There are so many payday loan debt solutions out on the web today and people can get very confused on which way to turn for help with their out of control payday loan debt.
We have seen countless scam consolidation companies and scam loan companies advertising installment loans that are in reality worse than the original loans the customers have now.
There is no lacking of companies out there trying to take even more advantage of people’s misfortune and it looks like there always will be these kinds of people laying in the grass just waiting to strike.
We took some time and checked out several different types of solutions offered on the net today and the following is the results of what we found.
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Before we jump into our results let take a look at this video which shows how payday loans work and how they can trap you.
OK, let’s take a look at the solutions to eliminating our payday loan debt we explored and what we think of them!
I have had customers contact me and ask what will happen if the just ignore their payday loan debt?
They have already defaulted on their loans and what more can happen?
Well, there are things that will end up happening, and all of them are bad.
These loan companies will start calling you, your work, your friends, your references and they will tell everyone you are in default and not paying your bills.
They will also keep hitting your bank account until it is hopelessly in the red from inefficient funds charges.
They could possibly even sue you.
We recommend not going the route, there are better options.
A conventional loan
Getting a conventional loan is one way of eliminating your payday loan debt, but it is not the wisest way to go.
Most people will not really even have this option as they have poor or zero credit to begin with and that is the reason they ended up using payday loans to begin with.
The ones that do end up qualifying for an installment loan will see themselves supplying at least three times the amount of collateral over the loan total, and will end up with a less than desirable high-interest rate and payments spread out over between three to five years.
The length of these types of loans and the high-interest rate is enough for us to recommend not taking this route!
In no way shape or form should one even consider this option.
There are other solutions that will not destroy your credit for the next seven to ten years.
This option really is not an option at all!
Take out another payday loan
After watching the video, we know this option will not work!
By taking out another payday loan we are just starting the payday loan trap process all over again and complicating the whole situation.
This will lead to more of the same debt, more collection activity and more headaches for the borrower.
This option should also be completely avoided.
Payday Loan Consolidation Company
This option is the only viable option a person should consider when in trouble with payday loan debt.
People misunderstand how this option works and many think it is an actual loan, but they are completely off the mark in that thinking.
A payday loan consolidation loan is really just a combination of all your payday loan debt and companies if you have more than one all combined together into one low bi-weekly or even monthly payment.
You will be making that payment on time to the consolidation company and in return they will make the payments to the loan companies.
By using a reputable consolidation company, you will get your interest stopped and many times greatly reduced and all collection activity will cease.
Within hours of hiring one of these companies, your worries with this payday loan debt will be over.
This is our recommendation for a quick and easy way to lower your payments, stop all harassing activity and get this debt eliminated usually withing 18 months.
We have covered several options for payday loan debt solutions and found only one to be of any real use in eliminating your payday loan debt.
Our recommendation is that you use a payday loan consolidation company to eliminate your payday loan debt!
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