paychecks Some money saving suggestions to consider:
1. Take lunch to office and save $2 to $3 per day
2. Drink regular coffee instead of designer coffee drinks and save $2
3. Eat dinner out less and save $15 each time
4. Cut down on soda and save at least $0.50.
5. Plan and Make a list of grocery items you need to buy and stick to it. Impulsive shopping leads to waste of money.
6. Clip and use money saving coupons to buy groceries
7. Give frugal and personal gifts instead of spending a lot on them. As an example you may put together a photo album for your friend. It may take you some time you will not have to spend the next month paying it off.
8. Buy gas from the cheapest station around
9. Pay your credit cards and other loans on time and save up to $35 in late fees
10. Think... do you need what you are about to buy?
11. When you have to buy save a bundle by buying "pre-owned" - try eBay.
12. Manage balances up to date. Do not bounce a check.
13. Lower the heat in the house...wear a sweatshirt at home
14. Turn down the temperature on your water heater to lower the gas bill.
15. Save water and electricity by always doing full loads in your dishwasher or washing machine.
Change is always difficult. So good Luck.
c) Use lenders that offer multi-payment payday loans. After three "consecutive" loans without being in default some lenders will convert your payday loan to a multi-payment plan. "Consecutive loans" mean loans with no more than three business days between the repayment of one loan and the next loan. A payment plan allows you to pay all that you owe in at least three payments over a period of at least sixty days by paying the fee equal to the finance charge on your loan.
d) Gradually lower payday loan amount As you save and discipline yourself lower the amount of payday loan. Save on the payday loan fee and payoff the loan earlier. From a $1,500 payday loan to $1,000 to $300 and eventually you may do without a cash advance and live on your paycheck.
e) Some lenders offer payday loan rewards and cash for referrals. Utilize Rewards and referral money to pay back payday loans
f) Get a regular non-payday loan from a bank or finance company Contact your bank or credit union and try to see if they will offer you a lower interest loan to pay off debt. Then plan your finances well and make a new start.
g) Review your latest Credit Bureau Report Know what is on credit report to make sure you are not being penalized for something someone else did or something that happened a long time ago. Get the latest copy of your credit report by contacting one of the three major credit reporting agencies (Experian.com, Equifax.com and TransUnion.com). Review it and contact them to get rid of anything that is outdated or wrong. This will help you get a cheaper loan from your bank, credit union or an independent cash advance lender.
h) Seek assistance from your state or county State program called "Prevention, Retention and Contingency Program (PRC)" offers grant money to working poor families to help them maintain self-sufficiency. Each county has its own eligibility requirements. Contact the Department of Human Services in your state for help and let them know an independent cash advance lender suggested that you contact them.
i) Consolidate debts to reduce your total monthly payments
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