There are at least three different paths to take when figuring out how to get out of payday loans legally and they all accomplish the same goal, getting rid of payday loan debt.
But that is that is where they part ways!
Let’s take a look at the three most travelled paths people take when they find themselves buried in payday loan debt!
This is the nasty one that wrecks your credit for seven years in most states and really should be the very last resort out of the three.
I put it first just to get it out of the way so we can move on to more important and much wiser ways to discharge payday loans.
This option should be used as a very last resort short of jail time for some very large payday loans combined with other out of control debt.
If you go this route, you are in for a ride, it is no fun and very hard to recover from in any short period of time and payday loan companies do not like this option either simply because they made no money once a filing takes place.
2. Sell Your Belongings
I have had clients tell me they were told by the payday loan collectors that they needed to pawn or sell everything they could to cover their payday loan debt.
These collectors do not care where you get the money, they just want the money period.
many people have sold heirlooms, coin and car collections and much much more, even property and houses to get the collectors off their backs.
This is also not the way to deal with payday loan debt. You will loose your belongings and many times not completely pay the debt off only to watch it grow back put of control in no time!
3. Consolidation Loan
This is one of the most common ways people finally get out of their debt. Because most people who find themselves in any of the above situations have poor credit, the ones who can convince a high-interest finance company to take a chance of them clean up their payday loan debt this way.
They will be strapped with payments for the next three to six years and it will cost them less than the payday loans were costing them in interest, they will still be paying close to double the amount by the time the loan is satisfied.
4. Our Choice
I know I told you at the beginning we would explore the three ways people pay off these companies, but I left out our choice.
We recommend using a payday loan consolidation company like us to eliminate your debt!
We can show you how we can save you a ton of money, take over your loan, call off any collectors and stop any legal action just by following out Payday Loan Repayment Plan!
We actually take over your loans, make your payments and do all the talking with these companies so you will never have to talk to a loan collector again!
Do yourself a favor and give us a call toll-free at 1.877.280.5100 or fill out our form for a free quote on how we can eliminate your payday loan debt!