5 Rules to Get Out of Your Payday Loan

How to get out of your payday loan
Screw Your Lender

Are you buried with payday loans? Are you being harassed daily by phone calls from lenders? You are or you wouldn’t still be reading this. That is, unless you’re a payday loan collector and you want to learn my tricks to be a powerful payday loan collector and earn more money.

Here’s my 5 rules for getting rid of your payday loans.

Rule #1: Payday Loan Lenders Aren’t Your Friends
The full time job of your payday loan lender is to keep you in debt! Payday loan lenders are not your friend! PDL collectors have much more experience than you do. They’ve “heard it all” and have a killer reply to every excuse you offer; unless you’ve done your homework. (I can help you with HOMEWORK!)

Rule #2: Don’t Let the Lender Get Inside Your Head 
Don’t allow the collector to “get inside” your head. Share nothing; zero information. Never use abusive language. This is a game so keep your cool. For the collector, it’s not personal. They’re simply doing their job. Payday loan collectors are generally not the “cream-of-the-crop.”  Those who are really good, move up the food chain to mortgages, credit card debt…

Rule #3: Never Give a Lender Your Bank Account Info
Never, ever give a payday loan lender access to your bank account again. Use Western Union, Money Gram, a money order, a prepaid card… anything but your bank routing and account numbers! NEVER!! And NEVER cash a check you receive from them! More on this later.

Rule #4: Do Not Volunteer
Never volunteer any information to a lender or collector. They already know EVERYTHING about you as a result of your original payday loan application. That means no updates regarding your phone number (get a throw away, prepaid phone at Target, Wal-mart, Radio Shack…), your employment, your address, your new bank account, your new puppy’s name, children’s names… NOTHING!

Rule #5: Convince the Lender You Have No Money & No Future
Your Job #1 is to “poor mouth” yourself; you have zero money today and zero prospects for tomorrow. If the lender smells money, you’re going to have to give her some. Your mantra is, “I’m in dire straits for the foreseeable future.” True or not, your goal is to convince them that this is your reality. You must convince your lender they have NO HOPE of collecting money from you!

Now go make some serious coin and payoff those other bills.

Want more ideas for getting rid of your payday loans? Get my book, “How to Get Out of Your Payday Loans.”

And be sure to sign up for my weekly “Tips & Tricks” for deleting your payday loan debt.

10 thoughts on “5 Rules to Get Out of Your Payday Loan

  1. Don’t let the collector “get inside my head.” This is the hardest for me. They have an answer for every excuse I give them!

  2. I have 3 payday loans with 3 different internet lenders. I cannot pay them any longer. What’s my first step to getting out of this mess? Thank you!

    1. Johnson, of course I’m going to advise you to read my book first.

      But, a couple of things:
      * Close your bank account
      *) Ask for a payment plan AFTER you use the techniques in my book to determine if these loanss were made to you legally.

      There’s much more to do but these are 2 basic strategies. Good luck!

    1. The loan is most likely legal. Unless they overcharged you per your state’s deferred presentment law, or failed to put you in a state mandated data base, you will have to pay it. Request a payment plan and stick to it. Do not “renew” or “rollover” your loan(s). If they take you to small claims, show up!

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