Do Payday Loan Debt Relief Services Really Work?

Payday Loan Debt Relief ServicesIn this post, we will take a look at all of the different payday loan debt relief services and payday loan debt relief companies that are available to you and what they have to offer.

We will cover both web-based and brick and mortar Storefront businesses and take a look at how the different businesses operate and what if anything you should look out for when considering doing business with one of them.

[Check out our number one recommendation for eliminating payday loan debt here!]

The Different Types Of Loans


consolidation companiesThe first thing to understand when we talk about these companies is how they function.

There are basically two ways to consolidate your loan debt available.

One way is through a conventional loan from a bank or a finance company with a payback of a couple of years of payments or even more. Unfortunately, statistics show that most people who find themselves with the need for this kind of help not being able to qualify for the loan.

This leaves them with the second option, a payday loan consolidation loan.

Help To pay Off Payday Loans
Everyone Qualifies!

Everyone who has an income will qualify for this type of loan and you can get the ball rolling almost immediately simply by filling out a form or making a quick phone call.

What they do is consolidate your debt into one repayment plan through a third party, the consolidation company.

Since this path is the most common for people in trouble with this kind of debt, let’s take a look at this choice closely.

How These Loans Work


Be it an online or storefront company, the process is the same. Let’s take a look at what happens.

  • You contact the company for help
  • The agent will sign you up.
  • An agent will then take over your loans and work directly with the loan companies, you will no longer have to talk to them from this point on
  • The agent for your company will negotiate a new balance of each outstanding account by getting the interest and late fees either reduced or eliminated completely.
  • He/she will then combine all of these new loan amounts together for a new loan balance.
  • He/she will then create an affordable repayment plan that fits your budget.
  • The plan will consist of your new balance of all your remaining debt into one affordable monthly, bi-monthly or weekly payment with the hopes of having most of these consolidation loans paid in full within 18 months.
  • You will then make your arranged payments on time to the consolidation company and they, in turn,  will send out your payment to the payday loan company or companies, depending on if you have only one or multiple loans.

In other words, they work directly with the loan companies and you will not have to have any contact with the loan officers at all.

It is a process that works and one we highly recommend!

It will relieve all calls, legal action and threats from the bill collectors almost immediately, reduce the amounts you owe in most cases by well over 50% and have you out of debt in most cases within 18 months.

With everything in life, there are always the good and the bad to be considered in every situation, and these companies are no exception. You must do your research and make sure you are using a reputable company that is really there to help you and not just make money by taking advantage of your hard times.

What To Watch Out For


eyes watchingThere are many reputable companies who offer these services but there are also those who just care about taking your money.

The biggest thing to watch out for is the lack of contracts, the amount they want to charge you and how long they hold your money before they actually make the payments to your loan companies. Also important is if you use an online company where are they based. Try to steer clear of overseas companies as they are less likely to follow US laws.

We have one we recommend to all of our clients because they simply are the best out there!

They have a proven track record of putting themselves in their client’s shoes and really helping them. They understand the pain and worry that goes along with this kind of outstanding debt!

You can check them out by reading our article: Payday Loan Repayment Plan

Or give them a call toll-free at 1-877-280-5100 for immediate assistance!

Summary


We have covered all the different ways to consolidate your payday loan debt and we have given our number one recommendation on who we trust and would do business with.

We hope this helps you in your journey to eliminate your payday loan debt!

Have any questions or comments?

We want to hear from you!

Please leave them below in the comments section and we will promptly respond!

[Check out our number one recommendation for eliminating payday loan debt here!]

12 thoughts on “Do Payday Loan Debt Relief Services Really Work?”

  1. Debt is something most people will experience some part of the life. I have a loan as well, and it is not funny. I took a consumer loan which has a sky-high rent. Maybe this company can help me. What do you recommend me to do? I have a loan for like 45 000€ :/

    Stein

    1. Hey Stein!

      Customer loans are usually high interest and their is not much you can do about them besides trying to get a lowr interest loan to pay it off. Remember, if you pay it of early you should be able to avoid that high interest.

      Good luck and if you have any problems with payday loan debt we would be more than happy to help you out!

      Shawn>>

  2. This is a subject I really hold close to my heart.  Being in debt is horrible and can cause many problems.  A family member of mine got into a crazy amount of debt and had to seek options to help them out of it.  I believe he used the payday loan consolidation loan option himself, and it really helped him out.  He didn’t quite get 50% of his debt reduced but it was near 35 to 40% i believe.  Hes now out of debt which is good.  Thanks for a great article.  This will really help anyone else in financial trouble.

    1. Hi David,

      I am glad your family member found some help with all that debt!

      35 to 40% works and an really change a persons outlook. I hope they are doing well and if you or anyone you need should find themselves in need of our help please contact us, we would be glad to help!

      Shawn>>

  3. Hey Shaun,

    Years ago I used a consolidation company and it was not a pleasant experience.  I have since gone back to school and racked up some serious debt with that.  I have student loan and credit card debits.  However, I still use my credit cards.  Would this still be a beneficial program for me?  Would I need to just pay off my credit cards?

    Thanks,

    KARA

    1. Hi, Kara!

      Yes, this kind of program could really help you but you would need one that does credit card debt. We only cover payday loan debt.

      Check out some of the online credit card consolidation companies and best of luck!

      Shawn>>

  4. Hi Shawn,

    I have a question concerning the Payday Loan Debt relief service.  What you describe in your article sounds like a proposal that a trustee in Bankruptcy would do.  What is the difference between the a proposal from a Trustee in Bankruptcy and a Payday Loan? 

    And do Payday Loan charge a flat fee or is it just like an interest bearing loan?

    Thanks!

    Denis

    1. Hi, Dennis!

      Great questions. Yes, we are like a trustee as we represent the client and do all of the correspondence between the loan companies and the clients. We charge a flat one time affordable fee for our service and we also get large amounts of the outstanding balance written off the loan as another perk.Because we work with these loan companies daily they know they can collect more money working with us than against us.

      Thanks for the questions!

      Shawn>>

  5. I really thought this article was interesting just because I have some debt going on myself. I don’t really have any loan debt going on right now but I am curious to know if this contain to credit card debt as well? If not, do you know how I can consolidate credit card debt.

    1. H, Courtney!

      I am so sorry you are dealing with credit card debt and I wish we could help you with that but we stick to payday loan debt. There are companies out there that do cover credit card debt and I would just do some research and find one you can trust.

      Good luck!

      Shawn>>

  6. Hi,

    the second option that you recommend, sounds great.  However, do you know of good companies that can handle those internationally?

    If only we did not have to make loans, it would be great.  However, someone told me recently that it is actually good for someone to make a loan or have a least some debt.  Why?  Because then you strive for something and you have to be on budget during that time. 

    For years I did not have debt neither did I have a loan, and I noticed that my paycheck was never enough, because I spent more and more.  If you have the money, even if you have good saving habits, it is easy to roll away through your fingers.  

    Now that I am in debt, I am certainly motivated to work a little extra to be able to pay down sooner.

    Great article,

    Oscar

    1. Hey Oscar!

      Some great points about learning the value of money!

      Thanks for stopping by and keep thinking this way!

      Shawn>>

Leave a Reply

Your email address will not be published. Required fields are marked *

*