Facts About Payday Loans
What Are Payday Loans? – When taking about Payday Loans (or deferred deposit advances), these are short term loans, small dollar or unsecured loans which let borrowers promise to repay on their paycheck or regular income payment. Pay day loans are appealing because it is quack and little qualification is needed for one to qualify for big short-term loans and all your need is to have a check account, income of some kind and original identification; Also the borrower must be 18 and above.
Recently Consumer Financial Protection Bureau had the oversight authority to make sure consumer financial markets work for all people and not the big corporation. Its duty is to make credit services and other financial services safe and easier for the common people to understand. This enables consumers to easily identify risks and have a clear view of the dealer or service.
What Are Payday Loans Like?
Borrowers write a small personal check for the amount they want to borrow but in addition to the amount the check includes the finance charge and fee, then you can receive your payday loan when the borrowers next paycheck comes out the loan and the finance charge must be repaid in one lump sum. The average pay day loan term range is about two weeks and ranges from a hundred to a thousand dollar depending on the state. Between the interest and the finance charge borrowers usually pay hundred to eight hundred percent annual interest on this loans.
According to the Community Financial Service Association of America, millions of households rely on payday loans as a short-term credit service. This loan provides temporary help to cover small expenses such as electricity, gas, groceries, phones and rent but at a high cost.
What’s The Payday Loans Debt Trap?
Generally speaking, most consumers cannot afford to repay the entire debt on time on their next paycheck and the majority of the borrows end up taking out a second short-term loan. Among the borrowers, some end up taking at least ten or more loans, one after the other the consumer ends up paying more fees and interests on the same debt. This creates a cycle where a short-term loan typically becomes a long-term debt trap, and this is where National Pay Day Relief comes into play.
Payday Loan Relief Program
How to avoid payday loan debt trap with National Pay Day Relief’s effective payday loan relief program that focuses on customer needs and understands the need of financial management to avoid unnecessary pressures from creditors. Through our payday loan relief program we will guide you to financial dependability with our 3 step process to get rid of all your payday loans. the steps consists of payday loan debt counseling, so you can have a financial understanding on how payday loans work, Payday loan Consolidation so we can evaluate your situation and come up with a effective solution & payday loan debt settlement to set up a flexible payment plan customized to you so we can get you out of the payday loan debt trap.
Payday Loan Consolidation
Benefits Of Debt Consolidation
◊ Simplification a one-month plan and avoid multiple bill tracking & invoices.
◊ Maintain your credit score through financial planning management report
◊ Fixed Pay Off In A Set Time
◊ Flexible with safety & no interest in bank transfers
◊ Peace of mind without pressure from debt collectors as there is a plan report
This Is Good For Individuals With:
◊ Low Credit Scores
◊ A Predictable Monthly Income & In Agreement To Pay On Time Without Fail
◊ Borrowers That Can’t Get Out Of Payday Loan Debt
This Is Not Suitable For Those With:
◊ No Revenue Stream
◊ Not For Student Loan Debts
◊ Less Than A Month to a year of debt repayment
Steps To Make The Process More Effective:
◊ Clearly confirm Status of Limitation to avoid being sued or get poor credit score from your creditors
◊ Have a debt Validation letter this will help you know what is owned and help in dispute if there is an error in the report
◊ Get professional help to consolidate all your debts at a manageable lower interest rate
Getting an effective consolidation is important because it will go a long way to help you get out of debt quickly without the fear of being scammed into bigger debts. We have years of experience and helped many get out of debt with excellent reviews online and remarkable rating. From consolidating unsecured debts, credit card debts and payday loan debt; for more information contact us to get a quote and learn more about Payday Loan Consolidation to get a full picture of the program.
Payday Loan Debt Settlement
This is the process of repayment of a debt to a creditor after a mutual understanding of less than what was owed initially, Payday Loan Debt Settlement negotiation enables the borrower to reach an agreement on a reduced balance, we help you repay your debt by establishing a manageable plan where the lender is obligated to accept a plan where you repay a portion of the amount you owe rather than Declaring Bankruptcy and eventually not paying anything.
You can decide to pay off the debt yourself or hire us as we have years of experience and we will help you negotiate your debt to a significantly lesser amount than the original debt you will pay as part of the payday loan debt you owe.
Rely On Payday Loan Debt Settlement
When a creditor forces a consumer into a fixed borrowing cycle where your end up with more fees and interests on the same debt to a state where you cannot go on paying the minimum owed debt, the lender starts losing income and loan settlement provides them a way out. This helps the lender claim your accounts and loss. We will use the losses to compensate for further profits and reap the benefits of creative bookkeeping. Our services help settle the debt as the creditor is in the business of making money and failing to pay their debt may force them to take legal action or ruin your credit score, and we will help you get the best options best suited for your case.
A Reputable Payday Loan Settlement Company
◊ Never Has Up-front Fees
When a company asks for an upfront fee before the financial service & settling your debt, then it’s a scam.
◊ Authentic Certification
Official document that proves the company is genuine & authorized for the services.
◊ Performance Review
Check the reviews from past customers & their service ratings.
◊ Terms Of Your Policy
◊ Trustworthy Service
It is important to get a reliable company to start paying the lender for settlement.
Benefits Of Choosing Our Program
◊ National Pay Day Relief ◊
We are a debt settlement company that provides reliable services to alleviate your payday loan debt. We have dedicated ourselves to keeping our clients happy and debt-free. Call us or fill out the form below to get a free quote!