Payday Loan Help is on the way if you can reach out to a payday loan debt consolidation company, speak with your collections agency, or receive credit counseling. Usually consumers don’t realize until it’s too late and they are caught in the unending payday loan cycle. Borrowers are given 14 days to repay the debt, something that, something that 85 percent of Americans fail to do. Because of this, most borrowers end up taking out a second loan and renewing the loan for additional fees each time.
You can get payday loan help by taking any of the following steps below:
Negotiate with the collections agency
A collections agency may seem like they don’t want to offer payday loan help, but infact they do. It is in their interest to collect the debt on behalf of the lender. You can negotiate a payment plan or work with an attorney or a debt management company to negotiate on your behalf or help to set up an affordable payment plan.
Consult a payday loan consolidation company
A payday loan consolidation company provides payday loan help by negotiating with your lender lenders for a lesser debt balance for you. You only have to pay off the debt monthly until the balance is settled.
Don’t approach a payday loan debt consolidation company without doing your homework first. An ethical payday loan consolidation company will likely offer an initial free consultation. According to the Better Business Bureau, a consumer learns the hard way that debt negotiation companies asks for an upfront initial payment, then disappear with the money without contacting the lenders. As a result, the consumer stops speaking directly with the lender and sinks deeper into debt.
Get Credit counseling
A credit counseling agency is a good place to find payday loan help. A credit counseling agency’s list of services include financial and budget counseling, community education and debt consolidations strategies.
If you think you’ll get payday loan help from credit counseling, the U.S. Department of Justice has an approved list of credit counseling agencies by state, U.S. territory and commonwealth as well as different spoken languages other than English.
Request a consolidation payment plan
Payday loan help also comes in the form of a consolidation loan, which combines several debts into one. This lets you pay a small amount monthly toward the due debt balance and get a better handle of your finances.
A consolidation loan does not mean your debt disappears, though; you still have to pay the debt. Speak with financial institutions and credit unions about their loan interest rates and policies. Above all, make sure the cost of the new, combined loan will really be less than the total of your multiple debts. debts. Good credit could make you eligible for a low interest consolidation loan.
Lower My Payday Loans offers Payday Loan Help! For a Free Consultation, call 1-888-958-1224.