Get Payday Loan Help Now!
Consolidationnow is a highly rated service that offers payday loan consolidation and debt management. We can help you if you are having trouble paying your payday loan debts.
Our debt settlement team can help you get out of the payday loan cycle. We will stop automatic debits from bank accounts and negotiate repayment terms with lenders to reduce your total debt and fees.
Payday loans can be stressful. Our team will guide you through every step of the process. Our goal is to educate you on the payday loan industry and how one of our debt management plans can help and support you when you need it most.
We provide clear, simple-to-follow instructions and the support and tools you need to eliminate payday loans permanently. You can get your payday loans consolidated into one monthly payment with our help.
Payday Loans 101: What They Are, Why & How To Get Them Out Of Your Mind
What is a payday loan?
A payday loan is a short-term loan provided by an online or offline lender for up to $1,000. You agree to repay the loan and fees within a few weeks. Lenders will often request a post-dated cheque detailing the amount of the loan and the fee.
They may also ask for your bank information. If you fail to pay the due date, the lender can debit the account automatically. It is easy to get into but difficult to get out. A payday loan can be obtained with a checking account and a payslip that shows you are employed.
Why is payday lending bad?
Payday loans can be very expensive, as anyone who has taken out a payday loan will tell you. You can roll over the loan or “re-up” if you cannot repay the loan by the due date. In some states, you can also pay an additional fee. These fees are not jokes.
These fees can be as high as 700% APR (annual percentage rate), while typical bank loans or unsecured credit cards are at a maximum of 35% APR. Payday loans can cost 10-20x more than normal debt.
People who need cash urgently to make ends work are prepared to pay high-interest rates because they don’t have any other choice. If you are already in financial trouble, you will understand how quickly these loans can become out of control.
The fees are prohibitive, and the financial difficulties that led to the need to get a quick loan are still there.
The Ultimate Guide For Payday Loan Relief
What’s the difference between “debt consolidating” and “debt consolidating loan”?
A “debt consolidation loan” and “debt consolidating loan” are two completely different repayment programs. Converting unsecured debt to secured debt is called a debt consolidation loan. The borrower must provide some type of security when this happens. This could include your home.
You could end up in a worse financial position if you take out a consolidation loan to consolidate your debts. Your house and family’s health could be in danger if you don’t pay your debt consolidation loan installments.
If you are unable to pay, the lender could seize your house. Many borrowers find themselves in a difficult situation and resort to maxing their credit cards. This could increase your interest costs and even lead to foreclosure or bankruptcy.
Consolidating debt is the process of combining multiple loans into one. This is done to:
– Reduce your interest costs
Convert multiple monthly payments into one.
What is the process of payday loan consolidation?
Consolidating payday loans means combining all of your payday loans into one loan. Once this is completed, the borrower pays the consolidation company directly. In turn, each payday lender you borrowed from will be paid.
Consolidating payday loans can have a significant impact on your total debt and monthly payments.
What does a payday loan consolidation do to my credit score?
Consolidating payday loans does not give credit bureaus any information. Neither does your debt management plan appear on your credit report.
Signing up for a consolidation loan should not have any impact on your credit score. You could actually see a rise in your credit score if you pay off your debts over the long term.
Who do I pay when I consolidate my payday loans debt?
Payday loan consolidation companies will collect your payments.
How can I be sure that the company I choose for debt consolidation is actually paying my creditors?
This is a valid concern. You could end up in worse trouble if the debt consolidation company seizes your money and doesn’t pay it to your creditors.
It is in your best interest to ensure that your payday lenders receive your payments.
What can you do?
First, ensure that you are dealing with a debt consolidation company with a track record of success. A company with a solid reputation and a long history of operation is a good choice.
It is not advisable to sign up for a company that was just established. It is impossible to know if the company has the knowledge and experience necessary to handle your creditors.
Consolidationnow ensures that all funds collected from you are quickly passed to the lenders you borrowed. We have helped thousands of Americans avoid the payday loan trap. Our clients were able to pay off their debts quickly and have had a smooth experience with us.
We know that you want your money to reach the payday lenders from which you borrowed. We provide monthly billing statements and encourage customers to request a complete payment history. Consolidationnow makes it easy to get this documentation.
It will provide you with all details regarding the payments we made for you. This documentation will provide you with an assurance that your money has reached the intended recipient.
Can I expect my creditors to lower my total owed amount and/or lower my interest rate if I consolidate my payday loans debt?
Yes, you can! Retaining Consolidationnow is one of the main benefits.
We will reach out to each payday loan company you borrowed money from and discuss ways to reduce your debt. Our debt settlement specialists know the best ways to reduce your debt. We will negotiate the best deal possible for you.
Payday loans often have high-interest rates. A reduction in the interest rate could result in significant monthly decreases. A reduction in interest rates can be achieved by working with Consolidationnow.
You’ll see three benefits to the Consolidationnow debt consolidation program.
1. You will pay less to the payday loan companies that you borrowed money from.
2. A reduction in the interest rate
3. It is easier to make one monthly payment instead of worrying about each payday lender you owe money to.
What tax do I have to pay on the amount I save by using the debt consolidation program?
If the amount that you have saved exceeds $600, you will be subject to tax. This threshold is considered income by the IRS.
After my debts are consolidated, and I start making repayments, can the lenders sue?
They can, but it is unlikely that they will initiate legal action once you have completed a consolidation program for payday loans. Lenders are reluctant to sue borrowers who pay them regularly because they can be costly.
Which is better – bankruptcy or debt consolidation?
It is important to take a moment to understand each option’s financial implications before you decide about debt consolidation or bankruptcy. Let’s begin by looking at how bankruptcy can impact you.
Why should bankruptcy be avoided at all costs?
One of the biggest benefits bankruptcy can offer the ability to cancel all existing debt. This can seem like a great benefit. However, if you look deeper, you will see that there are many disadvantages to this. These are the problems you might face if you’re declared bankrupt.
An insolvency filing can be kept on your credit report for up to seven to ten years.
For three to five years, you may need to stick to a budget.
Credit scores can be affected.
Low credit scores could indicate that you are unable to borrow money.
You may need permission from the court before you borrow, even if a lender offers to lend funds.
It may be difficult to rent an apartment.
Employers view bankruptcy as disqualification. It may be difficult to find a job again.
You can see that the negative effects of bankruptcy could outweigh any benefits.
There’s an alternative.
Consolidating debt is a better choice.
Debt consolidation involves combining all your debt into a SINGLE LOAN. This means that you only pay one monthly installment that is within your budget. Understanding how debt consolidation works can help you find the right solution.
There are also other benefits. Your current interest rates could be lower on your consolidated loan. You could also see a decrease in the amount you have to pay each month.
How does it affect your credit score? Is debt consolidation a way to lower your credit score? Although it could, the effect would be smaller than bankruptcy because debt consolidation allows you to pay off your debt. Bankruptcy can lead to a loss for the lender.
The final word: Debt consolidation beats bankruptcy.
What happens if I am unable to pay the debt consolidation payments?
You can cancel the program at any time if you cannot meet the new payments under the consolidation payday loan. You will then be responsible for any loans you took to repay your lenders.
Is it possible for a lender to refuse to work with a company that consolidates debt?
A lender might not be willing to work with a consolidation company for payday loans and instead insist on dealing directly with the borrower. It is unlikely, however.
Remember that payday lenders are primarily looking to get their money back. This is possible with payday loan consolidation companies. Alternatives include expensive and lengthy lawsuits.
Can debt consolidation stop wage garnishment?
Yes, absolutely! Yes, absolutely! The debt consolidation company will negotiate and settle with the lender that does not include wage garnishment.
How much does the service cost?
Consolidationnow has a transparent and easy-to-understand pricing structure based on the actual results we achieve for you.
There are no upfront fees.
Unless your debt is settled, no fees will be collected.
Usually, fees range from 8% to 20 percent of the amount of debt enrolled into the program.
Fees can vary depending on where you live.
After I sign up for your program, will my lenders continue to call me?
Receiving repeated calls from collection agencies can be frustrating and even stressful. Sometimes, harassment can become so severe that you feel more stressed every time the phone rings.
You shouldn’t be hounded like this. Consolidationnow is committed to solving all aspects of your problem. This includes stopping annoying collection agents from calling you.
How do we do it? When you sign up for our debt consolidation program, one of the first things we do is send “cease-and-desist” letters to all your lenders. Once a lender has received this letter, they will cease calling you to demand payment. Instead of calling you, the lender must contact Consolidationnow.
Our clients consider the peace of mind that comes with calling an end to their debt consolidation program one of the greatest benefits.
What can I expect to reduce my debt if I use your services?
Our program calculates the debt reduction by comparing the cost to carry your payday loan(s) and the amount you pay under our program.
If your consolidation plan were for an 18-month repayment term with no interest and a principal amount of $5,000.00, then you would save approximately $2,500 in the first 12 months and $1250 over the next 6 months.
This is real money in your pocket. Check out our customer savings page for how much our customer’s debt payments are typically reduced.
It can be hard to get your finances back on track if you have borrowed more money than you can afford. Payday loan holders who have taken out multiple loans may find themselves in a difficult position.
Should you use your paycheck to repay the payday lender? Should you use the money to buy food and other necessities?
How will you pay your daily expenses if you borrow money from your paychecks? It can be difficult to make a decision. Payday loans with higher interest rates could be repaid if you default on your repayments.
You might be in a similar position and wondering how to escape the payday loan trap.
Fortunately, Consolidationnow’s debt consolidation program can provide a solution. We can negotiate with payday loan companies to reduce the amount you owe.
What can the Consolidationnow program do to reduce your debt?
Variations in interest rates and total debt reductions can be made. Our debt settlement specialists use a negotiation method that has proven to be very successful in the past.
The final amount you will have to pay your creditors depends on several factors. This is how the final amount will be determined:
– How much have you borrowed?
– The original contract’s terms.
– Repayments that you have made.
– The monthly cost of your monthly payments.
Many of our customers have had their payday lenders negotiated for them by our team. Our program has helped thousands of people save thousands of dollars over the years.
When will I be free from debt?
Consolidationnow’s payday loans consolidation service is a great way to eliminate debt in the shortest time possible. We will work closely with you to develop a personalized repayment plan that offers multiple benefits. These benefits include:
– All of your debts will be paid in a way that is acceptable to both you and your lenders.
The repayment period will typically be extended to six, twelve, or 18 months in most cases. The amount of your total debt and your ability to pay will determine how long the payments will continue.
You could also get a reduction in the amount that you have to pay. Our experts in debt settlement will work with lenders to reduce the amount that you owe. This will result in lower monthly payments and a shorter repayment term.
Clients of Consolidationnow also get a third benefit. With your lenders, we could negotiate a lower interest rate. This will result in more money for you and less for the payday lender you borrowed from.
This means that you will have more time to repay and that the amount payable may be lower than you anticipated.
After consolidating my debts, will I have to pay my lenders in full? Or do I pay Consolidationnow?
Consolidationnow will be required. Under the terms of the consolidation payday loan, we will immediately transfer the money to your lenders.
What is the minimum amount I can borrow from payday lenders?
If your payday loan debt exceeds $600, we’ll gladly assist you.
How much will my monthly payment increase if I sign up for your program?
Your new monthly payment will likely be less than the amount you currently owe your creditors. This amount will typically be between 10% and 30% of the amount you were paying before.
How does debt consolidation reduce monthly payments?
Payday loans are likely to have a high-interest rate. This can lead to a higher amount that you have to repay the lender. Two ways to benefit from debt consolidation:
The interest rate will drop, which will reduce your borrowing costs. A decrease in interest rates will lead to a lower principal amount and lower monthly payments.
An increase in the repayment term is the second benefit. The monthly amount you pay can be decreased if your loan payments are spread over a longer period of time.
Combining these two benefits results in a substantial reduction of monthly payments.
What kind of reduction can you anticipate?
The amount you pay will typically be between 10% and 30% of what you paid earlier. We negotiate with payday lenders to determine the exact amount, but we try to make the most affordable payment possible to meet your budget.
What debts do you have that I can help with?
We can help consolidate and repay payday loans.
My lenders are still calling me despite my having signed up for your program. What can I do?
Most lenders will cease contacting you after the payday loan consolidation program has begun. There is an option for a lender to contact the borrower directly.
Ask the representative of the lender to contact Consolidationnow if this happens. We will try to persuade the lender to work with us. If this fails, we will continue to interact with the lender. You will likely be offered different repayment options to repay your debt.
What is the time it will take to begin the debt consolidation process?
You can get started today! All you need to do is to provide us with some information or call us on 1-855-413-4998.
How can I find out the status of my repayments? Is it possible to see my account balance online?
All customers of Consolidationnow receive monthly statements. To check the status of your account, you can call us.
What do I need to do to close my checking or savings account?
Your checking account doesn’t have to be closed. Many believe that closing your checking account is the best way for lenders to stop using the ACH permission they received when you took out the loan.
This is false. Even if your account is still open, the lender can block you from withdrawing money from it. Even if you have given ACH permission, this can still happen.
Let’s see how withdrawals can be stopped. When the Consolidationnow loan consolidation program begins, the lender will be informed that you have taken away your withdrawal rights. Your money is now safe in your checking account after the lender has received this notification and acknowledged it.
There is a caveat to this. Because of delays in the process, withdrawals may take some time to come to an end.
Is this a reason to close your checking account? Not necessarily. You can still close the account if you want. It’s best to notify your banker about this before you do.
It would be best if you informed your banker that a payday loan consolidation firm is working for you, and they have been instructed to withdraw the ACH authorization.
Why should you tell your banker?
Remember that the loan company you borrowed money from might try to withdraw funds from your account. You may be charged fees if they do this to your account. It may be easier to dispute charges if the bank has been informed.
What do I do to sign up for your debt relief program?
Enrolling in the Consolidationnow debt consolidation program has never been easier. To learn more, please speak with one of our debt settlement specialists. You have two options to register. You can call Consolidationnow at 1-855-413 4998.
Alternatively, contact us by filling out our free consultation form. To get started, we only need a few details, such as your name and email address.
Contact us now to take the first step. We will help consolidate your payday loans and create a program that will allow you to be debt-free in a very short time. The best part? You could pay far less than you owe your lenders.