I spend all my salary on monthly mini-loans. Advice needed.

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Let’s get into details. These are predatory loans so they’re made to create a long term snare. How many do you have, what’s the balance of each and what’s the interest rate? The list our all of your household expenses. Then give us your GROSS monthly income.


I try to watch my own finances closely, but I’m not any kind of financial expert, so I’ll let others here who are much smarter than me give better advice as to how to get out of this. But I will say that I have seen people much further in debt make it out alive, and that the most important thing right now is to stop being so hard on yourself about this. Stop calling yourself an idiot and hating yourself. You have to be on your own side here, take a deep breath and realize that hating yourself will only make things harder, and you need to support yourself right now. You said you’re ‘working good again’, so I assume your salary went back up to normal pre-pandemic levels. If you can pay the bills each month and afford food and shelter, then your only issue might be patience. Using something like the debt snowball method can help psychologically with this.


So basically, 1200 Euro changes your life. You’ve GOT to do whatever you can to earn an extra 1200 Euro. Can you do landscaping, or childcare, or petsitting, or something like that? Bartend, wait tables, any sort of nights/weekends job? When I was unemployed, I’d go on Facebook market place and look for folks who needed help – spend a day loading a moving truck, or doing chores, etc. It sucked, but there was cash to be found if I looked hard enough. Not sure how it works in Spain, but in the US, they have temp employment agencies who higher day laborers as well. It’s mostly unskilled, physical labor, but you could get with one of those and see if they have any night/weekend positions. If there’s any sort of social aid programs available, don’t be afraid to ask for help. Government programs may be limited, but if there’s a charity based food pantry or something like that, use it. 20 Euro worth of free groceries puts you just a little bit closer to getting rid of these mini loans. Look, you’ve already been through SO MUCH in your life and you’ve pushed through it all. Your financial situation may be daunting right now, but I have every bit of faith that you’ll continue to conquer and make a better life for yourself. I’m genuinely proud of you and I wish you the best.


I hate to recommend debt to get out of debt, but the predatory mini-loans (called payday loans elsewhere) are worth ending any way you can. For example, can you qualify for any kind of credit card with a cash advance or balance transfer feature. Owing money to a legit credit card company is better than oweing money to a predatory lender. Similarly, could you sell this car and buy a cheaper one, or even just get a new bigger loan on this car and use the money to get out from under the predatory loans. Lastly, is there any consumer credit group in your area who may be able to help. Beware, some of them are just fronts for *other* predatory loans, so you’ll have to be very careful if you try to involve one. Can anyone else in the household earn any money to help with their support?