Payday loan consolidation companies can bail you out payday loan debt. The right one can rescue you; the wrong one can sink you deeper into debt.
Payday loan consolidation companies have consolidation and debt management programs that will help you keep monthly payments manageable, eliminate excessive fees and handle debt collectors for you. They will also customize a payment plan for you to improve your money management with detail such as length of time for you to repay your debt and how much you owe per month.
Regarding payday loan consolidation companies, here are a few things to remember:
Are there any upfront fees?
Reputable payday loan consolidation companies will more than likely offer free counseling when discussing your financial situation. In addition, if a company sets up a payment plan with you, make sure that the money you give the company goes to the creditor, not for the company to keep as a “fee” or “donation.” Ask the company for a written copy of their policies to ensure there are no hidden clauses.
Look into payday loan consolidation companies.
Many payday loan consolidation companies are listed on the Better Business Bureau (BBB). Find some in your area and see what complaints, if any, customers filed on the website. However, a company that has no filed complaints with the BBB doesn’t ensure its legitimacy. Seek referrals from people including family, friends and coworkers.
Don’t fall for easy promises.
Dishonest payday loan consolidation companies will promise the impossible task of resolving your debt within a few days, or that they can eliminate your debt altogether without you paying. Such goals cannot be achieved through legal means. It will take at least a few months for you to settle your debt. It’s better for you to arrange a payment with the company, and it, in turn, will negotiate with the lender for a lower debt balance.
You should have an individualized payment plan
Payday loan consolidation companies should customize a payment plan according to your lifestyle, budget and other features of your financial situation. If a company offers you a cookie-cutter payment plan, it’s not a reputable company to work with. A payment plan should not only outline the total amount owed and monthly payments, but also educational resources in which you can learn better financial management.
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