How to Pay Off Payday Loans

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The best way to pay off a payday loan is to pay it off immediately because the interest rates are very high. Discover why it's important to avoid payday loans altogether with help from a financial planner in this free video on personal loans and money management.

Part of the Video Series: Personal Loans & Financial Instruments
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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.

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