Get Out of Payday Loan Debt – Imagine you go to work in the morning only to come home to a broken water heater. All of your personal belongings are drenched in water. You contact your insurance company only to be told your home owner’s insurance policy doesn’t cover losses incurred during flooding. Immediately, you begin to panic, wondering how are you going to get this big mess fixed. All of a sudden, a commercial comes on television about a quick and easy payday loan. Without hesitation, you give them a call, submit your application over the phone with the company’s representative and they inform you that you are approved. The next day, you visit the company with your most recent pay stubs and identification and walk out with a check in hand. Once the check is cashed, you are able to make the necessary repairs to get your home back in order. Thirty days later, your first payment is due and you are able to make the payment with no problem. In fact, the next several payments are made without any challenges. After you review the statement, you realize that a very small amount, if anything, has gone towards paying the actual balance.

Unfortunately, scenarios such as these are more common than you could imagine. Many consumers get caught in the trap of payday loans with no favorable way to escape debt. The never ending payment cycles seem to make little difference in the overall balance of your loan. There are options for payday loan debt relief and numerous ways to consolidate. One way is to ask for a debt settlement with the loan company. This option is most favorable if you find yourself delinquent on a loan and simply want to settle the debt. Payday loan debt consolidation could also include paying the loan off all together, filing bankruptcy or refinancing the loan with another company. The ultimate goal is to stay out of the payday loan cycle.

This option is the most ideal option for any consumer that has a payday loan. While this is not a way to consolidate payday loan debt, it is a way to eliminate this financial burden and get out of debt all together. The key with this option is being disciplined enough not to borrow any extra funds. This only prolongs the process and digs you deeper in the hole. Paying off your loan would require discipline, especially if you are planning to pay it off over a period of installments. For example, paying an additional $100 per month towards the principal balance. If, however, you are able to pay one lump sum to pay off the debt this is the most ideal scenario. Oftentimes consumers utilize their tax refunds to pay off their debt with a payday loan company. If you are planning to pay off the loan early, it is important to read the fine print of your agreement. Sometimes, payday loan debt consolidation companies require an early payment penalty in addition to the principal balance. In such cases, you would need to determine if this is the right loan for you or factor the early payment penalty into your payoff amount. Paying off your loan in its entirety is one way for debt relief.

If a payday loan debt settlement offer is not accepted by the loan company, there are other ways to completely eliminate the debt. Keep in mind that loan relief can come in many different forms. Filing bankruptcy is an alternative and while this is not the most favorable method, it is a method nonetheless. In most cases, a chapter 7 will completely eliminate the debt. It is advised to seek the advice of an attorney. Some payday loan companies will include statements in the loan paperwork which indicates that the debt is not dischargeable in bankruptcy, usually, this is not true. Again, it is best to seek the advice of an attorney that specializes in this type of law.

Loan consolidation is a method designed to combine multiple high interest loans into one loan with a lower monthly payment. Oftentimes, debt consolidation loans will allow you to consolidate all of your payday loan debt and provide relief when you need it. With a consolidation loan you could pay off your payday loans, credit cards and any other consumer debt you may have. These types of loans are sometimes referred to as personal loans and have more advantages than payday loans. The advantages of a personal loan include:

• Lower interest rates – personal loans often have lower interest rates than payday loans
• Lower monthly payments – a personal loan allows you to make fixed payments every month so there are no surprises
• Payments that affect the principal balance – with a personal loan more of your payments go toward the principal of the loan which allows you to pay the loan off quicker
• You can’t renew the loan – with a personal loan you borrow a fixed amount and pay it back over a period of installments with a definitive end date

Anytime you are faced with a challenge pertaining to your finances, you have to determine if you’re making the right decision and if that decision will resolve your problem or add to your problem. Payday loan debt relief is an issue that can be quite overwhelming for many consumers. Obtaining a personal loan can be the solution you need to end the cycle of payday loan payments. When applying for a personal loan, you may be required to provide financial information such as income or tax documentation. The ultimate goal is to relieve you from the burdens of your payday loan.

National Payday Loan Relief is a company that offers payday loan debt relief to consumers who have found themselves in the payday loan rat race. They offer services to help consolidate your existing payday loan. Their payday loan debt relief services include eliminating and settling any unsecured debts that you have. As mentioned earlier, bankruptcy may not be the preferred method to relieve yourself of any payday loans. It is important to have a team of experts on your side that can help resolve this complicated issue. Their payday loan debt settlement program offers the professional services you need to relieve yourself of the high fees of your payday loan. Their initial consultation process will determine your qualifications for the program and their goal is to set a comfortable monthly payment that will fit into your budget. Their team of legal experts are there to assist you in getting out of what seems to be an endless payday loan trap. National payday loan relief offers free consultations and a no-obligation quote.
Under certain circumstances, they may even be able to eliminate your payday loan debt all together. They’re knowledgeable and expert team of negotiators will help you settle your debt with your payday loan lender. They will work to eliminate or reduce any and all interest, penalties and fees. While they are not lenders, they are able to work with your payday loan lender to have all of your unsecured payday loans consolidated into one low monthly payment. Give them a call today they have experts waiting to assist you in alleviating the headache of your payday loan once and for all.