After taxes and insurance..I get paid $760.00. I have 4 PayDay loans...how do I do this? HELP ME PLEASE!?
At one establishment I owe $575.00 , at another payday loan establishment I owe about $400.00 at another one.. and I owe $117.00 and $115.00 and $117.50 in three more.... I recently had an emergency and moved out to a trailer I bought.. and I am tired of paying just the **HIGH** Interest rate on these establishments and I DO NOT want to lose my bank account.. how do I go about to do this? Whom should I pay first? second? and how much?
My bills aren't much.. I pay $342.00 plus $150.00 for rent and electricity every month and the Navy Federal Credit Union bills I had since I was a teen from credit cards about $50.00 monthly.. and that's about it... besides $150.00 on food monthly.. ? Anyone here good at Math? I REALLY need to reduce the 395% interest rates of these establishments.. I ALREADY paid them more than I loaned.. HELP PLEASE!
I get bi-weekly
I get paid bi-weekly an average of $750.00
How many times per month you getting $760.00? OK, you get pay by weekly, so you will get pay 26 times per year.
$760 paycheck * 26 = $19760.00 per year
575, 400, 117, 115, 117.5 = $1324.50 payday total bills
342, 150, 150, 50 = $692 House fix expense =
$8304.00 per year
If you take your yearly salary and deduct your fix expense ($19760.00 - $8304.00= $11456.00), which mean you should have $440.62 left from each pay check to pay back to payday. So, it will take only 3 paychecks to pay this off, just don't pay minimum , start paying smallest one in full and minimum on the rest, you should not have any problem with this.
It would have helped if you had provided whether your pay is $760 weekly, bi-weekly, or monthly but with monthly expenses of $692.00, this is what would be left each month to pay the 1324.50 in debt-
Obviously, if you get paid weekly you should just pay it off in full in one month, but I'll assume that's not the case. If you get paid bi-weekly, it's the same solution, though it'll probably take you about 4 to 5 months to get it paid. Consider all the interest paid to be a lesson in never taking out a payday loan and I would advise you to start saving whatever payment you've been sending into these companies so you never have to again.
However, the problem comes if you get paid monthly and only have $68 to pay everything off. You're really only in luck if you have good credit in this case. I would advise you to try and get a loan through a bank or credit union or see if you can get a low-or-0% interest credit card to put the debt on (though these low interest rates are typically only good for a certain period of time so pay attention to the date it ends) Even if you have to just get a regular card, a 22-30% interest rate is still better than the rates a payday place charges you. Even if you have sub-standard credit, you could at least try for a personal loan.
Can you pay them all back with a credit card? At least then your interest rate will be MUCH lower, which will help you out. I'm sure you know this already, but please please please never use those PayDay loans again (or anything similar).... credit cards aren't a good idea to use either, but they're much better than any of those places. Also, there are so many alternatives through bank loans etc.
575, 400, 117, 115, 117.5 = $1324.50 payday
342, 150, 150, 50 = $692 misc
only $68 left to pay the PayDay people
The interest on those loans is just going to keep building. Set up a meeting with someone at your bank and see if you can get a low interest loan to pay back the PayDay loans. That way you can make payments to the lower interest loan and you won't be digging yourself in a deeper hole. Banks will help you out!
As a last resort I'd ask family members or friends to advance you the money, but you'd still have to pay them back so I don't know.
This is easy.
1) In every two months, you get paid $3000 ($750 per pay period times four pay periods) and pay $1384 for rent, electricity, credit union, food, etc. (two times the total of 342+150+50+150). You owe a total of $1324.50 to the pay-day loan places. Use half your pay ($1500 per month) for the payday loans and half for your other expenses. The payday loans will be fully paid in two months.
2) If you have been paying the credit union bills on time and are still a member of the credit union, they may be willing to loan you $1324.50 at a lower interest rate than the payday loan places charge. Borrow the money at a reasonable interest rate from the credit union and pay off the payday loans in full IMMEDIATELY to stop the 395% interest charges. Then use half of each paycheck to pay down the credit union loan loan and half for your other expenses.