Loan company is charging a huge daily rate

I recently took out a $1,100 loan with an annual interest rate of 11%. After a few weeks of paying, I found that my debt had not decreased at all. I called the company, and they informed me that they would charge $15 for each day that I failed to pay. I’m having trouble making the daily payments right now.

Does anyone know how I should proceed?

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It seems that you might have obtained a loan from a predatory lender.such as a payday loan

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That appears to be the case. I’m attempting to determine my next course of action.

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@Linny That appears to be the case. I’m attempting to determine my next course of action.

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I recently took out a $1,100 loan with an 11% annual interest rate, but after a few weeks of payments, my debt hadn’t decreased. When I called the company, they said they charge $15 for each day I’m late. I’m struggling to make these daily payments and am unsure how to proceed. Has anyone dealt with a similar situation or have advice on managing this kind of debt? Any suggestions on negotiating with the lender or finding alternative solutions would be greatly appreciated.

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