When an emergency strikes or you need a little extra money to make it through to payday, you might turn to payday lenders. The interest rates leave a bad taste in your mouth, but, hey, these lenders will give you money without much red tape. You cannot say that for many other lenders.
Unfortunately, it can be easy to get stuck in a cycle. Some people go to a payday lender intending for it to be a one-time thing, and months or years later, they are still in debt to the lender.
Bankruptcy
This first option listed is the last resort for many consumers. In fact, it should not be. They wait far too long before seriously considering bankruptcy, meaning that they accumulate more debt than they have to. It never hurts to be informed, so you may want to meet with a lawyer sooner rather than later about your options.
If you are dealing with wage garnishment or creditor harassment, filing for bankruptcy also stops that. (Yes, payday lenders and third-party collection agencies can end up having your wages garnished!)
Negotiation
It could be productive to try to negotiate with your payday lender. For example, you can attempt to whittle these interest rates down. A debt consolidation company may also be able to help with this (choose your company wisely, though; some can be less than transparent).
Boundaries
If you are dealing with a payday lender who clearly oversteps lines such as withdrawing too much money from your bank account or withdrawing too early, a debt consolidation company could help you assert boundaries. You might need to close your bank account and open another and pay the lender via money order or mail. Some of the steps you take may or may not be legally sound, hence the wisdom of having a company or bankruptcy attorney help.
Another option is to start having your paychecks deposited into another account. If you do not have boundaries with unscrupulous payday lenders, they will just keep taking and taking.