Best Payday Loan Consolidation Companies
Everybody wants to become free from their debt. Payday Loan consolidation might be the solution to this crisis. There are many plans for paying the unsettled debt or lower it down to a suitable level. It is easier to get credit, but difficult to repay it. If you have many debts to repay, payday loan consolidation plan requires compensating them to one. Debt management plans needed to ensure a lower interest rate or fixed interest rate or to make different loan to only one loan. It is a tool for persons who consider that their debts are difficult to pay off.
Here are few reasons why you should search for the aid of a Payday Loan Debt Consolidation Program.
- To lower your monthly payment
- To reduce interest rate
- To terminate late and over limit fees
- To stop harassing calls from lenders
- To avoid legal traps
- To refinance a car/student loan or payday loan to a lower rate
- To negotiate terms for you
- For financial freedom.
This probably brings a question to your mind – why creditors work with payday loan consolidation firms like us? I’m glad you asked!
If you are one of many Americans trapped in debt, probably you already found your debt consolidation company to get you out of debt. You have done all the work you had to do to gain control in contradiction of your moneylenders. Then all of a sudden, your lenders tell you something that makes you feel hopeless: “We do NOT work with payday loan consolidation companies.”
Don’t worry! Here are few causes why your creditors will ultimately work with your debt consolidation company.
Every payday loan consolidation companies will recommend you to close the bank account that your creditors got access to. Also, your consolidation company will send legal papers to your creditors to cancel their authorization to spontaneously charge your bank account. The closing bank account will make sure that there are no unofficial bills coming out of your account.
Consolidation companies will also send legal papers to money lenders to stop and desist additional communications with you. According to the Federal Trade Commission, moneylenders have to follow certain rules and regulations when collecting a debt. If your lenders do not follow these rules, your lenders can be fined up to $1000per each phone call they make.
Many people think they will get sued if they don’t pay off their loans. Most of them don’t have any idea about what a creditor can do. Most of the financiers (especially online based) are not approved to loan money to individuals living in the United States. This means payday loan lenders don’t have the ability to take you on the court. This is a trick to scare you so that you pay off your debt.
Now, How to find the best payday loan consolidation company ?
There is no speedy and relaxed way to find out right debt consolidates firms. However, there are few things you can do to find out if a company is credible or not and keep an eye on these features.
The Better Business Bureau. Do a quick Google search to find out if a company BBB accredited or not. Check their reviews, success rate, and process.
Are they registered? See if they’re registered. A good reputable company will maintain their reputation by registered with The National Foundation for Credit Counseling or The Association of Independent Consumer Credit Counseling Agencies. If registered check their ratings.
Non-profit: Some debt consolidation company claim to be non-profit. To find out if they are non-profit or not ask to see their 501(c)(3) certificate. This certificate is the confirmation of a non-profit company. Does non-profit company charge you for their services? Of course, they will. They have to keep their business running. Compare the fees with other profit companies to be sure they charge you lower.
Avoid Debt Consolidation Scams
Nowadays, many companies call themselves reputable but they are not. They are mixing themselves with scams. Try to avoid those scams. Simply keep your eye and ear for these red flags-
- They will try to sell their additional services other than debt consolidation.
- They’re loud-mouthed or aggressive.
- It will be a quick and painless process.
- They have special access to federal student loan assistance.
- If they guarantee and it is a classic sign of a scam.
- They charge you before it does anything to help you with your debts.
Debt Consolidation will turn the entire payday loan into a single one; can condense the monthly cost of repaying your debts. It will be lower interest rate and a true time saver. Try to avoid scams. Everyone knows that maintaining debts can be the extensive procedure and painful. Debt consolidation can make it easier.