Payday Loan Debt Relief--Get Rid Of The Albatross Around Your Neck
What is a Payday Loan?
A payday loan involves borrowing a small sum of money at a high interest rate. The amount of the loan will depend upon the borrower’s income. Repayment is usually made on the next payday. The loan term is usually about two weeks.
How do Payday Loans Work?
You have a bad credit score, and you need money quickly. Every lender that you approach turns you down. Where can you get cash immediately?
The answer is easy.
A payday loan company will be happy to lend you a few hundred dollars. The transaction takes only minutes. And you can walk out of one of the 23,000 payday lenders in the U.S. with the money in your pocket.
Typically, the borrower writes a check to the lender. The amount includes the total of the loan itself along with the fee for borrowing money. The lender holds onto the check and agrees to cash it after the borrower’s payday or another set date.
In theory, a payday loan can serve as a huge help to those who find themselves in a crunch…but most payday loan interest rates are generally as high as 400%! Many customers are unaware of the financial dangers ahead when entering into the terms of a payday loan, especially since each state has their own laws regarding these loans.
Who’s Eligible for a Payday Loan?
Well, almost. All that you usually need to qualify for a payday loan is:
• A valid ID
• A checking account
• Proof of income
Just show the lender these documents, and you can get a loan.
What’s the Problem With Payday Loans?
There are two big issues with payday loans. The first is that they are expensive.
This example that we’ve taken from the information section of the website of the Federal Trade Commission tells you how much a payday loan can cost:
Let’s assume you borrow $500 from a payday lender. You’re told that you need to pay a fee of $15 for every $100. That works out to $75 for a $500 loan.
The repayment is to be made in 2 weeks. It works out to an annual percentage rate (APR) of 391% if you do the math. That’s astronomically high, considering the average rate of interest charged by credit card companies is only 15%.
The Other Big Problem With Payday Loans
If you can’t repay your payday loan debt, the lender could give you an option. They’ll tell you to roll over the loan.
A “rollover” seems to be an excellent solution. But it’s a trap. To roll over the loan, you must pay an additional fee. To understand what this means, let’s continue with the example of the $500 payday loan that cost $75 in fees.
At the end of two weeks, you owed the payday loan company $575. Now, with the rollover, which gives you an additional two weeks to repay, you owe $650 ($575 + $75).
And if you continue this process for a few more weeks, you’ll be hundreds of dollars in payday loan debt with little hope of ever paying it off.
Remember the lyrics from Hotel California, the Eagles’ most famous song?
You can check out any time you like
But you can never leave!
That’s the situation in which most payday loan borrowers find themselves.
Impact on Your Credit Score--A Double Whammy
Repaying payday loan debt on time doesn’t help your credit score. That’s because payday lenders don’t generally provide any information about your loan to the national credit reporting agencies.
Consequently, even if you pay the lender on time, it will not get you a better credit score.
However, not paying on time can lower your score. This can happen because payday lenders can sell unpaid loans to a debt collection agency. And the debt collector could provide these details to the credit reporting agencies.
Carrying the Debt of Too Many Payday Loans
Here is some data from the Consumer Financial Protection Bureau (CFPB) that illustrates how payday loans can harm an individual’s financial health:
80 percent of payday loans are rolled over or renewed within a fortnight.
Most payday loans are made to people who end up paying more in fees than in the amounts they originally borrowed.
Half of all payday loans are made to people who have borrowed ten or more loans in a row.
A Tried and Trusted Approach to Payday Loan Relief
Are you up to your neck in payday loan debt? Do you feel helpless? Do you want to regain control over your finances?
REAL PDL HELP offers you a way out.
First off, we’d like to tell you that:
We don’t charge any advance fees and
We will not collect any fees before resolving your payday loan debt.
We advise you to be careful. You don’t want to be caught in a payday loan scam. There are a lot of unscrupulous companies out there who are looking to make a fast buck. It’s best to deal only with trusted companies that have built a reputation for helping people out of payday loan debt.
We’re proud to tell you that at REAL PDL HELP, we have a long history of successfully getting people out of the cycle of payday loan debt.
Getting the Collection Agency Off Your Back
Collection agencies are required to follow the Fair Debt Collection Practices Act.
Under these rules, debt collectors can’t threaten to have you arrested. They also can’t do any of these things:
- Call you again and again with the intention to harass you.
- Use obscene language.
- Threaten you with violence.
- Lie about the amount you owe.
In fact, you can get debt collectors to stop contacting you altogether. And we, at REAL PDL HELP, can work with you to stop their calls. When you enroll in our program, one of the first things we do is to issue cease and desist letters to all your lenders. Subsequently, all communication is through us.
Help With Your Payday Loan Debt
We are a top-rated payday loan consolidation company with a stellar record of getting payday lenders to stop charging interest and fees on the payday loans our clients have taken.
And the best part about our debt consolidation program is that you don’t risk anything at all. We offer a free consultation to individuals who want to get out of payday loan debt. All you have to do is complete a simple online form to get started. It takes just a few seconds. Or, if you prefer, you can call or email a loan specialist to get started.
Help Getting Out of Payday Loan Debt--Here’s What REAL PDL HELP Can Do
There are several concrete benefits that our payday loan debt consolidation clients receive:
- Lenders and debt collectors will stop contacting you. As a result, you’ll regain your mental peace.
- Lenders will not be able to automatically debit your checking account any longer. You can continue to operate your account.
- The payment you will be required to make under the terms of the payday loan consolidation program will be affordable.
- You won’t need to adjust your budget any longer.
- Our payday relief programs will ensure you get the maximum possible discount on your interest and payday loan fees.
- There are no advance fees. We won’t collect any fees without first resolving your payday loan debt.
Check out a quick video on all you need to know about our payday loan relief process.
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!
The three major national credit bureaus are:
P.O. Box 740241
Atlanta, GA 30374-0241
Dispute Fax #: 1-888-826-0573
Trans Union Consumer Relations
P.O. Box 2000
Chester, PA 19022-2000
1-800-916-8800 (consumer relations)