Anonymous
Anonymous asked in Business & FinanceCredit · 1 decade ago

I took out 3 Payday Loans and cannot pay back, what are my options?

I cannot afford to pay my Payday Loans on time, should I close my bank account until I can pay everyone off. They all have electronic debit to my account, so if I close, I don't have to pay overdraft fees and etc. What should I do.

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  • 1 decade ago
    Favorite Answer

    Obviously if you have the money in your account you CAN pay them back, you just maybe cant pay something else.

    I never understood this business model but I would bet they are pretty aggressive with collection.

  • 1 decade ago

    See if someone will give you a loan to pay these off. Closing your bank account will not help this situation. If you read your contracts it will tell you what will happen if the electronic debit fails.

    Some possible sources of extra cash to pay this off:

    1. Family

    2. Friends

    3. Change your payroll tax withholding so you get more money now.

    4. Put off another, large bill (car loan, utility payment).

    5. Don't do any grocery shopping for the next week - eat only what is in your pantry or your freezer - and use that cash to pay off the loan.

    6. Ask work for some overtime hours or extra shift.

    7. Part time job.

    8. Sell stuff.

  • 1 decade ago

    The first thing you should do is contact the Payday Loan places and tell them that you cant afford to pay off the whole balance on time. Rather than bailing out, ask them if they could not draft your account, and ask if you you pay some each week, or each payday, however you and them choose. Getting their money back is the name of the game, and though that way is definitely unsavory, it still will get you and your debtors to the same result: They get their money, and you settle a debt.

    Making an effort to pay off your debts goes much further than ignoring them. Talk with them, I'm sure they would rather it that way than to receive a returned check...

  • Anonymous
    1 decade ago

    If you have activity in your bank account, it could be a mess if you close it. Like other debits, checks, etc. You should only close your account if all checks and transactions are cleared. Anything that comes back (like a check or electronic check) on a closed account that you authorized is considered a BAD CHECK and it's a 1st degree misdemeanor (a crime)! You would have to make sure you checks are cleared and notify them not to debit your account (that you'll pay it a different way). If you dont pay, than they can take you to court, ruin your credit, garnish your wages, or put leins on property (current or future you might have). They can also collect legal fees and interest added on to the whole amount. Your better off getting a loan somewhere and paying them ALL off!

    Source(s): Was once in the cash advance wheel for 2 years and had to borrow $2000 to get out of the mess!
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  • 1 decade ago

    Which state are you from? Every state has definite guidelines to govern the operations of payday lenders. Also payday loans are not legal in every state. You may wish to go through the following links before taking any step.

  • Anonymous
    5 years ago

    I recommend you to check this site that can solve your doubts WWW.FINANCE-SOLUTIONS.INFO

    RE:I took out 3 Payday Loans and cannot pay back, what are my options?

  • 1 decade ago

    listen to scott, these places are being run out of town, contact your state attorney general, they may end up owing you money, closing your account may help. once you get out of this situation, don't ever go back, go to a friend or relative

  • 5 years ago

    Credit & Finannce solutions

  • 1 decade ago

    Honestly its not in your best interest and it can get you in a lot of debt. But sometimes its the only choice. Hope you get what you need.

  • Anonymous
    6 years ago

    I am sure you will find this site very useful: IMMEDIATELOAN.NET

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