How can you pay off payday loans if you have too many is a question many people wonder. There are several different steps you will need to take in hopes of getting all of your loans paid completely down. The first thing you will need to do is make a list of every single loan company you have taken out a loan with.

Once you have a list of the companies you have taken out loans with you will need to find their e-mail, snail mail addresses, and telephone number. Some companies will require you send them a formal letter or e-mail as well as a phone call requesting documentation of how much you have paid on your principal balance, as well as interest. This is a very important step, as each company will charge a different interest rate. Remember, the balance of each loan will continue to rise as time goes by due to the interest rate.

You will want to make an order you will need to pay off payday loans in. This list will not be made from lowest or highest amount in dollars, but rather interest rate. Make sure on each paper that it is listed how much the loan was for originally, and how much you have paid in so far. Write down how many times a month your account is auto-debited, and if the amount varies at any point in the month for a company.

Compare how much you have paid in so far on each loan, to the original amount owed. If you have already paid in to the company the original amount owed, place the paper off to the side. Any loans that you still owe a balance on the loan you owe place in a different pile. You will now need to negotiate a pay off on your payday loans with each company separately.