settle payday loans

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

Did you authorize direct withdrawals from your bank account? Cancel it

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


Latest posts by Jason Rathman (see all)

Photo of author

Author D Laidler

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.

Thank you for visiting

Leave a Comment

Business Finance

About Us

Business Finance News is a brand oriented to business owners and dedicated to analyzing and comparing the cost and conditions of B2B procurement of goods and services through free quotes delivered by business partners.


Address 5050 Quorum Drive, (75254) Dallas TX

telephone 844-368-6072


A personal loan is a medium term loan with a fixed interest rate that is repaid in equal monthly payments and it's usually limited to 24 months. Loan offers and eligibility depend on your individual credit profile. Our lenders can help you obtain as much as $3,000 depending on the lender, your state and your financial situation.

The owner and operator of is not a lender and is not involved into making credit decisions associated with lending or making loan offers. Instead, the website is designed only for a matching service, which enables the users contact with the lenders and third parties. The website does not charge any fees for its service, nor does it oblige any user to initiate contact with any of the lenders or third parties or accept any loan product or service offered by the lenders. All the data concerning personal loan products and the industry is presented on the website for information purposes only. does not endorse any particular lender, nor does it represent or is responsible for the actions or inactions of the lenders. does not collect, store or has access to the information regarding the fees and charges associated with the contacting lenders and/or any loan products. Online personal loans are not available in all the states. Not all the lenders in the network can provide the loans up to $3,000. cannot guarantee that the user of the website will be approved by any lender or for any loan product, will be matched with a lender, or if matched, will receive a personal loan offer on the terms requested in the online form. The lenders may need to perform credit check via one or more credit bureaus, including but not limited to major credit bureaus in order to determine credit reliability and the scopes of credit products to offer. The lenders in the network may need to perform additional verifications, including but not limited to social security number, driver license number, national ID or other identification documents. The terms and scopes of loan products vary from lender to lender and can depend on numerous factors, including but not limited to the state of residence and credit standing of the applicant, as well as the terms determined by each lender individually. 


APR (Annual Percentage Rate) is the loan rate calculated for the annual term. Since is not a lender and has no information regarding the terms and other details of personal loan products offered by lenders individually, cannot provide the exact APR charged for any loan product offered by the lenders. The APRs greatly vary from lender to lender, state to state and depend on numerous factors, including but not limited to the credit standing of an applicant. Additional charges associated with the loan offer, including but not limited to origination fees, late payment, non-payment charges and penalties, as well as non-financial actions, such as late payment reporting and debt collection actions, may be applied by the lenders. These financial and non-financial actions have nothing to do with, and has no information regaining whatsoever actions may be taken by the lenders. All the financial and non-financial charges and actions are to be disclosed in any particular loan agreement in a clear and transparent manner. The APR is calculated as the annual charge and is not a financial charge for a personal loan product. 

Late Payment Implications

It is highly recommended to contact the lender if late payment is expected or considered possible. In this case, late payment fees and charges may be implied. Federal and state regulations are determined for the cases of late payment and may vary from case to case. All the details concerning the procedures and costs associated with late payment are disclosed in loan agreement and should be reviewed prior to signing any related document. 

Non-payment Implications

Financial and non-financial penalties may be implied in cases of non-payment or missed payment. Fees and other financial charges for late payment are to be disclosed in loan agreement. Additional actions related to non-payment, such as renewals, may be implied upon given consent. The terms of renewal are to be disclosed in each loan agreement individually. Additional charges and fees associated with renewal may be applied. 

Debt collection practices and other related procedures may be performed. All the actions related to these practices are adjusted to Fair Debt Collection Practices Act regulations and other applicable federal and state laws in order to protect consumers from unfair lending and negative borrowing experience. The majority of lenders do not refer to outside collection agencies and attempt to collect the debt via in-house means. 

Non-payment and late payment may have negative impact on the borrowers’ credit standing and downgrade their credit scores, as the lenders may report delinquency to credit bureaus, including but not limited to Equifax, Transunion, and Experian. In this case the results of non-payment and late payment may be recorded and remain in credit reports for the determined amount of time.