Tips to Pay off Multiple Payday Loans

By: Branden S.

Tips to Pay off Multiple Payday Loans

Payday loans are a great option to avail of when you are in urgent need of money. The loan is designed such that you repay it on the next payday. Unfortunately, some people get into repeated problems with their finances. They take a payday loan to repay another and so on until they end up with multiple payday loans. This can be a big problem as repaying all these loans can become difficult. In case you are stuck in such a situation, don’t worry! We have tips to help you pay off multiple payday loans.

Tips to manage multiple payday loans

The following are some tips to help manage multiple payday loans and pay them off quickly.

1. Consolidate all of them into one payday loan

2. Borrow from family or friends

3. Take a personal loan

4. Look for a 0% APR credit card

5. Start repaying the loans yourself

6. Be disciplined in managing your finances

Let’s now look at each of these tips in detail to understand how it works.

1. Consolidate All of Them into one Payday Loan

One of the simplest options to manage payday loans is to consolidate all of them into one loan. You could be having four different payday loans from four lenders. You can consolidate them into one payday loan. Let’s see how this works:

  • Payday consolidation loans are offered by some lenders to help people stuck with multiple payday loans. You can approach these lenders for help to get a consolidated loan.
  • The payday consolidation loan or payday alternative loan will ensure you get an amount that covers all the payday loans you have taken. Now you can repay all your payday loans.
  • You will not have only one loan, which is the consolidated loan. Unlike regular payday loans, you don’t have to repay them on the next payday. You will be given more time to repay the loan but you should be prepared to pay an APR of around 28% or more.

Once you consolidate the loans, you don’t need to worry about managing multiple loans. You have one loan with more time to repay, so things become easier for you. Go for this option only if you can repay the consolidated loan, else you will face problems later.

2. Borrow From Family or Friends

When you are in a soup, the best solution is to approach your near and dear ones. Ask your family members or your close friends to help you out. Generally, it is not advisable to take loans from friends as non-repayment can ruin your relationship. But in a difficult situation, family and friends may help you. They may lend you money to repay the pending loans. You can then repay them back over a period of time. They may not charge you interest or charge a very nominal interest. This is a great option, provided you can find people who are ready to help.

3. Take a Personal Loan

To repay the payday loan no credit check, you can consider taking a personal loan. Banks and other lenders offer personal loans. These loans have a fixed amount of money to be repaid every month. You will get sufficient time to repay the loan. It is unlikely that you will be asked for collateral. If your credit is not good, you may have to pay a higher APR. You must remember that personal loans can be expensive and you need to repay on time failing which you will be in bigger trouble.

Tips to manage multiple payday loans

4. Look for a 0% APR credit card

If your credit is good, then look for a 0% APR credit card. If you have a good relationship with your bank, they may help you get the card. You can then use the card and repay off the loans without having to pay interest. However, there would be a specified period (offer period) during which time you need to clear the credit. Failure to do this will lead to interest being charged. If your credit is poor, this option won’t work.

5. Start repaying the loans yourself

When there is no option, you need to repay the loans or your own using various other sources. You may need to sell off assets you own like your car or any other valuable items. You can also look at earning more money by doing part-time jobs or doing a home business. These options will help you find money that you can use to repay the loan. While repaying multiple loans, first repay the loans with the highest APR. Then repay the loan with the next highest APR, and so on. This will reduce your payment burden every month.

6. Be disciplined in managing your finances.

When in trouble, you need to be very careful about managing your finances. Make a budget with a clear estimation of your income and expenses. Stick to the budget and don’t deviate from it come what may. Try to cut down expenses to manage your finances better. Be disciplined so that you don’t have to face this kind of situation in the future.


If you are stuck in a situation where you have more than one payday loan, then the tips we presented above can help you. All these tips are practical and can be easily implemented. At Instant Payday NV, we help you consolidate your payday loans so you be free from multiple loans.

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