While it may have seemed like a good idea at the time, taking out that payday loan has proved to be nothing but a problem for you. You may not have realized just how much interest is attached to a loan like this and you simply did not have enough money to fully pay the loan back in such a short amount of time. This leaves you with coming up short or missing a payment, meaning the service is going to tack on high penalties and interest to your loan that make it more than the original loan itself. To make things worse, part of the agreement is that payday lenders can access your bank accounts at any time to get their money. What you want to do is get payday lenders out of your checking account so you can gain control back over your finances.
Dealing with the Problems of Payday Loans
Payday loans may promise you fast money when you need it most, but the problem is that there are many strings attached to a loan of this nature. Often people take the loan without considering that it often needs to be packed back in just two weeks, not providing them with enough time to pay the loan back fully. The loan also indicates that the lender can access your checking account or savings account to get their payments, giving them access to your money. If you do not have enough to cover the payment, not only do you come up short on the loan but your account ends up getting overdrawn, causing you penalties and fees with your bank.
Looking for the Right Help
If you are looking for a way to get out of this situation, you can get the help you need. You can find a debt settlement service that specializes in helping with payday loans. This service will work to stop the lender from having access to your checking account. They can then work to negotiate a deal with the lender that provides you with better terms to allow you to pay your loan back without all of the penalties and interest building all of the time.
Getting the lenders out of your bank accounts can be a big first step in helping to turn things around. Get the help you need from a settlement service that can work with you so you can regain your financial freedom.