Your Guide To Paying Off A Payday Loan

There are plenty of financial emergencies in the U.S. that can warrant applying for a payday loan, but many people are afraid to do so because paying one of these loans can be intimidating. When all of your other resources are exhausted though, a payday loan may be your best option. Instead of being confused or unprepared later on, do research beforehand and make sure you’re committing to a payday loan repayment plan you can handle.

For payday loans in Texas, reach out to Your Loan Depot. We’re a Top Rated Local for payday loans in Texas, and we’re eager to help you improve your financial situation. We aim to not only be your loan provider, but also to provide you with the resources you need to succeed. Read our blog today for tips and tricks for paying off a payday loan.

4 Ways To Get More Money

When you’re in the market for a payday loan, you’ve likely had something come up that limits your cash. You may truly only need money until the next payday, but why not save up some extra money while you’re at it and be prepared for if something else comes up?

  1. Cut your expenses. Make a plan of how much money you have coming in and how much money you have going out. From there, plan out to the last tiny detail! Do you really need that subscription? Are you even using that gym membership? Are you spending too much eating out? By analyzing every expense and cutting costs, you’ll be surprised how much extra money you could have in a month. This extra cash could go toward paying off your payday loan; if you keep it up, then it could go toward your rainy day fund so you don’t have to take out a loan in the future.
  2. Have a garage sale. After you fill out a payday loan application, take a serious look at everything you have. Do you really need it? Sell all of your unused stuff on Craigslist or host a garage sale. By getting cash from neighbors, friends, and strangers for all of your unwanted products, you’ll have more money to quickly pay off your payday loan.
  3. Get another job. Because you qualified for a payday loan, you already have a job. What’s stopping you from taking another part-time job though? This will depend on your family and home situation, but you could make a serious dent in your debt by taking a part-time job — even if it were just on the weekends. It may seem too stressful initially, but imagine the decreased stress you’ll experience in just a few months from working hard and saving up more money!
  4. Change your withholding pay. You love the tax benefits and the ease of conscience you get from consistently putting money away into your 401(k) or another program your company has set up for you. However, when you’re trying to pay off a payday loan you want all the extra money you can get. Fill out a new W4 and adjust so you get more from your paycheck each week. You can always adjust it again later when you have some more money in your savings account.

3 Ways To Plan For Your Loan Payments

Everything above talked about ways to save just a little more money so you can pay your payday loan off with minimal stress and risk. Now, let’s talk about ways you can handle and research for the payday loan itself.

  1. Automate the debt payment. Are you tempted to spend money if you have it? If self-discipline with money isn’t really your thing, consider setting up automatic payments to repay the loan. Visit your bank and automate the debt repayment to go directly to your lender as soon as it reaches your bank account. Many lenders can even help you set up these automated payments, so just ask them if that’s something you’re interested in.
  2. Ask for an extended payment plan. This isn’t always an option, but it’s always good to check if you know that you’ll have a hard time repaying your loan. An extended payment plan (EPP) typically allows for four extra pay periods before you pay back the loan. Payday loan companies will sometimes agree to this if they see you’re serious and responsible about repayment.
  3. Check for prepayment penalties. Some payday loan locations will penalize you for paying off your debt early. Though you may want to pay it all off as soon as you have the cash to do so, the charges against this could be detrimental. Do your research beforehand so that you can avoid these additional costs later — sometimes paying it off early and paying the penalty will still save you money instead of paying the additional interest, so it’s definitely beneficial to look into this.  

Your Loan Depot has 10 payday loan locations in Texas so we can best help you in your time of financial need. Whether you’re looking for payday loans in Bryan, Stephenville, Pearland, Corsicana, Houston, or in another Texas city, reach out to us. Our payday loans are for up to $1000. If you need more money than that, consider a title loan.

We also offer payday loans online, but we have service in both Spanish and English when you come into one of our locations. Contact us today to get started!