How to Motivate Yourself to Avoid Payday Loans

EPF June 18, 2020

You didn’t plan very well your spending and now suddenly you end up with empty pocket. And you go and get a payday loan, without thinking of the consequences. You are not alone. This happen to many people.

At the moment that you get the money, you feel good. You have some money again, you spend them, but after time you even stop thinking that these money actually are not your. You stop thinking that one day you will have to pay the price.

The average payday loan APR is 400%, which means that on every $100 spend per month you pay extra $30. But this is only the average. There are cases where the APR goes over 1000%. That’s insane amount of money that you have to pay, which is not cheap at all.

If you are sure that you will find these money and you are ready to pay the price, you should be ok. But not always this is the case. Some people end up by additional, extra consequences.

We at ElitePersonalFinance have always tried to help people avoid payday loans. In fact there are many ways, that most of the people even don’t know. Our personal research have found that over 50% of the people have had a better options. But they haven’t used them.

So, how we can motivate yourself to avoid payday loans?

The best ways are:

  • Start thinking of the consequences that will happen to you.
  • Start thinking of the consequences that will happen to other people.
  • Plan your finances better before it is too late.

The Consequences That Will Happen to You, if You Don’t Know What You are Doing

  • You can’t pay the loan on time.

You go and get payday loan without having idea how to pay it. Today you don’t feel this problem seriously. But on the day that you will understand your situation that you can’t find these money, this problem took place soon and will escalate in a way that you wouldn’t believe. Then what? You go and get another payday loan. And loan after loan means one thing.

  • Debt cycle.

You can’t always live on a loan. There will be a day that all lenders will deny you. Even these that work with people with really bad credit. And then what? Your options will be few.

  • Declare bankruptcy.

Declaring bankruptcy will save you to some extent, but you won’t be able to get loans in time, even if you improve your financial situation.

  • You destroy your credit report.

That is very bad thing. With low credit score, not only you can’t get more loans. Your overall live will become more expensive. Low credit score affect many things of your live.

These were the actual scenario that happen to many people who get payday loans. Now, add also the stress that will took place for sure!

So, start thinking for these consequences before getting your first payday loan. That for sure will motivate you to be more careful with your financial situation and do everything possible to try avoid payday loans. There always should be a better ways.

The Consequences That Will Happen to Other People

The problem to your finances doesn’t affect only you. Your problems also affect other people who are close to you. Whether directly or indirectly, it’s the same. Did you think about them?

What would happen if one day you decide to ask some people to help you with some money. Even if they do, you make them problems. No one want to risk his spendings. So here is how you make problem to other people.

Do you have family, kids? Again, here we risk their future. Some of them who know that you are financial problems would be affected. And that is not only financially. Think also about the stress that you make to them.

So, start thinking about these consequences. You should probably change your opinion.

The Consequences of Auto Title Loans

Auto title loans are cheaper than payday loans, but you have to put your collateral at risk. In most of the cases it is your car, although it can be other property.

We at ElitePersonalFinance consider auto title loans as predatory. Their average APR is 300%, but in most of the cases it can be higher. The amount that you can get can’t exceed the price of the collateral that you put.

If you can’t pay the amount on time, the lender get your collateral.

And that is your car.

There you date with your wife. With this car you travel with your family and kids. For some of the people in your family this car is much more expensive than its actual price …

And you risk to lose it.

You risk it vs you actually lose it…

Different but close things. Only the fact that you risk it could mean a lot to your family. Think on that.

When You Should Get a Payday Loan

We said this many time. Get payday loan only if you are sure that you know what you are doing. At the moment that you get the money, stop thinking about everything else. Focus on one thing only – how to pay it as fast as possible.

So, you want me to be under stress?


We don’t want to say that. Living under stress is not something that will help. The stress won’t make your live better. In fact it will only make your live worst. Stress will only make you get wrong decision.

Evaluate your situation in a realistic way!

That’s the key.

If you go that way, you will be always able to extract all positive things from every bad situation that took place in your live.

How to Avoid Payday Loans?

We’ve mentioned this many times on our site. Over 50% of the people who get payday loans always have had better options that they skip. Lack of knowledge, fast decision, ect.

  • Try personal loans.

Do you know that there are many legit personal loans that fund people with bad credit? Try credit unions, online lenders. There are so many ways that you can try.

  • Ask for cash advance from your work place.

This almost always work.

  • Try alternative payday loans.

Alternative payday loans are more expensive than payday loans, but are always better than payday loans. We recommend them only at the end case. Alternative payday loans approve people with really bad credit.

  • Read and educate yourself.

Learning more about your personal finance will always help. We invite you to stay with our site, but there are also many other great places that will help you so much with your finances.


Your financial problems don’t affect only you. Your problems affect also other people who are close to you. And this is not only directly. It could also be indirectly, without even you feel that. Be careful. Payday loans are not the best way to help your finances. There are so many other ways that work. Try, or at least ask, you lose nothing.

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