You have probably come across the term payday loan settlement before? This simply means paying a lesser amount than what you had agreed with the payday loan lenders. This is a quick and fast process that will not only help you get out of debt but also save money as a result.
3 options for getting out of the payday loan trap
Option 1: Payday loan settlement
This is the process where you work with a payday debt settlement company that will determine the total amount you owe and negotiate with your lenders to write off a portion of the debt. This means that you will only pay an amount that you can afford.
Debt settlement companies help consumers who are trapped in debts to get rid of the loans without incurring additional fees and interest.
Option 2: Payday loan consolidation program
Here, you also need to work with a debt consolidation company that designs a convenient repayment plan which will make it easier to manage loan repayments. As soon as the payments are cleared, you will be able to achieve financial independence.
Option 3: Debt management
This entails getting advice from credit counselors on getting out of a payday debt trap using legal means. They can work out with creditors to get a manageable repayment plan.
Why GreenDayOnline is the best option for payday loan help
You might be wondering, can GreenDayOnline assist me with my payday loans? Are their services available in my state? What makes GreenDayOnline stand out from other companies offering debt relief? We have got all the answers you need.
Best reasons to say yes to GreenDayOnline
- All its attorneys are well conversant with the payday loan laws in each state
- Attorneys are available to offer help in 48 states
- GreenDayOnline gives an option for consumers to monitor their account
- GreenDayOnline knows the best way to help you achieve financial freedom
- Money-back is guaranteed if your payday loans aren’t paid off
- GreenDayOnline has an affordable fee structure
Before payday loan relief; here is what you need to do
First, calculate the total amount owed
List all your creditors and calculate the total amount, which includes the interest rates, principal loan amount, and fee charges for each lender.
Check the licensing
Before going for payday loan settlement, ensure that the lender is licensed by the right authority to avoid scams
By canceling ACH authorization, no lender can withdraw money from your bank account again whether they are legal or illegal
Frequently Asked Questions
Which option should I avoid when eliminating my payday loans?
This should be filing for bankruptcy. This option can drastically reduce your credit score by over 200 points
Which is the best option to use when getting rid of payday loans?
The best course of action is to stay away from payday loans in the first place. These loans tend to be expensive compared to other funding options and they can easily lead consumers into a debt trap. And if you have already applied for payday loans and they are getting overwhelming, then settle payday loans.
Why should I get payday loan relief?
The main reason why you should get help with your payday loans is the interest rate that comes with them. Payday loans attract an interest of as high as 500%
Can I report a payday loan scam, and where?
Yes, you can report payday loan scams to either of the following authorities;
- The Consumer Financial Protection Bureau
- The State Attorney General
- The Federal Trade Commission
State payday loan laws
As much as payday loans have always been a popular option, they are not legal in all states. And so you already know, applying for these loans illegally can be extremely expensive. It is therefore important to go through your state laws concerning payday loans before applying.
Payday loan settlement: why when and how you should go about it
Are payday loan debts getting overwhelming every day? Are you facing challenges paying these loans and achieving financial freedom? If your answers are yes, then you have come to the right place.
We are going to discuss important steps to help you get out of these debts. But even before providing tips on how to settle your debts, we are first going to discuss the best reason why you should go for a payday loan settlement.
The first reason is that it will save you a great deal of money. This is because the amount that you initially owed the payday loan lenders will reduce and in some cases, the lender can also agree to waive late fees. The second reason why payday loan relief is important is to avoid potential lawsuits.
That being said, when is it the right time to go for a payday loan settlement?
Usually, payday loan relief is a handy option for anyone who wants to get out of a debt trap and avoid the high-interest rate or even being sued. We had a client recently that was almost sued by NAM LLC due to a payday loan debt. She was right on time to enroll in your payday loan settlement program and got a better deal within 2 days. Here is the experience of this client in her own words.
Hello, I am Kristen L. It is now slightly over a year since I began working with GreenDayOnline. I had challenges paying my payday loan and it reached a point where the lender decided to hire NAM LLC. This is when I started getting harassing calls and even threats of a lawsuit. I was threatened to pay the whole amount within a week to avoid a fraud lawsuit.
It became so stressful but I thank my friend Vivian for referring me to GreenDayOnline. Steve, Paul, and Tracy have worked so hard since then to sort things out with my lender. I thank them for negotiating a better deal for me; otherwise, I would have died of stress.
So I just want to thank GreenDayOnline for being there for me when I needed them most and I appreciate the good work they have done so far. I hope they continue the good work by helping other people who are in the same problem as mine. Cheers!
If you have experienced the same thing as Kristen, don’t waste more time. Start learning how payday loan settlement or cash advance works as soon as today. Payday loan debt settlement is actually a fast, easy and straightforward process.
It starts by listing all your lenders and calculating the amount owed. Then hire a reputable payday loan settlement company like GreenDayOnline to settle the debts in a legal way. You don’t have to continue paying your creditors again and since you will be paying a lesser amount, it will make it possible to start saving money.
Finding the best payday loan settlement company
Here are important things to consider
- Ensure that the company offers a manageable fee structure
- Ensure that the company offers a money-back guarantee if your payday loan isn’t cleared
- Ask the method they use for payday loan relief
- Check whether they are affiliated with TASC
- Check their experience level
Should I consider getting out of payday debt on my own?
- No. here is are the reasons why
- If you do it yourself, it may be impossible to know which of your lenders are legal and those that are illegal
- You may not have the experience to negotiate with your lenders about the loans
- You may not know the state laws concerning payday loans
- Payday loan settlement companies have a better chance of getting the best deals from lenders
I am David, economist, originally from Britain, and studied in Germany and Canada. I am now living in the United States. I have a house in Ontario, but I actually never go. I wrote some books about sovereign debt, and mortgage loans. I am currently retired and dedicate most of my time to fishing. There were many topics in personal finances that have currently changed and other that I have never published before. So now in Business Finance, I found the opportunity to do so. Please let me know in the comments section which are your thoughts. Thank you and have a happy reading.