Business & Finance Debt

How to Pay Internet Payday Loans Off Fast

    • 1). Make a list of all of your necessary expenses for the next couple weeks to a month. Include car and mortgage payments, cable and Internet bills, insurance premiums, and any other fixed expenses (i.e. "fixed" expenses are those that are recurring every month no matter what). Total these fixed expenses. Include items that are variable but you still have to pay, such as gasoline for your car, if you have one, or a bus ticket.

    • 2). Determine the minimum amount of money that you need for groceries each week. If you normally spend $300 on groceries every week, try to cut this in half by eliminating unnecessary items like cookies, chips, and other snacks. Your goal is to only buy the grocery and food items that you need to survive for the next few weeks while you're paying off your Internet payday loans. Come up with an approximate grocery expense.

    • 3). Make a list of all of your convenience and fast food stops that you make each week. This includes coffee at gas stations, meals from fast food restaurants, and other such items. Many people often spend $25 or more on fast food and convenience store purchases each week. Eliminate these unnecessary spending habits for the next several weeks while paying off your Internet payday loans.

    • 4). Take the money from your next paycheck and pay your fixed expenses according to their due dates and buy all of the groceries that you'll need for the week, using the approximate grocery total as a guide. Shop at discount grocery stores to get great deals on food that you normally would buy at other larger chain grocery stores. Do not buy any unnecessary items so that you can pay off Internet payday loans more quickly.

    • 5). Pay the remaining amount of your paycheck to your payday loan lender. Repeat this process of paying your fixed expenses out of your paycheck and shopping at discount grocery stores for the necessary food and groceries that you need, remembering to avoid convenience stops on your way to and from work or school. Depending on the amount of your payday loan, you may be able to completely pay off your payday loans in several weeks.

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