Welcome to Payday Loan Debt Helpers – We help with providing debt consolidation
What is payday loan help and how we provide it?
We are a consolidation company that assists individuals who have multiple outstanding payday loans. We help people combine their loans into one easy-to-manage monthly payment and escape the debt trap. Cash advance loans can quickly get out of hand and cause severe financial distress. If you find yourself in a tough situation, we can help you and provide immediate relief if you qualify for our debt consolidation program.
A debt consolidation loan is a financial instrument that is used to provide repayment of the debts you already have. This is achieved by combining them into a single and easily manageable monthly payment with a new interest rate. Thus, you can decrease the number of different bills you have to repay and the interest rate.
Usually, new consolidated loans are unsecured. This means that they are based only on the borrower’s promise to pay. That does not in any case mean there isn’t the possibility of taking out a secured loan which is guaranteed with a valuable piece of the borrower’s property. A valuable asset would be a house, a car or even a different bank account or insurance policy on the borrower’s name. Of course, it is most common that unsecured loans are taken. Normally, secured loans would come with a lower interest rate.
To decide whether debt consolidation is the right thing for you to do, you should keep in mind both its advantages and disadvantages. To simplify the debt repayment schedule, lower the interst you’re paying and regain some of your credit reputation – these are the common advantages of debt consolidation. However, make sure that you’re not cancelling all your credit cards at once after repaying your debts. This is a common mistake and usually leads to damages on your credit score.
How can taking out a payday loan lead to debt consolidation?
A payday loan generally refers to financial aid given to a debtor by the creditor and is expected to be repaid with funds from the debtor’s next paycheck. It is a short-term unsecured loan. This means that it has a shorter maturity period hence should be repaid quickly. No property is attached to it as a guarantee in case the debtor fails to repay. Instead the payment is based more on trust.
However, in desperate times you may find yourself applying for another loan if the previous one did not actually meet your set obligations. Many people also choose to renew their loans by just paying the interest. This starts a vicious cycle that can be extremely difficult to get out of. In the event that you fail to make payments promptly, the collection calls and threats of lawsuits from your creditors start. Instead of renewing the payday loan it is advisable to turn to a debt consolidation company.
How to know whether you qualify as a loan borrower?
There are only three equal important conditions that determine whether you qualify for our consolidation program or not. First of all, you should have a source of income that would guarantee your ability to repay. Secondly, you have to be obliged to at least two preceding payday loans. Lastly, your combined debt should be amounting to at least $1,000.
What are the benefits of payday loan consolidation?
If you are wondering whether you should make the step towards payday consolidation, you should keep in mind the following benefits of doing so:
– If you choose to consolidate your loans, you would practically combine them into one monthly payment which is much easier to manage.
– You would also eliminate or significantly reduce the interest rates you’ve been paying for your debts.
– You would also get rid of collection calls and harassment by your former lenders.
– You wouldn’t be obliged to pay any upfront or hidden fee.
– Everything is done in a private and secure manner.
– There’s no need to come to our office – all the paperwork is done online.
– You’d be surprised by the fast and proven results of payday loan consolidation.
– The psychological benefit is obvious – reduced stress and a happier and more fulfilling life.
– And finally, you’d get all former lenders out of your bank account and thus be able to save money for yourself.
How to get started immediately?
– Fill out our free evaluation form or call us directly.
– Tell us about your payday loan obligations and our trained counselors will give you a free consultation.
– We’ll give you a free quotation detailing how much and for how long you would need to consolidate to get rid of your payday loan debt.
– Sign up securely from the comfort and convenience of your own home.
– We’ll contact your lenders and negotiate for a settlement of your debt.
– You direct all your creditors and lenders to us and don’t have to deal with them yourself anymore.
– Make one monthly payment into a secure escrow account.
– As the funds build up, we’ll make payment to your creditors on the agreed settlement amount.
– Complete the program and you’ll be debt-free.
Are there any other options?
There are other legal options that are conducted with the obligatory participation of the court. These are consumer bankruptcy and liquidation. Bankruptcy is about re-organizing your payment plans and liquidation is about deleting the unsecured debts and repaying the secured ones. Liquidation usually requires selling property. Both procedures require the obligatory participation of your creditors. These procedures have a serious negative impact on your credit history depending on its situation. In general, most unsecured debts can be included in your bankruptcy filing and be discharged. However, bankruptcy should be viewed as a last resort as that can have a lasting negative impact on your credit history. You also need to meet income and asset requirements to qualify for a Chapter 7 Bankruptcy.
Home Equity Loan:
Sometimes, it may be possible to use your house to pay off debts. The biggest disadvantage to this is that you are using your home as collateral. This means you risk losing your house if you are unable to manage the loan payments.
Credit counseling organizations:
Credit counseling organizations are funded by financial institutions. Part of their services is providing free financial lessons to customers. Some of them could help you with repayment management, including the option of arranging reduced rates and penalty fees. On the other hand, this may have a negative impact on your credit score and history because of the inevitable cancellation of credit cards.
Debt settlement program:
Another alternative is a debt settlement program. Such programs are administered by intermediary institutions. Their role in the loan process is to negotiate for a significant discount of your debt. All payments by the debtor are made to the debt settlement company. The company withholds payments to the creditors, until the debtor’s accounts are in default due to this non-payment. Then the debt settlement company has leverage to force the debtor to accept a reduced lump sum payment as settlement. This process might also have a negative impact on your credit score in the near future.
Credit card balance transfers:
Lastly, there are credit card balance transfers. They concern credit card debt. The main purpose of this is to transfer your financial assets from a credit card program with higher rates to a cheaper program. Of course, the possibility of such transactions depends on the rules and practices of the financial institution that provides your credit card program.