The majority of payday borrowers function in this way, either paying a fee to roll over a loan for two more weeks or taking out new loans, immersing them into a dangerous cycle of debt. Protect Yourself – Contact creditors or loan servicers if you can’t make a payment on time. They might be willing to work with you, offering a payment plan that might obviate the need for a payday loan. A payday loan provides a potential lifeline for someone struggling to pay the rent or mortgage.