How to Motivate Yourself to Avoid Payday Loans

Last Update: September 6, 2021 Loans

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

At the moment that you get the money, you feel good. You have some money again, you spend it, but after time you even stop thinking that this money actually is not yours. 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 an extra $30. But this is only the average. There are cases where the APR goes over 1000%. That’s an insane amount of money that you have to pay, which is not cheap at all.

You should be okay if you are sure that you will find this money and are ready to pay the price. But not always, this is the case. Some people end up with additional, extra consequences.

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

So, how can we motivate ourselves 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 a payday loan without having an idea of 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 this 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 a loan in time, even if you improve your financial situation.

  • You destroy your credit report

That is a very bad thing. With a low credit score, not only you can’t get more loans. Your overall life will become more expensive. A low credit score affects many things in your life.

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

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

The Consequences That Will Happen to Other People

The problem with 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 cause them problems. No one wants to risk his spendings. So here is how you make a problem for other people.

Do you have family, kids? Again, here we risk their future. Some of them who know that you have 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 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 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 gets your collateral.

And that is your car.

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

And you risk losing 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 about that.

When You Should Get a Payday Loan

We said this many times. Get a 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. Stress won’t make your life better. In fact, it will only make your life worst. Stress will only get you the wrong decision.

Evaluate your situation in a realistic way!

That’s the key.

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

How to Avoid Payday Loans?

We’ve mentioned this many times on our site. Over 70% of the people who get payday loans always have had better options that they skip. But because of a lack of knowledge and fast decision, they skip important things.

  • Try personal loans

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

  • Ask for a cash advance from your workplace

This almost always works.

  • 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 many other great places will help you so much with your finances.


Your financial problems don’t affect only you. Your problems also affect 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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