Life happens. Cars break down and need repairs. Positions get cut and we find ourselves suddenly without a job. You trip on a curb and break your wrist catching yourself, and get stuck with a big medical bill.
Sudden expenses are stressful for everyone. Even if you have some savings stashed away, you may not have enough. Or one emergency follows the next and your savings goes too quick.
When life gets in the way, a payday loan can help get you out of a bind. They’re great for getting the money that you need fast.
Unfortunately, they also come with some higher-than-usual interest rates. And, according to the CFPB, over 80% of payday loans are rolled over or followed by another loan within 14 days, piling up the fees. This means that the faster you pay them back, the better.
Keep reading to learn 5 tried and true tips that will help you pay payday loans faster.
1. Round Up Your Payments
The obvious way to get rid of same day payday loan debt fast is by making double payments. But even if you can’t afford to pay twice as much each month, every little bit counts.
One smart tip is to simply round up your payments. For instance, if you owe $460 a month on your payday loan no credit check, round your monthly payments up to $500. Initially, this won’t seem like much. Just $40 more could be a couple of meals out a month, a new outfit, or any number of other things you likely buy.
But that extra $40 goes a long way when you add it to your debt every single month. In just one year, you’ll have paid an extra $480, or just over an extra payment.
That also means that you’ll avoid paying some interest as you pay down more than you expected over time. There are multiple apps that can help with
2. Make Extra Money With a Side Hustle
It’s never been easier to find a side hustle. From food deliveries to freelance taxi drivers, your options are truly endless.
In fact, you don’t even need to show up for a job or leave your house to make some extra cash. Odds are you have some clothing you could sell on sites like Poshmark, books you could make a few bucks off of by selling on Amazon, or any number of other items that would fetch some dough on eBay.
If you want to make even more, companies like Uber, Doordash, and Amazon all hire freelance workers. You can create your own schedule and work as much as you’d like. This gives you complete control over how much extra income you’re making each week to put towards your bad credit loans.
You don’t need to make a fortune doing these side hustles either. Much like rounding up your monthly loan payment, every little bit helps. Makin an extra $50 or $100 a month can go a long way towards your payday loan debt.
3. Pay Bi-Weekly Rather Than Monthly
If you’re looking for a tip for how to pay guaranteed payday loans faster, it doesn’t get much better than this.
The bi-weekly payment method is a popular if little-known tactic for paying down everything from mortgages to credit card debt faster.
The idea is that rather than making one lump, monthly payment, you’ll pay at least half of your bill, once every other week. This means that most months, you’ll make two payments. But because of the way the weeks fall, you’ll end up making more than two payments a month some months.
There are a number of reasons to make bi-weekly payments on bad credit installment loans. To start, you’ll end up easily making extra payments. It can also help you better align your payments with when you receive your paychecks, which can make it feel easier to meet those payments.
Finally, paying towards your payday loan debt every other week helps keep it fresh in your mind. This can help you stay motivated to keep doing whatever you can to pay it down faster. So if you happen to come across some extra money from a bonus at work or a birthday check from Grandma, that loan will be fresh on your mind and you’ll be more likely to put the money towards that.
4. Cut Out Unnecessary Spending
Have you spent any time at all surfing the internet looking for tips on improving your finances? If so, you’ve likely seen a comparison chart on how much extra cash the average American would have without their hourly/daily/weekly coffee run.
With 32 percent of us spending between $1 and $5 a week on coffee, skipping your morning latte for a week won’t sound like much. But that $5 a week turns into $20 a month and $240 a year.
Depending on your payday loan, that could amount to an entire extra payment.
If you can’t give up your cup o’ Joe, you can always look for other ways to cut down on unnecessary spending.
Packing your lunch rather than eating out could save you $10 or more. Enjoying a weekly oven-baked pizza night rather than a dinner out could save even more. If you have a gym membership you never use, cancel it.
When you really take a look at your spending habits and ask yourself what is necessary and what isn’t, you may be surprised at how much you could save and put towards your loan instead.
There are multiple budgeting apps that can help you set a budget, track your spending, and ensure you’re moving in the right direction. InCharge.org has some good resources to get you started here.
5. Plan for an Extra Payment
You may not have to go looking very hard to find some extra cash. If you receive a yearly bonus, a holiday bonus, or even a tax refund, you already have some coming your way.
Rather than putting that money towards a vacation or new clothes, put that money towards your payday loan.
When you’ve paid off your loan, you can use the extra money you’ll have each month for those fun purchases. Or to start building an emergency fund, which more than 60 percent of all Americans don’t have.
Pay Payday Loans Faster
Payday loans can help you get out of a bind when you need it most. But if you want to avoid paying more than you need to, paying quick loans off fast is a great move.
Now that you know how to pay payday loans faster, it’s time to start searching for the best payday loan for you. Start checking out our reviews of the best payday lenders to begin your search. Check out these articles below that you might find interesting: