I get calls and e mails all the time with the subject line saying “I need help paying off my payday loans.”
Because of the lure of same day cash and the ease of getting the money deposited into your account within hours, online loans have skyrocketed.
While this is a common problem across the country, even in states where online loans are illegal, it seems that most of the people who are asking for help have no idea where to find it.
Taking out an online payday loan can send you into the payday loan trap about as quickly as anything, and once there it becomes a full time effort to get back out of the trap, unless you know what to do to get help.
Want to see how we can help you with payday loan debt?
Where to find help
There is help available through what is called a payday loan consolidation company.
Before we get into where to find them, lets take a look at why a person ends up needing them.
let’s just concentrate on online payday loans.
These loans differ from storefront loans in that when the due date comes around, they only take the interest out of your bank account, unless you specifically tell them within 3 days of the due date what to take out above the interest amount.
If you do not contact them, you are left after they pull out the interest due, with the complete loan amount plus a new round of interest.
A store front store will take the whole total of the loan plus interest out of your bank account unless you extend that loan by contacting them before the due date.
As you can see, the online loan procedure could bury you in debt rather quickly.
You can use payday loans for short term problems if you follow these simple rules:
- never take one out that you can not pay in full on your first due date
- Always understand all of the terms
- Never take out more than one loan at a time
- Never extend a payday loan
For those of you in need of help paying off your payday loan debts, go ahead and click the button below for financial freedom from these debts!
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