Did you know that over 12 million Americans take out payday loans each year? Many of these people take out loans just to pay for basic necessities like rent and groceries. Most payday loan lenders charge over 200-900% on loans.
If you took out a payday loan and can't afford to pay it off in full. You should contact a payday loan relief company. Because once you start paying the high-interest rates, fees, and the payment based on the loan contract. It is almost impossible to pay off the loans. You also will be giving away the majority of your paycheck and income.
Many of the payday loan lenders violate the usury law in your state and overcharge on max cap interest rates. They also often violate the FDCPA and TCPA law while trying to collect on debts.
If you are not well versed in the debt collection laws and lender requirements of the payday loan lenders in your state. Consult a specialist in the debt relief industry. OneFocusFincial.net is a great resource and company you can use.
If you are just making your payments and not calculating exactly how much is going towards interest and fees and it is a smart idea to get payday loan help. Once you start taking out one loan to pay off another. Your debt situation can get out of control very fast.
Everyone has things they are good at and enjoy doing. If you hate budgeting, calculating your debt to income ratio, and adding up what all your bills are, and setting up a repayment plan. After you enroll in a payday loan relief program you will have a personal debt negotiator working on your behalf.
This is an indication you need payday loan assistance. A legitimate payday loan consolidation company will do all this for you. They will calculate your debt to income ratio. Then the debt relief company will customize an affordable repayment plan for you based on your current income.
Then the debt relief company will contact all your creditors and handle all correspondence for you. Depending on how many creditors you have this can become a full-time job, not to mention a headache when debt collectors keep calling you at home or at work. This can all be done with one affordable monthly payment.
Most of the time the payday loan debt settlement company can cut your payments in half and you will also get out of debt sooner. This is obviously a much more cost-effective and better option financially.
Best of all a payday loan settlement company can settle your payday loans for typically
40-60% of the principal balances. make sure you get signed settlement letters from each account they resolve. This is the proof they are doing their job and so you can see exactly how much money they are saving you.
We hope this information was helpful. Please leave a comment if you have questions or would like to read about other aspects of debt settlement, payday loan relief, or credit repair.
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