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The financial emergency that caused you to have to take out a payday loan is over. Now you find that you keep having to renew your loan just to keep your accounts balanced. It is important that you end this renewal cycle so that you can be free of the lender’s grasp, as payday loans come with very high interest rates that can ultimately leave you in further debt.
Know when your next payment is due. Payday loans, by definition, are generally due to be paid back on your next scheduled pay day. This generally means you have two weeks to pay the loan back. The most efficient way to stop a payday loan is to simply pay it back, and then avoid getting them in the future.
Figure out how much you owe, and how much you will owe over time. Set up a table in a spreadsheet and list the principal (the amount you originally took out), the fees or interest, and the total at the end of each loan period.
- Payday loans cost borrowers almost 400 percent interest or higher for loans that must be repaid in full on the borrower's next payday to avoid triggering bounced check fees on the check left behind to secure the loan.
- This step is to motivate yourself, not to scare yourself. Look at it as facing the facts and being honest about the situation.