How To Stop Payday Loans From Debiting My Account
Last updated on October 14th, 2023 at 12:23 am
Hi!
Randy here! I know a lot about payday loans and I am here to answer any question you might have. One question that I get asked constantly from our readers is:
How To Stop Payday Loans From Debiting My Account
This is probably one of the best questions that I get asked. So let’s take a look at the answer together, shall we?
But first, please read my short little rant…
Randy’s Thoughts On How To Stop Payday Loans From Debiting My Account
I am quite sure you know this already:
Payday loans are a way to get money quickly, but it can come with high interest rates and fees.
I like to mention this again, because I never know the level of knowledge of our readers. Some know a lot about online payday loans, while others don’t know much about these types of loans.
It is technically possible to stop these loans from debiting your account and keep them from affecting your credit score! However, I do advise that you proceed with caution.
The Dangers Of Online Payday Loans
1. Payday loans are notoriously expensive. The average annual percentage rate (APR) on a payday loan is 400%. That means if you borrow $100, you’ll need to pay back $140 just two weeks later.
2. If you can’t afford the loan when it’s due, you may be tempted to “roll over” the loan by taking out another loan to cover the first one. This will only add to your debt burden and increase the cost of the loan.
3. Allowing a lender to debit your account can lead to overdraft fees from your bank. And if the lender tries to debit your account multiple times, you could end up with numerous overdraft fees that quickly add up.
4. Once a lender has access to your account, they may be able transfer funds without your permission – even if doing so would leave you unable to cover essential expenses like rent or utilities.
3 Methods to Stop Payday Loans From Debiting My Account
If you find yourself stuck in the payday loan cycle, there are a few things you can do to break free.
- First, contact your lender and explain your situation. Many lenders are willing to work with borrowers to create a repayment plan that works for both parties.
- If that doesn’t work, or if you’re unable to reach an agreement with your lender, you can try contacting a consumer credit counseling agency. These agencies can help you develop a budget and negotiate with lenders on your behalf.
- Finally, if all else fails, you can consider filing for bankruptcy. This should be considered a last resort option, as it will have a major impact on your credit score and financial future.
How To Check The Balance Of A Pesky Online Payday Loan
If you’re struggling to pay off a payday loan, you may be wondering how to check the balance of the loan. The first step is to contact your lender and request a statement. This will give you an accurate picture of how much you owe.
If you’re not sure who your lender is, you can check your credit report for clues. Look for any companies that have extended you credit in the recent past. These are likely to be your lenders.
Once you know who your lender is, reach out and ask for a statement. If they’re unwilling to provide one, you can try requesting account information online or by phone. With this information in hand, you’ll be able to see exactly how much money you owe on your payday loan.
What is the Minimum Payment For A Payday Loan?
The minimum payment on a payday loan is the lowest amount that you are required to pay back on your loan. This is typically a small percentage of the total loan amount, and is often around $25.00. If you cannot afford to make your minimum payment, you may be able to negotiate with your lender for a lower amount.
If you’re struggling to pay off payday loans, you’re not alone. In fact, nearly 3 million Americans take out payday loans each year, according to the Pew Charitable Trusts.
Final Thoughts On How To Stop Payday Loans From Debiting My Account
I have been working in the payday loan industry for a long time. Longer than I want to admit! 🙂
As a result, I have witnessed with my very own eyes a number of difficult situations that people have found themselves in, all because of payday loans. The best way to approach things in my opinion, if you are having a tough time paying back the loan, is to negotiate a repayment plan with the lender. As mentioned in this article, yes you can stop payday loans from debiting your account, but it may just be a temporary solution. If you address the issue head on and ask your lender for a repayment plan that you can afford, you will be saving yourself a lot of aggravation, and perhaps financial ruin.
If you have any questions at all about payday loans, please do not hesitate to reach out to me. Either myself or one of my team members will respond back to you.
Until next time!
Randy
