Are you drowning in Payday Loan Debt?
We can help.
Our goal is to get you out of debt and help rid yourself of multiple high-interest payday loans.
Payday debt relief is aided through loan consolidation – a process of combining multiple payday loans into a single lower interest loan, which can help you repay your debt in less time and at a lower cost.
We help to get you out of debt.
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What is a Payday Loan?
A payday loan is usually a high cost/high interest, short-term loan that is typically due on the next payday. It’s a method to access immediate cash in advance of the next paycheck. A low credit score typically has no affect one a person’s ability to get a payday loan.
Lenders will verify income and a bank checking account to determine ability to repay. At this point, the lender requires a postdated check in payment of the loan amount and fees.
The Bad Part
HIGH INTEREST RATES / FEES
Depending on the state, payday loan interest rates can be astromincal. According to the Center for Responsible Lending, the average APR in Nevada, Utah Texas, Ohio and Idaho exceeds 650%!
In many cases, borrowers need to take out another payday loan to pay off the first one, also known as “flipping.” Since future earnings are already spoken for, it can create a serious hole in terms of cash flow. This cycle often continues into a 3rd loan, a 4th loan, and so on.
The lender may provide continuous financing by rolling over the loan into a new term. However, the original balances will remain outstanding and continue to accrue high level interest. The result is a cycle of growing debt that becomes very difficult to payoff.
A debt consolidation service can help to combine multiple high-interest loans into a single lower-interest loan. Managing one affordable payment is much simpler than keeping track of multiple loans. More importantly, a lower interest will save the borrower significant amounts of money.
A responsible debt management plan will have the borrower heading in the right direction towards paying off debt and getting free from this vicious cycle. Contact us today for a free no-obligation consultation.
We Can Help
Our network of experts have been helping individuals, like you, for years.
Do I Have A Case?
If you have amassed Payday Loan Debt, contact us for a free hassle-free consultation.
Our team of experts has extensive experience helping borrowers get out of bad debt situations.
Contact us right away to set up a free, confidential and no-obligation case review. We’re ready to fight for you.
27475 Ynez Rd #708, Temecula, CA 92591