How to Overcome Payday Loans So You Can Buy Your First Home

July 29, 2022 By 0 Comments

Payday Loans are hurting potential homeowners more than they even know. The true interest rate, the payday loan trap, and the lasting impact on communities need to be addressed.

There are many ways to avoid getting a payday loan and they will be discussed in this week’s episode of The Homeowner Prep Podcast, but if you’re already in the payday loan trap and looking for a way to get out, don’t hesitate to reach out to us. There is hope and there is a way to get back (or stay) on track to buying your first home! 

If you’re looking to buy your first home, definitely check out this episode and use the guidance and advice we provide to help you buy your first home smarter and faster!

“I’ve been through this, before we bought our first home we were in that payday loan trap.”

Eric Hellon

What You’ll Learn from this Episode:

  • What A Payday Loan Is and How To Avoid Them 
  • Alternatives To Getting A Payday Loan
  • Statistics On How Payday Loans Are Hurting Potential Homeowners
  • And much more!


00:00 Ever Had a Payday Loan or Heard one?
00:12 Intro
00:34 Welcome To The Homeowner Prep Podcast
01:15 The Growth of Payday Loans
02:03 What Is A Payday Loan?
04:10 Why Are They So Dangerous?
05:30 Who Uses Payday Loans?
06:24 Time Pressure Is The Issue
08:00 Cut Your Expenses to Avoid Payday Loans
09:29 Increase Your Credit Limits Before Using Payday Loans
10:32 Borrow Money From Family Before Getting A Payday Loan
11:30 I Had To Get Out of The Payday Loan Trap Too
12:09 Homeowners vs. Renters Using Payday Loans
13:04 What To Do When You Have Money Problems
13:45 Reach Out To Homeowner Prep
15:04 Outro

Connect with Homeowner Prep:

Want to buy a house, but not sure how to get started? Visit our Start Page and we can help you, no matter where you’re at on your homeownership journey. If you enjoyed this episode of The Homeowner Prep Podcast, be sure to subscribe on iTunes and leave a review. It means so much to hear your feedback and we’d love for you to help us spread the word!