Nothing is more frustrating than dealing with harassing payday loan collectors.
They will drive you out of your mind with constant non-stop harassment.
We have seen about every possible way these vultures use to scare and threaten people who have fell in the payday loan trap.
Well, there is a way to stop this kind of activity and it can be done as quickly as today, but people must be educated in how these companies work and who to reach out to for help.
Let us take a look at what is available out there for the borrowers to fight back!
Getting harassed by payday loan collectors?
See how we deal with them
Know What You Are Getting Into
Most people are just happy to get some needed relief financially and do not think ahead about what could go wrong when they take out one of these loans.
The loans are set up to fail and about 80 percent of the time they do.
Let’s take a look at a typical payday loan and how they can go wrong quickly.
Sam needs an extra $500.00 for car repairs, but his credit is not good enough for him to have a charge card or for him to take out a small cash loan at his bank or credit union.
He can, however, go online and get the $500.00 deposited into his checking account within hours from an online payday loan company.
All he needs is proof of a job that pays $800.00 every two weeks and a checking account and he can get the money directly deposited within 24 hours.
What Goes Wrong
Now Sam has a two-week payday loan that cost him $150.00 in interest and is due in full on his next payday.
The total payoff is $650.00 and that is all well and good, the only way to use a payday loan service is to make sure it is paid off in full on that first due date BUT…….
You knew this was coming and yes, you were right.
On payday the loan company only took out the $150.00 owed in interest and now Sam still has an outstanding 2 week payday loan with a new $150.00 interest charge added to the original $500.00 loan with a total due on his next payday of $650.00.
Now Sam has a $500.00 loan that will end up costing him $300.00 to borrow for one month, an incredible interest rate indeed!
And that is if he figured out how to pay the loan off in full, as the loan company failed to point out he needs to call in within 3 business days before the loan payment is due and designate what he wants to pay on that payday, or they will just take out the interest due and recharge the loan with a new two week interest change.
A small point he missed when taking out the loan.
Now he has the $300.00 already invested in the loan in interest and he calls and sets up a full payment of the loan because he does not want this to happen again.
He is at least happy he has that straightened out and he goes out and gets in his car AND…… (yes you saw this coming right?) his starter goes out.
Now not only does he need a $400.00 auto repair he owes $650.00 on this loan so he does the only thing he can do, he calls the loan company back and extends the loan.
To make a very long story short this ends up going on for several months and poor Sam ends up finally defaulting on his payments.
He blew up his checking account and lost it, and now has these psycho payday loan collectors calling 24/7 and threatening him with legal action and calling his boss and everyone he listed for reference.
Now you can see how quickly things can go bad, and this is actually a very mild story. Many people end up with three or more of these loans and thousands of dollars in debt.
Regardless of how a person ends up on the wrong end of these collectors, we have the solution to eliminate all of the collection activity within a day.
If you or someone you know is in this situation give us a call toll-free at 1.877.3-280.5100 or fill out our form for a no obligation free quote and we will take care of this problem.
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