There are many different payday loan debt solutions on the net and most of them are not practical or even legal!
The idea of offering more debt to make the current loan payments is just not a good way to do business or run a person’s finances but you will find this and many other equally silly debt solutions for the taking on the internet.
We would like to set the record straight on what is good and what is bad when it comes to eliminating payday loan debt so let’s take a look at the good, the bad, and the downright ugly!
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Debt Solutions
We have seen so many different offers from companies including the payday loan companies themselves that just make the situation of being in payday loan debt even worse.
Let’s explore some of these and our response to them:
- Payday loan companies will offer their customers who are having trouble making their payments multiple loans These will just end up joining the ones in default and these customers are already having trouble making payments on the original ones. Our response is to stay away from this option at all costs! This is called a payday loan trap in the making and it will end up costing the borrower huge amounts of money!
- Payday Loan Companies will offer their borrowers extensions on their loans This is a very bad idea as it is also a lead in to the payday loan trap. The borrower will pay just the interest and a counter fee to extend the loan, usually 2 weeks. The interest then gets added right back to the loan and a new counter free is charged bringing the total owed back to what it was before the extension. For example, a 2 week $500.00 loan would cost $150.00 in interest plus the counter fee of $15.00 for a total of $165.00 to extend the loan two weeks with the original balance of $665.00 due on your next payday. Our response to this is it is a Bad deal all around and should be avoided!
- Payday Loan Companies will ask you to sell your belongings or pawn them to pay the loans off Our response to this is NOT IN YOUR LIFETIME! This is completely unnecessary as we can show you how to settle this madness without losing a single possession!
Summary
We can make all this crazy collection activity go away as soon as today!
Check out how we deal with payday loan debt and how we eliminate it for you by visiting our Payday Loan Repayment Plan and seeing what we can do for you!
Youn can also give us a call toll free at 1.877.280.5100 or fill out our form for a no obligation free quote on what we can do to make your life payday loan debt free!
