Budgeting Strategies for Mississippi Payday Loan Users

Key Points to Consider

• Definition: Payday loans are short-term, high-interest loans aimed at providing quick cash for urgent financial needs.
• Regulations: In Mississippi, payday loans typically range from $100 to $500, with interest rates that can exceed 500% APR.
• Cycle of Debt: Many borrowers fall into a cycle of debt when they cannot repay their loans on time, leading to further borrowing.
• Alternatives: Options such as personal loans and non-profit assistance can provide safer financial relief without high-interest rates.

Understanding Payday Loans in Mississippi

What Are Payday Loans?

Payday loans are short-term, high-interest loans designed to provide quick cash for individuals facing immediate financial needs until their next payday. These loans, which are often easy to obtain, are typically favored by those with limited access to traditional credit options such as personal loans or credit cards. The nature of payday loans makes them appealing, but they come with significant risks if not managed properly. Some common uses for payday loans include:

• Covering emergency medical expenses
• Paying overdue bills, such as utilities or rent
• Financing unexpected vehicle repairs
• Purchasing essential household items
• Addressing urgent travel costs
• Managing day-to-day living expenses during a cash shortfall
• Funding special occasions, like birthdays or holidays

While payday loans can provide necessary relief in times of financial distress, their high interest rates and short repayment terms can create financial strain if borrowers are unable to repay them on time.

Payday Loan Regulations in Mississippi

Mississippi has established specific regulations governing payday loans to protect consumers from potential predatory lending practices. These regulations encompass maximum loan amounts, interest rates, and fees that lenders may charge. In Mississippi, borrowers can typically take out payday loans ranging from $100 to $500, depending on the lender’s policies. The maximum allowable interest rate on these loans can be quite high, often exceeding 500% APR, making it crucial for borrowers to understand the terms before agreeing to a loan.

The state also mandates that lenders provide borrowers with clear and comprehensive information about the loan’s costs and repayment terms. This transparency is intended to help consumers make informed decisions about their borrowing options. However, despite these regulations, many borrowers still find themselves trapped in cycles of debt due to the short-term nature of payday loans and the ease of re-borrowing.

The Cycle of Debt

The cycle of debt associated with payday loans is a phenomenon that many borrowers experience. When individuals fail to repay their loans by the due date, they often resort to taking out additional loans to cover the unpaid balance, leading to a cycle where they continuously borrow to pay off previous debts. This pattern can quickly escalate, causing significant financial strain and stress.

Borrowers may find themselves locked in a revolving door of debt, where high-interest rates compound their financial obligations. As they struggle to meet repayment deadlines, the costs can add up rapidly, making it difficult to escape this cycle. Recognizing the potential for such outcomes is crucial for payday loan users, and understanding how to manage their loans effectively is essential for breaking free from this detrimental pattern.

Expert Insights on Advanced Budgeting for Mississippi Payday Loan Users

How Can Experts Help with Budgeting?

Financial experts play a pivotal role in assisting payday loan users with advanced budgeting strategies to manage their debts effectively. By offering personalized advice tailored to individual financial situations, these professionals help borrowers navigate the complexities of payday loans. For instance, a financial advisor may guide clients through a detailed analysis of their income and expenses, allowing them to identify areas where they can cut costs and allocate more funds toward loan repayments.

Real-world examples illustrate how budgeting interventions can lead to significant improvements in managing payday loans. One borrower, for instance, worked with a financial coach who helped them create a comprehensive budget that prioritized loan repayments while still allowing for necessary living expenses. By strategically adjusting their spending habits and setting realistic financial goals, they successfully paid off their payday loans within a few months, alleviating the financial burden.

Moreover, experts can provide ongoing support, helping borrowers make informed choices about re-borrowing and offering strategies to avoid falling back into debt. Through regular check-ins and adjustments to budgeting plans, clients are empowered to take control of their financial situations and attain greater stability.

What Are the Best Practices for Budgeting?

Effective budgeting is an essential tool for managing payday loan repayments and ensuring long-term financial health. To create a budget that accommodates loan payments, individuals should focus on three primary components: tracking income and expenses, setting financial goals, and devising a repayment plan. Start by gathering information on monthly income sources and categorizing expenses into fixed and variable costs. This process helps create a clear picture of overall financial health.

Once a comprehensive view is established, setting specific financial goals becomes vital. A well-structured budget should include short-term objectives, such as paying off payday loans, as well as long-term aspirations like saving for emergencies or retirement. Here are actionable steps to create a budget plan:

• List all sources of income, including salaries and any side gigs.
• Document monthly expenses, categorizing them into essentials and non-essentials.
• Establish a repayment plan for payday loans, prioritizing high-interest debts.
• Review discretionary spending and identify areas for potential cuts.
• Set short-term and long-term financial goals to guide budgeting decisions.
• Monitor progress regularly and adjust the budget as necessary.

Implementing these practices not only aids in loan management but also fosters a healthier overall financial lifestyle.

The Role of Financial Education

Financial education is a cornerstone of effective budgeting and responsible payday loan management. By equipping individuals with the skills and knowledge to make informed financial decisions, financial literacy can significantly impact a person’s ability to handle payday loans effectively. The importance of understanding interest rates, repayment terms, and the potential for debt accumulation cannot be overstated.

Educational programs focusing on budgeting techniques, debt management, and savings strategies can empower borrowers to take control of their financial futures. For example, workshops and online courses can provide practical insights into how to create a budget, track spending habits, and allocate funds for various financial priorities. Additionally, financial literacy helps individuals recognize the signs of predatory lending practices, enabling them to make more educated choices when seeking loans.

By fostering a culture of financial education within communities, Mississippi can help its residents break the cycle of payday loan dependency. Individuals who are well-informed about their financial options are more likely to seek out alternatives to high-interest loans and develop sustainable financial habits that contribute to long-term stability.

How to Avoid Payday Loan Debt Cycles

Avoiding the cycle of payday loan debt requires proactive strategies and a commitment to better financial practices. Experts recommend several approaches to break free from this pattern, starting with effective budgeting and financial planning. One key strategy is to create a detailed repayment plan that prioritizes payday loan obligations while also maintaining essential living expenses.

Additionally, exploring alternative financial resources can provide borrowers with options that may alleviate the need for payday loans altogether. For instance, community organizations often offer low-interest loans or emergency financial assistance programs that can serve as viable alternatives. Highlighting success stories of individuals who have successfully navigated out of payday loan debt through careful planning and resource utilization can inspire others facing similar challenges.

Another effective method is adopting a mindset focused on saving. By setting aside a portion of income for emergencies, borrowers can reduce their reliance on payday loans when unexpected expenses arise. This proactive approach not only fosters financial stability but also contributes to a sense of control over one’s financial situation.

Utilizing Technology for Budget Management

In today’s digital age, technology plays a crucial role in aiding individuals with budgeting and financial management, particularly for payday loan users. Numerous budgeting apps and online tools are designed to assist consumers in tracking spending, setting financial goals, and managing loan repayments effectively. These applications often come equipped with user-friendly interfaces, making it easier for individuals to monitor their financial health and stay accountable.

When selecting the right technology for budgeting, it’s essential to consider features such as expense tracking, goal setting, and bill reminders. Many apps also allow users to link their bank accounts for real-time updates on spending patterns, providing a comprehensive overview of their financial status. For instance, apps like Mint and YNAB (You Need A Budget) offer robust tools for crafting personalized budgets, allowing users to allocate funds specifically for loan repayments while also maintaining necessary living expenses.

Moreover, these technologies can generate insightful reports and visualize spending trends, helping users understand where their money goes each month. By leveraging these tools, payday loan users can adopt a more proactive approach to their finances, leading to better management of debts and improved overall financial health.

Creating a Budget Plan

How to Start a Budget?

Starting a budget involves a structured approach to assessing your financial situation, setting goals, and allocating funds effectively for both living expenses and debt repayment. The initial step is to gather all relevant financial information, including income sources and monthly expenses. Understanding your financial baseline is critical to crafting an effective budget.

Here’s a bullet list of steps to create a budget plan:

• Identify all sources of income, including salaries, bonuses, and side jobs.
• Collect and categorize expenses into fixed (rent, utilities) and variable (entertainment, dining out).
• Determine debt obligations, including minimum payments for payday loans.
• Set specific financial goals for short-term and long-term objectives.
• Allocate funds based on necessity, ensuring loan repayments are prioritized.
• Regularly review and adjust the budget to reflect any changes in income or expenses.

Developing a budget isn’t a one-time task; it requires ongoing monitoring and adjustment to maintain effectiveness. This adaptability helps individuals remain aware of their financial standing and ensures they meet their obligations, including loans.

Allocating Funds for Payday Loan Repayments

When creating a budget, prioritizing payday loan repayments is crucial to avoid incurring additional fees and interest. Allocating funds for these payments should be a central component of the budgeting process. This may necessitate cutting back on discretionary spending or making lifestyle adjustments to ensure that loan obligations are met on time.

Successful budgeting for payday loan repayments involves assessing monthly income and determining how much can feasibly be directed toward loan payments without jeopardizing essential living expenses. For example, if a borrower knows that their payday loan repayment is due shortly, they might choose to limit dining out or entertainment expenditures to free up additional cash for the loan.

Additionally, borrowers should be aware of the consequences of missing payments, which can lead to higher interest rates and further financial strain. Therefore, establishing a clear repayment plan within the budget is essential. By consistently prioritizing loan repayments, borrowers can foster a sense of financial responsibility and begin to break the cycle of debt.

Emergency Funds and Payday Loans

Having an emergency fund can significantly reduce the need for payday loans and is a vital component of any sound financial strategy. An emergency fund serves as a financial cushion, allowing individuals to address unexpected expenses without resorting to high-interest loans that can lead to debt cycles. Budgeting for an emergency fund should be a priority for anyone who has previously used payday loans.

To effectively build an emergency fund, individuals should first determine what an appropriate target amount is — a common recommendation is to save three to six months’ worth of living expenses. Once a target is established, borrowers can incorporate monthly savings into their budget, treating it like a fixed expense. This consistent saving habit strengthens financial resilience and provides peace of mind.

By reducing reliance on payday loans through the presence of an emergency fund, individuals can also improve their overall financial health. The ability to tackle unexpected expenses without incurring debt fosters a more stable and secure financial future.

Managing Payday Loan Debt

Strategies for Paying Off Payday Loans

Paying off payday loans quickly is essential to mitigate the costs associated with high-interest rates and fees. Several strategies can be implemented to achieve this goal effectively. One common approach is debt consolidation, where individuals aggregate multiple payday loans into a single loan with a lower interest rate. This can simplify monthly payments and reduce the overall cost.

Another strategy is negotiating with lenders. Many lenders are willing to work with borrowers to establish manageable repayment plans, especially if the borrower demonstrates willingness to repay. By communicating openly and seeking alternative repayment terms, borrowers can often find a solution that alleviates financial pressure.

Increasing income can also play a vital role in paying off payday loans. Exploring side gigs, freelance opportunities, or part-time work can generate additional funds to allocate toward debt repayment. This proactive approach enables individuals to expedite their debt payoff timeline.

Ultimately, the key to successfully managing payday loan debt involves a combination of strategic planning, effective communication, and a commitment to improving financial habits. By implementing these strategies, borrowers can regain control over their finances and work toward a debt-free future.

What Happens if You Can’t Pay Back a Payday Loan?

Failing to repay a payday loan can lead to serious consequences. When borrowers miss payments, they typically incur additional fees and penalties, which can significantly increase the overall debt burden. Moreover, defaulting on a payday loan can negatively impact credit scores, making it harder to secure future loans or credit.

If a borrower cannot repay their payday loan, lenders may take additional measures to collect the debt. This could involve legal action, where lenders pursue wage garnishment or file lawsuits to recover owed amounts. The repercussions can have a lasting impact on an individual’s financial health.

Understanding these consequences is crucial for anyone considering a payday loan. By recognizing the potential risks associated with not repaying a loan, borrowers can make more informed decisions regarding their financial choices. Seeking help early, such as consulting with credit counseling services, can provide guidance and resources to navigate these challenges effectively.

Seeking Help for Payday Loan Debt

If individuals find themselves struggling with payday loan debt, seeking help from credit counseling services or financial advisors can offer valuable support and guidance. These professionals can assist borrowers in assessing their financial situations and developing strategies to manage and pay off loans effectively.

Credit counselors provide personalized advice tailored to the borrower’s specific needs, often including budgeting tips and debt management plans. Many credit counseling agencies offer free or low-cost services, making them accessible to those in financial distress. By working with a counselor, individuals can gain a clearer understanding of their financial standing and explore potential options for relief.

Additionally, financial advisors can assist with long-term planning and help borrowers establish healthier financial habits. They can guide clients through creating sustainable budgets, setting financial goals, and identifying alternative borrowing options. Seeking help early can make a significant difference in managing payday loan debt and paving the way toward financial recovery.

Alternatives to Payday Loans

What Are the Alternatives to Payday Loans?

Exploring alternatives to payday loans is essential for individuals seeking financial relief without the associated risks. Various options exist that can provide necessary funds without incurring exorbitant interest rates. Some of the most common alternatives include personal loans, credit cards, borrowing from friends or family, and seeking assistance from non-profit organizations.

Each alternative comes with its own set of benefits. For instance, personal loans typically offer lower interest rates than payday loans and allow for longer repayment terms, making them a more manageable option. Credit cards can provide flexibility, although it’s crucial to avoid accumulating high balances. Borrowing from friends or family can be interest-free, but it’s essential to approach these arrangements carefully to maintain relationships.

Non-profit organizations often have programs designed to assist those in financial need, offering loans with lower interest rates or financial counseling services. These alternatives can significantly reduce the burden of high-interest payday loans, providing individuals with the support they need to address their financial challenges.

For those who find themselves frequently relying on payday loans, understanding and exploring these alternatives can lead to healthier financial outcomes and greater stability.

Building Credit to Avoid Payday Loans

Improving one’s credit score can open up better borrowing options and reduce the need for payday loans. A higher credit score typically qualifies individuals for loans with more favorable terms and lower interest rates, making it easier to secure financing when needed. To build credit effectively, borrowers should focus on several key actions.

Paying bills on time is one of the most impactful factors influencing credit scores. Late payments can significantly damage credit ratings, so establishing a habit of prompt payment is crucial. Additionally, individuals should aim to reduce existing debt levels, which can positively affect their credit utilization ratio. Monitoring credit reports regularly allows borrowers to identify any inaccuracies or issues that may need addressing.

In addition to building credit, establishing a financial safety net with an emergency fund further reduces reliance on payday loans. By improving credit scores and creating additional financial resources, individuals are better equipped to handle unforeseen expenses without resorting to high-interest borrowing options.

Long-Term Financial Planning

Long-term financial planning is crucial for individuals seeking to avoid the pitfalls of payday loans by promoting a comprehensive approach to managing finances. By developing a financial plan that involves saving, investing, and planning for future expenses, individuals can build a more stable financial foundation. This proactive approach allows borrowers to anticipate and prepare for financial challenges before they arise.

Establishing savings goals, such as setting aside funds for emergencies, can prevent reliance on payday loans during unexpected financial situations. Additionally, wise investment choices can contribute to wealth accumulation over time, further ensuring financial security. Engaging in regular financial reviews to assess progress toward goals and make necessary adjustments is essential for maintaining financial health.

By integrating long-term financial planning into their overall financial strategy, individuals can build resilience against the need for payday loans, ultimately fostering a more secure and stable financial future.

Trusted Strategies for Advanced Budgeting for Mississippi Payday Loan Users

What Are the Most Effective Budgeting Techniques?

Effective budgeting techniques are critical for individuals managing payday loans and seeking financial stability. Several methodologies can enhance budgeting practices and improve overall financial health. Techniques such as zero-based budgeting, the 50/30/20 rule, and envelope budgeting provide structured approaches to managing finances effectively.

Zero-based budgeting involves allocating every dollar of income to specific expenses, savings, or debt repayment, ensuring that no money is left unassigned. This meticulous approach encourages individuals to critically evaluate their spending habits and prioritize essential expenses, including payday loan repayments.

The 50/30/20 rule offers a more straightforward framework, suggesting that individuals allocate 50% of their income to needs, 30% to wants, and 20% to savings and debt repayment. This guideline can help borrowers maintain a balance between meeting essential needs and working toward financial goals.

Envelope budgeting is another practical technique where individuals allocate cash for specific categories of spending, using physical envelopes to manage their budgets. This method eliminates overspending and enforces discipline, as once the cash in an envelope is gone, spending in that category must cease.

By implementing these techniques, payday loan users can enhance their budgeting practices, improving their ability to manage debts and achieve financial stability.

Using Technology for Budgeting

Technology has revolutionized budgeting processes, providing individuals with various tools to track spending, set financial goals, and manage payday loan repayments. Several budgeting apps and online platforms cater specifically to individuals seeking to enhance their financial management skills. These tools offer features that simplify the budgeting process, such as expense categorization, goal tracking, and automated alerts for upcoming bills or payments.

When selecting a budgeting app, it’s essential to consider factors such as user-friendly interfaces, integration with bank accounts, and the ability to customize budgets based on individual needs. Popular apps like Mint, YNAB, and PocketGuard offer robust features to help users gain insight into their financial health and allocate funds appropriately.

Additionally, these applications often provide visualizations of spending patterns, allowing users to identify trends and areas for improvement. By leveraging technology, payday loan users can adopt a more proactive approach to budgeting, ultimately leading to better debt management and financial success.

The Importance of Regular Budget Reviews

Regularly reviewing and adjusting budgets is a vital aspect of effective financial management. Conducting periodic budget reviews allows individuals to assess their progress, identify areas for improvement, and ensure they remain on track with their financial goals. These reviews can be scheduled monthly or quarterly, depending on individual preferences and financial situations.

During a budget review, borrowers should compare their actual spending against their planned budget, taking note of any discrepancies. This process can highlight areas where spending may have exceeded expectations and prompt necessary adjustments. For instance, if a borrower notices they consistently overspend on discretionary items, they may choose to allocate fewer funds to that category in future budgets.

Real-world examples demonstrate the effectiveness of regular budget reviews. Individuals who incorporate this practice into their financial routines often report greater awareness of their spending habits and improved ability to adhere to their budgets. By fostering a habit of reviewing and adjusting budgets, payday loan users can enhance their financial management skills and work toward achieving their financial objectives.

The Impact of Payday Loans on Credit Scores

How Do Payday Loans Affect Credit Scores?

Payday loans can significantly impact credit scores, particularly because many lenders report defaulted loans to credit bureaus. When borrowers miss payments or default on their payday loans, the negative marks can lead to a lower credit score. As a result, individuals may find it challenging to secure future loans or credit, making it crucial to understand the potential repercussions of payday borrowing.

In many cases, payday loans are not reported to credit bureaus if they are successfully repaid on time; however, if payments are missed, the consequences can be severe. Understanding how payday loans interact with credit scores can help borrowers make informed decisions about their financial choices and repayment strategies.

Maintaining a good credit score is essential for achieving favorable borrowing terms in the future. Borrowers are encouraged to focus on timely repayments and to explore loan options that report positive payment history to credit bureaus, which can enhance overall credit standing.

Building Credit After Payday Loans

Once individuals have successfully paid off payday loans, their focus can shift toward rebuilding their credit scores and establishing healthier financial habits. Building credit after using payday loans involves several key strategies. First and foremost, maintaining a consistent payment history on all debts is critical. This includes making timely payments on any outstanding loans, credit cards, and bills.

Individuals can also explore secured credit cards or credit-builder loans as tools to improve their credit scores. These options allow users to demonstrate responsible borrowing behavior while gradually rebuilding their credit history. Monitoring credit reports regularly enables borrowers to identify any inaccuracies and address them promptly.

Additionally, practicing sound financial management, such as budgeting and saving, contributes to overall credit health. By focusing on responsible financial behaviors, individuals can effectively rebuild their credit scores and improve their chances of obtaining favorable borrowing terms in the future.

Credit Repair and Payday Loans

Credit repair services can assist individuals in improving credit scores that have been negatively impacted by payday loans. These services typically involve evaluating credit reports for inaccuracies, disputing erroneous information, and providing guidance on strategies to enhance credit standing. However, it is crucial to select reputable credit repair services and to understand the process involved.

Many credit repair agencies offer free consultations where individuals can learn about their options and the potential costs associated with services. While some may charge fees for their assistance, others provide valuable resources at no cost. Individuals should approach credit repair services with caution, ensuring they research the agency’s reputation and success rates before engaging their services.

By taking proactive steps to repair their credit, individuals can recover from the negative impact of payday loans and work toward building a more robust financial future. It’s essential to remain vigilant and informed throughout the credit repair process to achieve the desired improvements.

Managing Payday Loans to Minimize Credit Score Impact

Managing payday loans effectively is essential for minimizing their negative impact on credit scores. One of the most effective strategies is ensuring timely repayments. By making payments on or before the due date, borrowers can avoid late fees and prevent negative marks from being reported to credit bureaus.

Understanding the loan terms and conditions is also crucial for managing payday loans. Borrowers should be aware of the interest rates, repayment schedules, and any associated fees. This knowledge allows individuals to make informed decisions regarding their loans and avoid falling into debt cycles.

Moreover, maintaining open communication with lenders can be beneficial, especially if financial difficulties arise. Many lenders offer repayment flexibility or alternative arrangements for borrowers facing hardships. By proactively managing payday loans, individuals can protect their credit scores and work toward financial recovery.

Long-Term Financial Health

Setting Financial Goals

Setting clear financial goals is a fundamental aspect of achieving long-term financial health. Individuals should develop both short-term and long-term goals that align with their financial aspirations. Short-term goals may involve paying off existing payday loans or saving for a specific purchase, while long-term goals could include retirement planning or building a substantial emergency fund.

Establishing measurable and attainable financial goals provides a roadmap for effective budgeting and financial decision-making. Individuals are encouraged to break down larger goals into smaller, actionable steps, making it easier to track progress and stay motivated.

Additionally, regularly revisiting these goals ensures they remain relevant and achievable as personal circumstances change. Involving financial advisors or coaches can provide additional support and accountability in the goal-setting process, leading to more favorable financial outcomes.

What Are the Keys to Long-Term Financial Stability?

Achieving long-term financial stability involves a multifaceted approach to managing finances and mitigating risks. Several key factors contribute to maintaining financial stability, including:

• Effective debt management and timely repayments
• Establishing an emergency fund for unexpected expenses
• Consistent saving and investment practices
• Developing a diversified income stream to reduce reliance on a single source
• Regularly reviewing financial plans and budgets for adjustments
• Pursuing education and skill development to enhance earning potential

By focusing on these critical elements, individuals can build a strong financial foundation that withstands economic fluctuations and personal challenges. Developing healthy financial habits and a proactive approach to money management significantly contributes to long-term stability.

The Role of Payday Loans in Financial Planning

While payday loans should be considered a last resort, understanding their role in financial planning is crucial for borrowers. These loans may provide necessary relief during emergencies but can quickly spiral into challenging debt situations if not managed wisely. Therefore, payday loans should be integrated into a broader financial strategy that prioritizes responsible borrowing and repayment practices.

Individuals are encouraged to view payday loans as a temporary solution rather than a long-term financial strategy. Adequate financial planning involves identifying and preparing for potential borrowing needs before they arise, such as establishing emergency funds and exploring alternative financial resources. By understanding the implications of payday loans and incorporating them into a comprehensive financial plan, borrowers can make more informed decisions that align with their overall financial goals.

FAQs

What are payday loans?

Payday loans are short-term loans with high interest rates, designed to cover immediate expenses until the borrower’s next paycheck.

What are the regulations for payday loans in Mississippi?

Mississippi regulations govern payday loan amounts, interest rates, and fees to protect consumers from predatory lending practices.

How can I break the cycle of payday loan debt?

Breaking the cycle involves creating a detailed budget, prioritizing repayments, and exploring alternative financial resources to avoid borrowing again.

What budgeting techniques work best for payday loan users?

Techniques like zero-based budgeting, the 50/30/20 rule, and envelope budgeting are effective for managing finances and prioritizing loan repayments.

How do payday loans affect credit scores?

Payday loans can negatively impact credit scores, especially if payments are missed or loans are defaulted, as they may be reported to credit bureaus.

Can I build credit after using payday loans?

Yes, building credit after payday loans involves making timely payments on all debts and utilizing credit responsibly to improve credit scores over time.

What are the alternatives to payday loans?

Alternatives include personal loans, credit cards, borrowing from friends or family, and seeking assistance from non-profit organizations.

How can I manage payday loan repayment effectively?

Effective management involves creating a repayment plan, prioritizing payments, and considering options like debt consolidation or negotiation with lenders.

What happens if I don’t pay back my payday loan?

Failing to repay can lead to additional fees, damage to your credit score, and potential legal action from lenders to recover the debt.

How can financial education help me with payday loans?

Financial education empowers individuals to make informed decisions about borrowing, budgeting, and managing debts effectively, reducing reliance on payday loans.