DON'T close an account connected to the loan, then you can be charged with fraud. Before the payback date comes up, and as soon as possible, go and talk to them and let them know that you need to work out a payment plan. The interest is probably higher than your credit cards, but it is better to pay it off than have an unpaid debt on your record in collections. Pay as much as you possibly can every week or month, depending on how often you get paid. This means: No more Starbucks or soda, brown bag lunch, no movies, no beer, no bars. And NEVER take one of these loans out again. I don't know what the laws are in Canada, but they will probably start calling you at work if they have to collect on it, and your boss can fire you for getting too many personal calls. Or, if they find out that you are defaulting on a loan and you work in a job handling cash, securities, or insurance, they can fire you (at least in most states in the US).