Getting out of an installment loan that has high interest rates may seem difficult. This is especially true with payday loans that have average interest rates of 396% in the U.S. as reported by Credit Summit. These loans trap many borrowers into a debt cycle they have difficulty escaping.
If you have multiple loans, consider a debt consolidation program combine all your loans into one single payment plan with lower interest rates. Another option is to prioritize your higher interest loans and pay off the ones with the highest interest rates first.
If these are not suitable options for you, ask for an extended payment plan from your lender. You may end up paying more in the end, but your monthly payments could be lower. If your lender is a member of the Community Financial Services Association of America (CFSAA) they will very likely offer extensions.