Payday Loan Consolidation Companies

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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Payday Loan Help

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.

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Get Out of Payday Loan Debt

Getting out of payday loan debt is often harder than getting into it. The reasons are accrued rollover fees, a typical 14-day payday loan repayment period, high annual interest rates and the lender’s requirement for the borrower to grant access to a bank account. This allows the lender to withdraw money when the borrower defaults on the loan.

The following are some ways to get out of payday loan debt.

Contact and stay in touch with lenders.

Choosing to get out of payday loan debt by yourself or with outside help depends on personal preference. If you are getting out of payday loan debt by yourself, establish a payment plan with the lender, then seek out a local debt management program for assistance in working out the payment plan.

If you want to get out of payday loan debt with third-party aid such as a lawyer, a credit counselor or a payday loan debt consolidation company, ensure the negotiation process is occurring between the lender and the third party. The  Better Business Bureau advises that you first stay in touch with lenders and try to work out a plan with them before getting third party help. In addition, research the third party company with the BBB and read any complaints filed about it.

Understand state operating laws.

Discovering that a lender is breaking state law can help you get out of payday loan debt. Researching state laws that mandate payday lending. For example, you’re not required to pay a debt in full if a payday lender is operating in a state without a license. Also verify if it’s legal for payday lenders to conduct certain practices like charging for rollovers and the maximum allowed interest.

Deny bank access so you can deal with debt.

Closing your bank account off to the payday lender won’t settle your debt, but simply give you more time for to reimburse it without losing any more money. Write your bank or credit union for them to deny the lender access at least three business days before the next due payment. Then, send a notice to your payday lender saying you revoke authorization. Keep a record of these notices. If the payday lender is still withdrawing, close your account and open a new one.

Work with a payday loan debt consolidation company.

Talk to a payday loan debt consolidation company about how to get out of payday loan debt. The company can negotiate with lenders for a smaller debt amount on your behalf. You only have to pay off the debt monthly until the balance is settled. Research a payday loan debt consolidation company first. Get referrals.

The Consumer Federation of America has more resources on payday lending like how to avoid payday borrowing, fraudulent online payday lending, and payday loan debt settlement.

Learn more on how to Get Out of Payday Loan Debt by contacting Lower My Payday Loans! We offer Free Consultation! Complete our contact web form now!


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