In 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.
The Different Types Of Loans
The 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.
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
There 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!
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!
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