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Ask the Experts

Ask The Experts

Q:
Can I put payday loan debt on a repayment plan?

I have gotten myself into a mess with payday loans. I have six payday loans that cost me $400 per month. Can a counseling service put these debts on some kind of a repayment plan? -Mike

Mike,

Although they are called loans, pay day loans are not truly loans. When you get a pay day loan, you are actually writing a check and getting money for the check you have written. Since these are checks written and not loans taken out, we cannot include pay day loans on a debt management program. That being said, I do recommend you call and speak to a counselor about your options.

Best of luck to you,

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Ask The Experts

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