To Consolidate or Not To Consolidate: That Is The Question
Are you struggling with making payments on your payday loans? Do you have skyrocketing interest and fees on multiple payday loans? Is collections activity driving you mad with phone calls at all hours of the day? Stop the harassment by consolidating your payday loans today! We have single-payment debt management programs which provide fast and effective relief if you are stuck in the payday loan trap and are not sure where to turn. Our debt management experts have helped thousands of people extricate themselves from the payday loan cycle and regain financial stability.
Debt Management Plans: Consolidate the Payments
If I sign up, will I have a new loan? No! Real PDL Help does not provide loans. The best solution to a payday loan debt problem is not to take on more debt with new loans. We believe true debt relief comes from reducing the impact of debt by reducing the need to borrow through sound financial planning and aggressive representation with your existing creditors.
If you have sufficient income and credit, you can look for a new loan to pay off your existing payday loans. That's referred to as a debt consolidation loan and you can obtain such loans from a wide array of banks, credit unions and online lenders. There are also alternative payday loans available that provide short-term cash assistance at a much lower interest rate than a typical payday loan. See below for more information.
Whichever solution is right for you, it's best not to ignore the problem. Defaulting on your payday loans can lead to increased harassment from collection agencies, higher and higher fees, civil suits, default judgments and wage garnishment.
Payday Loan Consolidation 101: How We Consolidate Your Payday Loans
You may think it’s hard to get out of payday loan debt. However, the truth is that with a little planning and guidance, you can repay your creditors much sooner than you'd expect.
Our load consolidation programs are structured in 4 stages:
- Free Consultation: Our experts provide a free consult about your current loans and budget needs.
- Negotiation: We negotiate new repayment terms with the payday loan companies you have borrowed from. We get them out of your bank account and to cease collections activity.
- Enrollment: We'll enroll you in a single-payment monthly repayment plan that fits your budget and saves your hard-earned money.
- Support: We'll provide ongoing support, guidance and tools to track your progress towards financial stability.
Let’s dive deeper into each of the 4 stages.
1. Free Consult
Call us or fill out our free consult form on this site. We’ll ask you to provide documentation on all payday loans that are outstanding: company names and addresses, amount owed, interest rate and fees, and any paperwork you signed, as well as the last correspondence you've received from the lender. We’ll also ask you to provide particulars of your monthly income and the sum you can afford to repay on a monthly basis.
2. Negotiation
REAL PDL HELP’s expertise comes into play here. We’ll contact the payday loan lenders you have borrowed from and inform them that henceforth all communication will be through us. Our debt management specialists will negotiate on your behalf and get your lenders to accept an affordable repayment plan with reduced fees and interest. Instead of making multiple payments to different lenders, our plans ensure that only one payment is required on a monthly basis for all your outstanding loans. And that single payment will cover more ground due to the reduced fees and extended repayment term.
3. Enrollment
We enroll you in the best repayment plan for your budget. The sum that you will be required to pay every month will depend on several factors:
- What is the amount that is outstanding on your payday loans?
- The interest and penalties that are payable. (We’ll do our best to reduce these as much as possible.)
- The sum you can afford to pay every month.
Remember that when you consolidate payday loans into one payment, it’s essential to honor your new debt repayment plan. Missing a payment may result in the payday lender canceling the reduced payment plan that REAL PDL HELP has negotiated on your behalf.
4. Support and guidance from REAL PDL HELP to track your progress
You'll have access to monthly statements documenting your repayment history and tracking your progress towards financial health. Your account manager will be available to help answer any questions you have about your repayment plan and also help adjust your plan should your financial status change substantially during the time you are enrolled in your debt management plan.
We understand that things happen in life and financial situations can vary from week to week, and month to month. Your financial plan needs to evolve and grow as you evolve and grow. If you think you can pay back more on a monthly basis, then you can contact our specialists and we'll adjust the repayment terms accordingly. If for any reason you can't meet the obligations of the repayment plan you're enrolled in, we'll work with you to adjust terms with your lenders to keep you on track. The most important thing to know is that we're on your side and have your back. It's no longer you against your lenders alone. It will be you and our team standing firm together to help ensure your debt is repaid in full, but without the undue headache and stress. That's what payday loan consolidation is all about.
Finding a debt relief program that meets your needs
With so many payday loan consolidation companies out there, it can be difficult to choose the right one. What should you look for when you’re trying to get help with your payday debt? How can you identify a good payday loan consolidation company?
Here are some tips to keep in mind:
1. Referrals
Do you know anyone who has recently signed up with a payday loan consolidation company? A personal referral can be an excellent starting point.
2. Free consultation
Does the company offer a free consultation? Or do they insist on money upfront? It’s best to stay away from payday loan relief programs that require payment even before you sign up.
3. Compare proposals
It’s a good idea to shop around. Don’t enroll with the first payday loan relief company you talk to. Speak to several before you finalize your decision. Ask for a proposal from each of them and select the company that seems to be the best fit.
4. Deal with a company with an established track record
You must also ask how long the payday loan consolidation company that you’re planning to sign up with has been around. Has it been in business for several years, or was it established recently? Does it have a verifiable track record of helping individuals get out of payday loan debt?
DIY Tools: Get Smart With Your Creditors
SELECT A LETTER, CUSTOMIZE, AND PRINT IN MINUTES:
Do The Math
Debt Calculators, Now You Know
Payday Loan Info, State By State
Payday Loan Debt Relief Companies You Might Consider
Payday loan relief companies typically charge a flat fee for their services or a % of the amount owed, depending on the company. Be sure to check the fine print and compare value. When you're on a good debt management plan, you gain a reliable partner who can aggressively represent your interests with your creditors. That can be quite relieving for anybody who has payday loan debt spiraling out of control. It doesn't have to be that way. You can get help!
Below is a list of payday loan relief companies you might consider to help consolidate your payday loan payments and reduce the burden of your existing payday loans.
-
DebtHammer
DebtHammer is a reputable payday loan relief company with a track record of reducing up to 80% of the total amount owed. They stand out partly because they do not charge anannual percentage rate. Their fee structure is flat and predictable.
The company only works with clients it knows it can help and costs nothing to get a consultation. They work by first looking at the payday loans you have and the companies that issued them. If it is a lender they can deal with, they will set a reasonable payment plan. In addition, DebtHammer stops lenders from automatically drawing from clients’ checking accounts.
Clients who engage in the services of DebtHammer will no longer have to worry about dealing with lenders and collection agencies. The firm takes over and assumes all the roles in the debt management plan
-
National Payday Loan Relief
Another payday loan debt relief company who charges a fee of between 18% and 25% of the debt to be settled and does not charge upfront fees. After accounting for the high fees, the firm says customers can save between 30% and 50% of their original debt. It also comes with a number of debt management plans for anyone looking to trim their debt levels significantly.
National Debt Relief is not only good for consolidating personal and payday loans. It also negotiates on behalf of clients to settle business debt for less than what is owed. It also deals in credit card debt management as well as private student loans.
-
Accredited Debt Relief
Having been in business since 2011, Accredited Debt Relief has made a name for itself in providing payday loan relief options for families that need them the most. While focusing on debt settlement, it offers clients a free consultation with a certified debt settlement tasked with taking over the situation and the available options.
Whenever the firm deems a client a good candidate, it starts the negotiation process with creditors on their behalf. In most cases, the negotiations lead to a debt settlement that is less than the amount owed at much better terms.
In addition, it offers a money-back guarantee that allows clients to cancel their program at any time without the risk of incurring penalties. However, each program requires between 12 to 48 months of commitment. The firm also charges a fee of between 15% and 25% on each enrolled debt.
-
CuraDebt
CuraDebt is a payday loan relief company for any one or businesses that owe back taxes. In addition to other debt resettlement programs, it also offers programs that allow client to become debt free while paying much less.
Clients who sign up for the debt settlement service are asked to stop making any payments on unsecured debts. Instead they are urged to begin saving a set amount of money on dedicated savings accounts. Once a sufficient amount is accumulated the firm will negotiate with the lenders to settle the debt for much less. CuraDebt has successfully settled debts on behalf of its clients for as little as 20% of what is owed. Its fees average 20% of the enrolled debt for settlement. In addition it does not charge any monthly administration fees.
-
Freedom Debt Relief
Freedom Debt Relief is an experienced firm in payday loan relief programs, having resolved more than $10 billion in debt. The firm has been in business since 2002 and currently employs over 2,000 debt experts and professionals. It does not charge clients fees until they wind up paying significantly less than the amounts owed.
The firm is excellent for people struggling with personal, payday loans, and even credit card debt. Its specialization revolves around negotiating with lenders, thus allowing clients to settle a debt for less than what is owed. It offers a free consultation service that allows clients to get a feel of the kind of services and solutions on offer.
In addition, it offers an estimate of how much one is likely to save during the consultation phase. The only downside to this debt management firm is that its fees can run as high as 25%. What this means is that you could end up paying as much as 25% of the settled debt amount in fees.
Final thoughts
Debt relief companies are an integral part of any debt management plan for individuals struggling with an array of personal and payday loans. The firms allow clients to gain better terms for existing loan debt and reduce the cost and burden of your loans. However, it is important to note that these firms are for profit. Therefore it is important to pay close watch to the fees they charge. It is also important to stay clear of firms that charge fees before settling the debts.
Getting A Debt Consolidation Loan: Alternatives to Payday Loans and Debt Management Programs
A debt consolidation loan is designed to consolidate multiple high-interest loans like payday loans into a single loan. Flexible repayments terms make it easy and manageable to retire any kind of debt without incurring extraneous fees.
Most payday loan refinancing firms offer direct payments to third-party creditors on behalf of their clients. This structure eliminates the need and hustle of worrying about the logistics of consolidating debts. However, only a handful of debt consolidation loan companies can make direct payments to existing creditors. The few in the industry include Wells Fargo, Discover, and Freedom Plus.
Fast debt consolidation loans are available in plenty and can be tailored to one's needs depending on the debt consolidation companies one settles on. A quick search and you are likely to find debt consolidation loans online featuring substantially lowest interest rates than your typical payday loan. And there are debt consolidation loans for bad credit, suited for people with low credit scores. The low-interest rate on offer with consolidation loans will often come down to your credit profile and how much debt you have.
-
Payday Alternative Loans (PALs)
Personal loans are some of the best payday alternative loans that can be used for various expenses. They stand out partly because they have a low annual percentage rate of about 9% compared to 16% for credit cards. Most people bogged down by high-interest debt often don’t realize they have better payday loan refinancing options like these cheaper debt consolidation loans.
-
Lightstream
Arguably the provider of debt consolidation loans at some of the lowest rates. The lending division of SunTrust Bank offers rates starting as low as 2.49% which vary depending on the amount one is borrowing and the repayment period. Borrowers who qualify can borrow up to $100,000. However, it is important to note that good credit scores of above 660 is required, and the loan must be paid between 24 and 84 months.
-
Payoff Personal Loans
This is one of the best payday alternative loans with an annual percentage rate of as low as 5.99%. The debt consolidation loan is open to people with a fair credit score of as low as 580. It comes with loan amounts of between $5,000 and $40,000 and 24 to 60 months repayment period.
-
Upstart Personals Loans
With an annual percentage rate of 6.95%, it is well suited for debt consolidation, credit card refinancing, and home improvement. It comes with loan amounts of between $1,000 and $50,000 with a repayment period of between 36 and 60 months. It is also open to people with fair credit scores of below 600 and even those whose credit history is insufficient.
-
Upgrade Personal Loans
Ideal for anyone looking to consolidate debt while improving financial literacy. With an annual percentage rate of as low as 5.94%, it is perfect for debt consolidation and refinancing as it comes with loan amounts of between $1,000 and $50,000 with a 24 to 84 months term period. It is also open to anyone with fair credit scores of below 600. It comes with affordable monthly payments and no repayment prepayment penalties.
-
SoFi
Its personal loan amounts range from $5,000 to $100,000. It is an ideal debt consolidation loan backed by an APR rate of as low as 5.74%. However, it is important to note that not all applicants qualify for the lowest rate as it is mostly open for people with credit scores of more than 680. In addition, one can enjoy a 0.25% AutoPay interest rate reduction on agreeing to make monthly principal and interest payments from savings or a checking account
-
Prosper
Arguably one of the best providers of debt consolidation loans to people with low credit scores of up to 560. The average APR on offer starts from 7.95% to as high as 35% and would vary depending on the credit score and borrowed amount. For instance, a three-year personal loan could come with an interest rate of 11.74% and a 5% origination fee. A five-year $10,000 personal loan would come with an interest of 11.99%. Eligibility is not guaranteed as it requires one to meet credit and other conditions
-
Avant
It also offers personal loans online for debt consolidation ranging from $2,000 to $35,000. On offer are competitive rates ranging from 9.95% to 35.99%. People with credit scores of as low as 550 can apply for approval; therefore ideal for people with low credit scores and struggling to secure debt consolidation loans in other institutions
Real PDL Help: Payday Loan Help You Can Trust
At Real PDL Help, we’re driven by a deep connection with our clients and an unflagging commitment to providing them with the answers and the tools they need to have healthy, confident financial futures, faster than they ever thought possible.
We’ve helped hundreds of men and women find the solutions they need to consolidate payday loans and get out from under their own mountains of debt, offering real, workable payday loan consolidation plans that are designed for success, right from the start.
If you’re ready to leave your payday loan nightmare behind and wake up to a new and better financial future, we’re ready to help. Contact Real PDL Help today at 855-413-4998 and get started with a free consultation. It’s one of the smartest financial moves you’ll ever make.
Call us today and we will gladly get you started on the road to payday loan freedom!
Testimonials
The three major national credit bureaus are:
Experian
P.O. Box 9556
Allen, TX 75013
1-888-397-3742
Equifax
P.O. Box 740241
Atlanta, GA 30374-0241
1-800-685-1111
1-800-797-6801
Dispute Fax #: 1-888-826-0573
TransUnion
Trans Union Consumer Relations
P.O. Box 2000
Chester, PA 19022-2000
1-800-888-4213
1-888-259-6845
1-800-916-8800 (consumer relations)
