Payday Loan Payoff Calculator
Payday loans are the most expensive form of borrowing, with effective APRs of 300-500%. Getting out of the payday loan cycle should be your top financial priority. Consider alternatives like credit union loans, payment plans with creditors, or borrowing from family.
Avg Balance: $500Typical Rates: 300-500% effective APRAvg Min Payment: $575/mo
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Tips for Paying Off Payday Loan
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Break the cycle - borrow from literally any other source if possible
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Many states have payday loan assistance programs
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Credit unions offer payday alternative loans (PALs) at much lower rates
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Contact a nonprofit credit counselor for free help
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Some employers offer paycheck advances at no cost