Consolidate Your Payday Loans
Consolidate Payday Loans – National Payday Loan Relief is not only a debt consolidation company but also provide the best financial resources and tools to get out of the payday loan trap; We are helping consumers like you to secure their financial future. At National Payday Loan Relief, we specialize in ways to Consolidate Payday Loans.
Finding a way to consolidate payday loans is often difficult to come across and can take years to get the results that you wanted to achieve with your payday loans debt settlement process. What you need is a financial firm that know’s how to consolidate payday loans and has a full-time dedicated staff of debt settlement lawyers to help overcome your payday loan debt.
Consolidate Payday Loans With Our Program
National Payday Loan Relief has more than 10 years in consolidating payday loans. This allows us to deliver you with the best of service and a timely settlement; A debt consolidation service, like ourselves, does not work with you based only on your credit score we, work by allowing you to put all your outstanding payday loans into a single monthly payment that you can easily pay based on your budget.
Our debt management consolidation service is expertly equipped to help with payday loan debt based on an affordable monthly payment plan in settling your payday loans. The goal of a payday loan consolidation service is to get you out of your payday loan debts so that you can gain your financial stability. Programs like NPLR firm can put you in touch with the best and trusted Payday Loan Relief Programs wherever you live. Our staff specializes in getting you free from your payday loan debt by partnering you with experts like debt settlement attorneys at no cost in how to consolidate payday loans.
With National’s Payday Loan Relief Program, you don’t only get out of debt quicker without paying exorbitant fees, but they teach their clients how to pay off their payday loans through their debt consolidation program. When you consolidate your payday loans your benefits include the following:
◊ Vastly Lessen The Balance Owed
◊ Lowers Monthly Payments
◊ Automatic Debts Are Eliminated
◊ No Fear of Filing Bankruptcy or Lawsuits
◊ Your Credit Will Begin To Heal & Improve
◊ Expert Financial Credit Counseling To Help In The Present & Future
Payday Loans Are Not Your Friend
How Payday Loans Work
Many people are familiar with payday loans, especially after going through a pandemic. Payday loan businesses advertise how quick and easy it is to borrow money to cover emergencies. What is a payday loan? It is a loan for money that you must pay back in up to two weeks. The basis for a payday loan is based on your paycheck or an income that you will soon receive.
Payday lenders are very prevalent in neighborhoods, plus specially with the Covid-19 Pandemic, people can sign up for loans online. The invitation to take out a payday loan is very enticing. But you must be sure that you can meet your payback deadline. If you do not meet your deadline, you will fall behind in your payment. This will cost you more money than you have anticipated, making your money problems worse.
You as the borrower will write a post-dated check payable to the Payday Lender for the amount you wish to borrow, plus the fee being charged by the lender. Also, borrowers can give the lender access to their bank account for the withdrawal of the promised funds. The loan amounts are low, varying from $50 to perhaps $1,000, depending on what the law is where you live.
If approved, you will receive your cash amount on the same day. The payday lender will give you the amount that you have requested. The lender promises to hold onto your personal check until the loan due date, which usually extends to your next paycheck. Remember that your payback qualification is to be paid back on your next payday or the date you promised to pay it back within a two-week period.
Having Multiple Payday Loans
\Close to twelve million people in the U.S. are using the payday loan system to catch up on bills. When the payback money is gone, people find that paying back the loan is very difficult. What happens, they wind up rolling from one payday loan into another one until paying back any payday loan is unaffordable.
Now that we have been hit by a pandemic it has escalated the need for people to apply for payday loans, not once but perhaps twice. This is a cruel financial cycle, but lots of people get into crucial monetary issues. Despite the fact that a payday loan carries with it high fees and interest rates, this easily leads to the realization that persons struggling to pay it back.
Lenders are not your financial friend. Lenders expect borrowers to repay their financial obligation within the timeframe outline in your paperwork. Defaulting on payday loans only leads to penalties for missed or late payments and lots of stress. Naturally, defaulting on a payday loan greatly reduces the amount of money that you have for the month. What happens next, many people will take out another payday loan thinking that they can catch up but unfortunately the borrowing cycle only begins again. This is when people look for consolidating options to Consolidate Payday Loans to help get them out from under.
Consolidating Payday Loan Debt
One option to consolidate payday loans is taking out a personal loan. Getting a personal loan from a bank, if approved, you can pay off your payday lender quickly and responsibly. Another option you can use as a leverage is to use a credit card to transfer the balance you owe to the lender. If this case, you will owe the credit card company rather than the payday lender.
If possible, use a credit card with a 0% APR on balance transfers that you see advertised a lot. Even when you use a transfer balance on a credit card, it will cost you less than owing the loan to a payday lender. Also, there is the loan option of taking out a home equity loan that is secured by your home. The downside to taking a loan against your home is that if you fail to pay it back, you face foreclosure. The main advantage to using any of these options in Consolidating Payday Loan Debt is that you have months instead of weeks to make payments. All these options lead people to say “darn if you do and darn if you don’t.”xf
Default on Payday Loans
What happens if you can not repay the payday loan as promised? Then naturally you have defaulted.
Life can take many turns meaning that the quick payday loan of $300 that you borrowed now has defaulted which leads to an overdraft fee from your bank, damage to your credit score, garnishment & lots of collection calls.
This is why before getting a payday loan it’s important to have a financial strategy to pay them back with no hiccups to avoid Default On Your Payday Loans.
Payday lenders charge interest up to $20 for every $100 borrowed. That interest charge typically is somewhere between 15% & 20%, depending on the lender, but it could be higher.
The good news is that a national law passed regulating the maximum interest rate that a payday lender may charge.
Payday Loan Interest Rates are much higher than any other loan, based on the state where you live, payday lenders commonly charge an interest rate of $15 to $20 for every $100.
Settling Payday Loans
If you can’t repay your payday loan, there are other actions you can take to help pay back your debt, like asking your family members or close friends for financial help to get out of the payday loan debt while suggesting to pay them back without interest, if possible.
Filing Bankruptcy is another alternative, the two more popular bankruptcy options for debt relief include Chapter 7 and/or Chapter 13 but keep in mind that Bankruptcy is a very harsh decision to make by because your credit penalty for 7 years
Payday Loan Debt Settlement
The debt settlement process can be a tedious task. Debt settlement lawyers of National Payday Loan Relief will negotiate with your creditors, which in this case is the company that owns a payday loan business.
The idea is that you must still pay back your loan but at much lower rate and a negotiated lower total amount. Using our services of a settlement lawyer to consolidate payday loans is different from what debt resolution lawyers generally represent which are credit card debts, medical bills, and retail store cards.
Payday Loan Consolidation Program
To relieve your financial payday loan stress talk to professionals of National Payday Loan Relief. The services of we provides to help you get out of payday loan debt can help you pay off your debts without a negative Credit Score.
There is a solution to consolidate payday loans and these experts with years of experience will give you the tools to process your payday loan debt and how to successfully pay it off. Please note that there is a fee affixed to your payback consolidation loan. The fee on a consolidated loan is often the percentage of the face value of the check but depending on where you live, your fee amount could be based on increments of the money borrowed.