How to stop too many payday loans
In today’s society of instant gratification it is easy to see why payday loans are becoming more popular by the minute. Payday loans allow individuals to receive money fast through a hassle free process that, in most cases, does not require a credit check.
However, what many people are not aware of are the high penalties and fees that accompany a payday loan that is not paid back on time. If a payday loan is not paid back on time the debtor could even face consequences like wage garnishment. Sometimes those penalties can accrue so quickly that it may seem like there is nowhere to turn, but don’t worry there are options to help you get rid of payday loan debt.
How Does Payday Loan Consolidation Work?
Payday loan consolidation is one way to get out from under daunting payday loan debt. The process of payday loan consolidation is simple: hire a consolidation company and let them negotiate directly with your payday loan lenders to lower your interest rates and monthly payments.
How long does payday loan consolidation take?
The process takes anywhere from 6-18 months. Before the negotiations start, your consolidation company will open a savings account in your name. Each month you will deposit a certain amount of money into that account and when enough funds have accrued the consolidation company will begin negotiating on your behalf. If you are interested in learning more about this process fill out our online application or call our toll-free number and speak to a representative today
Do you need payday loan help?
Are you receiving dozens of phone calls, letters, and/or emails from your payday loan lender every day demanding payment? Is one of your payday loan lenders garnishing your wages each time you get paid? Has one or more of your payday loan lenders threatened to take you to court? Those scenarios may be signs that it is time for you to look for payday loan help.
Can You help me get rid of my payday loan debt?
Think about it this way, using payday loan debt consolidation can help you pay off your payday loan debt in 6-18 months. One of the most reassuring things about the consolidation process is that in most cases you will not be required to pay a fee for the service until your debt has been successfully settled. Of course this is not always the case so be sure and ask. By calling our toll free number and talking to a representative you can find out more about what our fees will be and more importantly how long the program will take for your situation.
Using payday loan consolidation merges your debts into a lump sum payment
By using payday loan consolidation you will no longer have to worry with paying several different payday loan companies each month. All of your payday loan debt, whether it be from an online or store front lender will be consolidated into one lump sum and you will just make one payment a month.
What are the fees?
The fee you will pay for the service will depend on how much debt you have, how long the program takes, and how much work the negotiators have to do. You may be anxious about using consolidation methods because you are afraid that the payday loan lender will not agree to the reduced amount.
Although that is a valid concern, it is in the lenders best interest to agree to the negotiated amount because it will ensure that they will receive some money back, even if it is not the full amount. Call our toll free number and talk to one of our representatives about your concerns today they may be able to help you understand exactly how our program would fit your specific situation.
Payday Loan Debt Settlement is it the same as consolidation?
Payday loan consolidation is commonly called payday loan debt settlement. It is essentially another way of describing the process. The negotiators that you hire are trying to consolidate or “settle” your payday loan debt to a reduced amount that is feasible for you to pay off in 6-18 months.
Unfortunately, the only way to completely erase a payday loan is to pay it off or file bankruptcy. A payday loan debt settlement or consolidation is sort of the happy medium between the two options. In most cases you will only pay back a reduced percentage of your total payday loan debt, and will not have to damage your credit with a bankruptcy. If you want to learn more about how to get rid of payday loans using consolidation please fill out an online application or call our toll free number today for helpful information from one of our representatives.