What Our Payday Loan Debt Relief Process Is Like
We know how difficult it can be to get out of debt. We’ve seen the toll it takes on people’s lives, and we want to help make things better.
That’s why our payday loan debt relief process is designed with your needs in mind. With a team of experts assisting, you every step of the way, you’ll find that not only will your finances improve, but so will your mental health.
What You Need To Know About Payday Loans
If you need cash now, but don’t get paid for a few more days, payday loans allow you to take out a cash advance from your next paycheck. These loans are generally pretty low in value and easy to qualify for.
When you apply for a payday loan, you agree to pay back the amount of the loan plus either interest or a fixed fee based on your loan. Some payday loan lenders charge $10 per $100 borrowed. charge $10 per $100 borrowed.
If you’re worried about being approved due to your credit, most employed individuals can get approved for a loan. As long as you have been at your job for a bit and have a valid checking account, you should be able to get a payday loan.
A payday loan is a tempting idea, especially if you find you are in a bind. It’s important to take into account whether or not you can comfortably afford a loan payment on top of your other expenses.
A lot of people get into trouble with these loans because payday loan borrowers authorize the lender to debit your account, pulling the loan payment whether you’re ready for the money to come out of your account or not.
Why The Payday Loan Relief Process Is Crucial To Saving Your Finances
Payday loans are commonly considered predatory lending, and as such, they prey on people in vulnerable situations or emergencies and trap them in a cycle of exploitative interest rates, high fees, and even hidden charges.
By trapping you in the continual cycles of taking out loans, taking rollovers, paying off the loan, and immediately taking out another loan, these payday loan companies are holding you hostage. By allowing this cycle to deepen and get more serious, you are placed further and further into financial jeopardy.
By enrolling in a payday loan relief program, the interest and fees can immediately be stopped, as well as the constant phone calls from impatient lenders. Then we go to work negotiating your debt down to more manageable levels and help you pay it off with lower interest. This can potentially save your financial future.
The National Payday Loan Relief Process Program Highlights
The National Payday Loan Relief process is much simpler than it might seem. Here is a basic rundown of what to expect when you participate in the program
Consultation
When you contact us initially, we can either set up a time to do the consultation or we do it then. The consultation is a very straightforward step where we will gather as much data and information as we can.
We will work with you to list out the payday loans that you have out currently, as well as who the lender is for each. We will also get some basic information about your other finances, like income, expenses, and so on.
Qualification
Since National Payday Loan Relief does issue you a legitimate loan, although, at a lower overall APR, they will need to do what’s called a “soft pull” of your credit report. This doesn’t impact your credit score like a “hard pull” can.
This evaluation is our attempt to ensure that we help people that are in a position to be effectively helped. We want to make sure that we are not making promises that we cannot fulfill. There are some extreme situations where consolidation may not help, and an option such as bankruptcy is the primary avenue for relief.
Enrollment
Once the qualification stage is complete, you and the payday loan consolidation specialist will discuss your options for enrollment. This will include determining what a comfortable monthly payment would be from our options.
Once the details regarding payment and the terms of the charges are agreed to, you will have the option to enroll and begin your program. Once you enroll, we will officially become your advocate and agent for settling your payday loan debts.
Negotiation
Once enrollment is complete, our team of experienced collections attorneys will go to work for you. They will contact your lenders directly, and negotiate the settlement of your short-term loan debt on your behalf.
Our lawyers are often able to get significantly better rates of settlement and repayment agreements with lenders than the average consumer. This means more savings for you and, ultimately, meeting your goals of a debt-free life sooner.
Consolidation
Once negotiations with your lenders have concluded, you will have the final details about your repayment plan. At this point, you and your consolidation professional will discuss the consolidation loan amount, terms, and payment options.
Be sure that you can commit to the payment amount and payment schedule before finalizing anything. If you are going to do it, you want to be sure you do it right. Once the details of the loan are all agreed to, the loan will be issued and your repayment program will be in full swing.
Payment
Before the consolidation loan is issued, you and your payday loan consolidation specialist will go over all the particulars for your loan. This will include the payment amount and frequency.
Once your enrollment and repayment are active, make sure you stay current with your payments. This will ensure that you keep your consolidation loan in good standing, and will help you complete your program and pay off your payday loans as soon as possible.
Completion
Once you complete your consolidation program, often between 2 and 4 years in length, all of your payday loans, as well as your consolidation loan will be listed as paid.
In the meantime, if you have been making your consolidation payments on time, you should see a considerable boost to your credit score from the timely payments.
If you are looking for a payday loan debt consolidation company with trustworthy credit counselors to help you improve your financial situation, give us a call today at 1-888-407-4521 or click the button below and fill out the form . We offer a free consultation.
