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I have two payday loans that I have to pay a large sum of money on that is causing me to get behind in my important bills, utility, water, etc. I have to pay $200 on a payday loan tomorrow. When I told the gentleman that I could only pay a small amount he told me that this will delay my loan longer. I am getting stress out over this. What should I do? I also have to pay Route 66 Funding the amount of $686.
My payday loan experience
Hello,
I had taken out 2 payday loans from 2 different company's. After 6 months of never being able to pay the full amount I decided enough was enough. I closed the checking account I had registered with the payday loans. I went into the offices of both locations and told them that I could no longer to pay them, and they where keeping poorer than ever before.
Well, Believe it or not they both become very nice and begged for me to pay. one of the payday loan place allowed me to pay them $10.00 every two weeks.
The key to negotiating the payment plan is to change your checking account. I know Chase and Bank of the West are currently offering $100.00 to open a checking account with Direct deposit.
Payment of payday Loans
Hi crimsonsandijamica,
What I understand from your post is that you have two payday loans of $200 and $686. I suppose you are trying to pay both the loans in small amounts. In my opinion you could pay the one that is due tomorrow in full. If you have, say about two weeks time to pay the Route 66 Funding amount, opt for debt consolidation. Here are some of the benefits of debt consolidation :
1. There will be reduced rate of interest on your payday loans.
2. Late fees and over limit charges are reduced or removed completely.
3. You can avoid creditor or collection calls as the consolidation company will deal with them.
4. Managing your monthly expenses becomes easier, as there is one fixed monthly payment.
5. Paid off accounts helps in giving a boost to your credit score.
Good luck To You !!!