Many people who have raced out to cover their heating bills, holiday bills, or any other immediate emergencies that might have come up and found them short on cash are now scrambling to stay above water with multiple payday loans and the likes.
Here is your guide to getting out of payday loan hell, and how to consolidate debt with bad credit, all in one post!
When those stars come on the TV and tell you all you need to do is make $800.00 a month and you can get money deposited into your account in 24 hours they really are telling the truth, and it is so easy!
What they do not tell you right up front is just how much you will be paying for this money and how hard they work to collect it! Now here you sit with your bank account bouncing, your payments exceeding your paycheck, and bad credit keeping you from getting a conventional loan to top it all off!
If you have found yourself in trouble with too much payday loan debt, be it a defaulted loan or multiple defaulted loans, you need to get information on how to consolidate payday loans into one payment.
There are many different companies out there that offer the services of assuming your loans and working with the loan companies to reduce and sometimes eliminate you reoccurring interest.
They can also stop the harassing phone calls these loan companies seem to need to make every day.
By assuming your loan and making your payments, the consolidation companies form a working relationship with the loan companies and can many times stop and prevent future legal action.
They will set you up on a bi-weekly or monthly payment plan to eliminate the renegotiated balance of your loans.
These companies came be your only lifeline for payday loans that have gone south and by a bit of shopping for the right company you will be able to get relief almost immediately after signing up.
All this is done for a one time fee and many times these companies prove to be the only option for someone facing garnishment and recurring interest that can choke you to death financially.
Picking the right payday loan can be the difference between paying a one time payment and an on going nightmare of charges and non stop headaches.
I know that sounds a bit drastic but it really is true. If you are in the market to take out a payday loan you must understand the differences between brick and mortar loan companies and how they do business.
Let’s take a look at the two and see how they work. Brick and mortar businesses
These companies follow state laws and are mostly set up as a payday advance. You borrow a set amount and they add a fee and an interest charge. When the check comes due they present it to your bank and collect their money.
If you use this type of company it is recommended you make sure you do not roll over this loan, and on the first due date it is paid in full, period!
If you follow this advice you will be out the high charges but the loan will be satisfied and that will be the end of it.