Payday Loan Consolidation
Debt consolidation is a service offered by Loan Relief Service providers to facilitate debt refinancing by taking out on loan from the consolidator and using it to pay off multiple loans owed to other debtors. Debt Consolidation is a relief to personal finance because it allows you to pay off many debts simultaneously using one loan with low interest rate. It also relieves you of the nagging telephone calls by lenders among other advantages as we’ll see on this well-researched insightful post.
The idea behind debt relief programs like credit card debt consolidation and payday loan consolidation is that on contracting the debt consolidator, all the hassles involved in paying off the loan is handled by the consolidator. The consolidation company will take care of the rates, fees, re-negotiation of terms and all that’s expected of you is to pay back your debt in pocket friendly monthly payments via the loan consolidation company. Getting such a deal may be difficult if you try to renegotiate your loan with the creditor on your own.
At National Payday Loan relief, we strive to give our customers sound financial advice and effective Payday Loan Consolidation services. Our staff are well-trained professionals with years’ experience so they will figure out an appropriate financial plan to help you regain financial freedom. Our Payday Loan Relief services are tailored to help you Consolidate your Payday Loan Debt among other debts and bills you’d need financial planning help with. In this way, we help you regain your financial accounts without the worries of phone calls and mails from debt collectors.
All you have to do is get in touch with us, explain your credit situation to us and let our experienced planners take it on from there. We will renegotiate the terms for your loan with your creditors and request them to lower your interest rates or monthly payments, or both. We’ll then consolidate your loans into a single loan with a low interest rate which you can pay back comfortably in monthly payments. Converting your debts into one payable in affordable monthly instalments is our mission because we believe that all Americans whose finances are strained deserve, at least, low interest loans on their loans.
Payday Loans Are Attractive & Difficult To Quit
Payday loans are preferred by many people because they are convenient—easy to access on short notice. They are most appropriate when you get an emergency which requires money to solve. Since you had not planned for it, you will need some quick cash if you don’t have any cash in hand or if you have some little cash with you which are not enough. Obviously, payday loans will be the most attractive option in that case, for many Americans. Generally, here are some reasons why payday loans are attractive;
No credit check involved before the loan is approved
This makes application of payday loans easier and faster also an advantage to people with bad credit history because payday loan lenders don’t follow up on credits.
No restrictions on when to apply for a payday loan
You can apply for these loans any day and at any time you want to, this makes payday loans more convenient than many loan options thus very attractive.
Self-consciousness
Many people love payday loans due to self-consciousness; you know that uncomfortable feeling which comes with borrowing from family or friends? Payday loans don’t come with that much shame.
Convenient for emergencies
Payday loans are remedies for emergencies because they are easy to apply and sanctioned fast among other features.
Is Consolidating Your Payday Loans A Good Idea?
If you’re skeptical about Payday Loan Consolidation, you shouldn’t be anymore. If your payday loans are building up fast and starting to take a toll on your budget, consolidating the payday loans is the best way to repay them off. Don’t spend another minute wondering whether consolidating the payday loans is a good idea. Instead, spend the time on finding loan consolidation companies which offer Payday Loan Help services. They will find ways to convince your lender to reduce the interest rates on your payday loans, take care of charges and fees associated with your loans and eventually transform your payday loans into one debt payable in monthly installments. Besides, they give you sufficient time to pay off the loan.
Advantages of Payday Loan Consolidation
There are many advantages to enrolling for a payday loan consolidation program, here are the most renowned:
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- You enjoy low interest rates on your loans
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- Elimination or reduction of late repayment fees
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- A single monthly payment instead of multiple monthly payments
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- You get a debt repayment
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- Debt Counselling
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- You pay off your debt fast
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- Eliminates calls and mails from debtors and debt collectors
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- Raises your credit score
How To Get Payday Loan Debt Assistance
There are many debt consolidation companies out there which can help you with Payday Loan Resolution. However, not all of them have the qualified/experienced personnel to negotiate with your creditors to drop or reduce your late repayment fee and reduce the interest rates on your loans. Not all of them have established relationships with your creditors, which is necessary to make payday loan consolidation process smooth and easy on you.
For best Payday Loan Assistance, find an established reputable company. You can get one on recommendation of a financial advisor. If you are looking for a payday loan consolidation company online, be sure to skim through their website and note if they have been in service for many years. Also, compare the offers by different companies and spend some time of the feedback section of their website reading through customers’ feedback. Apply for their services only if you are convinced that their services are reliable.
The loan consolidation company may have stringent rules on loan repayment. Make sure you go through all the terms and conditions pertaining your loan repayment. Once you enter into a contract with a company, its good honor the terms and conditions of the contract. If you feel that some alterations should be made on the contract, feel free to communicate with the company in time. We hope that you found this post informative. Here are some posts you’d like to read on loan consolidation.
What Are Payday Loans
They are called payday loans because they depend on the lender having a job and living paycheck to paycheck and the loans are to be paid in one lump sum at the next payday. The loan is to pay anything you wish, credit cards, hospital, repair bills, personal loans. It is repayable by certain amounts at certain times, usually on payday, and an interest rate established when the loan is secured. Usually, there is also a fee.
So, What are payday loans? They are thought of by many as magic as they reduce the stress of being late or not being able to pay the bill at all. Generally, payday loans are easy to get and difficult to pay. There are many different payday loan companies with many different attractions, good and bad, but too many people get caught by a promising payday loan company and thereby find it more difficult than the original bills they owed.
Advantages & Disadvantages of Payday Loans
In all certainty, Payday loans can be a leverage for some in case of emergencies. If you take out a payday loan knowing that you will have the funds to pay the loan back on time or even a day or two earlier, then It’s a right move to make (only emergencies). If you are betting on fate and you’re hoping you’ll have the funds by the time It’s due to pay your loan back, then it will be your worse nightmare.
The Good Side of Payday Loans:
- A Payday Loan is easy to get
- You get the money usually as soon as the loan is approved
- Though you have specified on the loan application what the funds will be used for, you can use them for other things
- Bad Credit is not a problem
It relieves the stress of bothersome collection calls
The Bad Side of Payday Loans:
- You have to pay it back
- If you don’t pay it back on time, fees are added
- If you are not careful, interest rates are high
- There is also a fee at the start of the loan
- If you can’t pay it, you may have to take out another loan beg
- There is seldom help with financial management
- Their collection policies are often aggressive and frightening.
- Debt is usually due in one lump sum shortly after the loan is made or the next payday.
- Often you are required to make a check including fees and interest for the full amount when the loan is made.
Risks of Payday Loans
Getting the wrong loan company and thereby getting locked into too high an interest rate and very high repayment fees can hurt quickly. Once someone tells you about another company that might have been better, would have had better rates and fewer payments, and they will tell you, you will hurt. And once you have the loan, another emergency might come up, it usually does. Something breaks, the car, the refrigerator, the bathroom wall has rotted, your mother-in-law needs help and you must step up and help, but you cannot afford to do that, nor can you afford another loan. No more money can go out of that paycheck or your family cannot eat.
The greatest risk is not being able to repay that loan. The repercussions of owing a payday Loan company may be serious nasty collection procedures. These companies often come back years later and try to collect on loans that have been paid. It is best to keep all records and receipts for this reason.
How Payday Lenders Attract Us?
Their advertisements are alluring, suggesting ease and lessening of the burden. When a person cannot get help in any other way, this is a lifeline. The Payday Loan Companies know this and work their advertisements to reel these people in. No problem they say. Bad credit, no problem. You have a job and that is enough for us. Show us your pay stub. Give us a check for the amount of the loan plus fees and interest and we will give you a loan. We will give you the money right away. Within twenty-four hours it will be in your bank. You can pay those creditors and get them off your back. Sounds good when a person is under stress and doesn’t see any relief in sight. The future will be quite different but the people know people can fool themselves into ignoring the future.
Ways To Get Relief From Payday Loan Debt?
When we find ourselves in this kind of stress and have these debts, we often grab the first safety line we can. The pressure and strain are too much. Make yourself study the situation. Don’t grab the easiest situation just because they accept you when you have told yourself no one else will accept you. Not so. Most of us struggle this way. Look online or talk to a bank financial officer, be embarrassed, and lower your pride. It might mean saving yourself. It is not awful to admit this debt and talk about it. It is, in fact, a step out of trouble. Try to select a company that engages the payday loan relief program, to end involvement in a payday loan debt.
If, as most people find, it is difficult to talk to creditors to induce them to lower their interest and payment rates, find a company or structure that will help you with this. Sometimes, a good company has someone on its staff who will instruct you on how to avoid further debt.
Our National Payday Relief Programs
The National Payday Loan Relief programs are an aid to anyone who is stuck in the cycle of debt and caught up in payday loans. There is a reason payday loans are so noted that people need help in getting away from them. Their methods of attraction and procedure keep customers on their loans over and over again in a re-curing cycle, charging fees and high interest and making it difficult for people to get out of their grasp. Our Payday Loan Relief Programs help people get new loans with lower interest rates. It helps them learn new financial techniques and how to manage money. Their interest isn’t only in making money, as much as they can wring out of a person, but to help the person avoid bankruptcy and improve their credit rating. The payday loan relief program helps a person get out of the unbelievable payment cycle.
Why You Choose Us For Your Payday Loan Relief
Choose a company that cares about people and doesn’t advertise wildly. This company will help you work with creditors and will instruct you on financial planning. There will be no wild repercussions or aggressive collections. National payday relief will get the customer a payday loan debt settlement. It is accredited and has people who have served a length of time. They know their business and do it well without the condemnation of customers. This company is approved by the BBB. The payday loan consolidation helps with individual interest on separate bills.
We are dedicated in helping individuals get out of debt and to stay out of debt, to help people & families avoid being caught by ruthless Payday Loan lenders. With payday loan consolidation, clients get only one payment instead of many. The company helps people rebuild their credit rating and get out of debt fast. Clients get a debt repayment. A payday loan debt settlement moves the client out of the depressing and constant threat that has occupied his mind. We’re trustworthy and builds its reputation on helping enrich the lives of others.
Our Payday Loan Relief Reviews
Our Company has over 23,000 debt-free customers which happily rated us 4.7 out of 5 stars.
The Better Business Bureau Gave Us an A+
National Pay Day Relief FAQ
Payday Loan Consolidation: Multiple debts that are owed and need to be paid off in a large sum and breaking into smaller payments until pay off. Payday Loan Settlement: reducing a large amount of debt by negotiating a reasonable repayment plan and is mutually agreed by both parties.
The Difference between Payday Loan Consolidation and Payday Loan Debt Settlement is that Consolidation will combine everything into one large bill. It can be at once or in multiple installments until it’s paid off. Debt settlement tends to be smaller than the outstanding balance that is typically owed. This can be paid all at once or smaller payment plans as well. Also, when it comes to consolidation, the credit score can improve, meanwhile, settlement can do a little more damage. But, it will be improved later on once it’s been paid off. The settlement route tends to be the least favorite, due to the fact that the collection company wants all of the money, instead of settling for least.
How Does Payday Loan Consolidation Affect My Credit by having this temporary tough situation. Any person’s credit will go down when any charges haven’t been paid. Especially late payments. However, any person’s credit can and will go up when the payments are complete. Things can turn around because the loan can be a booster when a person makes continuous payments on the loan on time and when completed. Also, this will show that the person is responsible by paying bills on time and balances are in the positive.
Does Payday Loan Consolidation Lower Debt Amount & Interest Rates: No and Yes. No, the debt amount can’t be lower because any outstanding balances won’t be lower through the consolidation route. Due to fact any outstanding balance will be combined as one. The person can do a one time payment or smaller payments. Yes, the interest rates can be lower because finding the “best deals” on interest rates is one of the top priorities.
No. When a person goes through the consolidation process, all the debts are combined as one til is paid off in single or multiple installments payments. The paying of taxes applies for the debt settlement route because the amount owed was significantly reduced. The client will receive a tax form (1099-C) and the amount has to be more than $600. Also, clients will have to take this seriously or can face one of these options: fines, penalties, or an audit. However, each debt will be handled differently because there are several debts that can be taxed exempt.
Logically, it is better to go the Debt Consolidation or Debt Settlement route because there will be fewer side effects for the client. Bankruptcy route will always be an option for anyone as well. With the Debt Consolidation, it will be an All-In-One monthly bill cycle (or one time payment of pay in full). Eventually it will be paid off, and the credit score can increase with time and a lower interest rate. Also, the Debt Settlement is similar to the Debt Consolidation because it will eventually be paid off as well. The Debt Settlement will be a lesser-owed debt that was mutually agreed upon by all the parties that were involved. Credit score will go up as well.
Bankruptcy : As for the Bankruptcy, there are about 6 different chapters a person falls under. In addition, each chapter has different effects and how long it will stay on the credit reports. For Instance, Chapter 7 bankruptcy will stay for 10 years, meanwhile, Chapter 13 will stay for 6-7 years. Throughout those years, it will be challenging for a person to get a job, get loans such as a home or car, and etc. Added stress and possible mental issues can develop because of being held back from moving forward in life and financially.
It can range from 10%-75% reduction. In addition, it varies with each client and what problem he or she has. The power of negotiation will be the key to getting debt to decrease to a reasonable amount.
This is defined by case-by-case situations. Due to the fact that each client has different debt problems. Also, how dedicated will any client be willing to pay off the debt. However, it should take less than 5 years to be paid off on average.
There are four different types of debt relief services that National Pay Day Relief can help clients with, which are:
Option 1: Payday Loan Consolidation
Option 2: Payday Loan Debt Settlement
Option 3: Credit Card Debt Settlement
Option 4: Filing For Bankruptcy
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