How to pay back payday loans with a 500+ benefit, family benefits and currencies

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I have a few payday loans and I have problems paying them back. I am an unemployed person with the right to unemployment benefit, I also have a survivor’s pension and 500 plus. I don’t know how to handle it. My home budget is 4500 dollars, and payday payables are around 10,000 so please help me pay off these payday loans?

Hello Iwona, the debt in payday loans that you have is not such a huge debt and you can easily get out of this debt (at lower or higher costs).

Believe me, we often receive emails from people whose debt oscillates in 6-digit amounts, ie over $ 100,000. Your debt of $ 10,000 resulting from payday loans is, so to speak, “to cover”.


How do you pay back payday loans without money?

money loans

First of all, you cannot allow the loan agreements to be terminated, because within 30 days of the payday payday notice, you will have to repay the whole thing!

If you have nowhere to get money, consider the following options:

  • family loan
  • property sales
  • consolidation of payday loans.

A loan from a family member

family loan

When it comes to a loan from someone in the family, this is definitely the best idea, because you will not incur any costs, and payday loans will be repaid and you will start paying back in installments to one of your family members.

To make it easier for you to take out a family loan, I have provided the following contract template:

Family loan agreement

Family loan agreement – template 10.00 USD – I am buying access to the design Click to pay or choose another pattern Added to cart

Sale of property

This way to get money is also an interesting solution, if you have something that you can easily cash in? it can be eg

  • car,
  • jewelry etc.
  • real estate, eg plot.

Consolidation of payday loans

Consolidation loans

If none of the above is possible, then you remain debt consolidation, of course the obstacle you have to face is finding a loan company that will take into account the benefits you receive, and there are such loan companies.

You would have to search for such a company preferably via the Internet, entering phrases in Google search engine such as:

  • 500+ loan
  • loan for benefits,
  • loan for care services,
  • loan for unemployment benefit
  • loan for family benefits etc.

Is it possible to obtain a consolidation loan for family and 500+ benefits? Of course, yes, if you have children who receive permanent benefits in the form of 500+ or ​​family benefits (and unemployment benefits), you are able to save a considerable amount of money and as you write it is up to $ 4,500 per month.

So you should be able to get a consolidation loan and pay it back on time – loan companies should also have the same opinion.

Of course, take into account that the cost of such a loan may, however, hurt your wallet a little, but if you have the option to terminate the loan agreements and subsequent debt collection, which, in addition to penalty interest and prompts from the loan company, will generate additional costs, it’s probably better to get over it this cheap loan to consolidate payday loans and pay them back as soon as possible right?

Unfortunately, I will not recommend a specific loan company, where you will receive a consolidation loan, because this is not the mission of this blog, but I will advise you to choose a loan company:

  • APRC (the smaller, the cheaper the loan),
  • a matter of additional fees,
  • installments,
  • and repayment period.

You need to set yourself a monthly installment of the consolidation loan and its repayment date so that you do not have problems repaying it in the near future! (just like eg now).

A loan for consolidation of payday loans is a loan of the sum that is the amount of total debt in all payday loans you have.

By receiving money from a new loan, you pay off every payday to zero and close this chapter of your life for good (forever).

From now on, you only have one loan to repay from which you have allocated all your payday loans. Nobody will rush you and threaten you to pay the payday payback.

The only thing you need to focus on now is repayment of the consolidation loan in time, or overpayment if you have any additional capital.

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