How to Pay Off Payday Loans

Series Summary

Like all debt instruments, a loan involves the redistribution of financial assets over time, between the lender and the borrower. The borrower initially receives an amount of money from the lender, which they pay back in regular installments to the lender. This service is generally provided at a cost, referred to as interest on the debt. Acting as a provider of loans is one of the principal tasks for financial institutions. In this free video series, a financial specialist provides information about a number of different types of personal loans. Find out how to pay off payday loans, how to compare loan rates and where to apply for personal loans. Learn about low APR loans, high-risk personal loans and personal loan calculators. Get information on a variety of personal loans and financial instruments in these free videos.

Video Transcript

"Hello. My name is Bill Rae. I'm with HBW of Florida, and I've been in the finance and insurance field for well over 20 years. Your question is, how to pay off payday loans. I'm going to have to assume that what you mean by a payday loan is a rapid advance that's available on most any street corner today. My first suggestion obviously, is how to pay off a payday loan, is never to get one in the first place. But let's assume you did. Do understand that a payday loan is a quick loan, usually unsecured. It carries a high interest rate with it, and penalties should you fail not to honor the contract. So, if you have a payday loan, and they tell you you need to pay it off in two weeks, get it paid off. If you're seeking ways to pay it off, and you've put yourself in a situation where you've taken too much of your paycheck and are looking at a very nasty affect, look around your home. Do you have gold or silver you could sell? In today's market, that will get you some pretty good money. Whatever you do, pay that payday loan off as quickly as possible. And if possible, avoid taking them in the first place. My name is Bill Rae, HBW of Florida, and I'm helping you, build wealth."