Payday Loan Consolidation The thought of quick cash has lured many desperate people into taking out a payday loan. Password at least 6 characters required Confirm Password. Department of the Treasury. Consolidate your Student Loans and Payday Loans. Debt settlement, on the other hand, is more of a question mark. Bank National Association Case Number 1: At Stop My Payday Loans, our mission is to consolidate your payday loans and finally get you back control of your paycheck.
Clients who are enrolled in a payday settlement program may realize savings at the completion of the program including applicable fees. These figures are based on enrolled unsecured payday debts, and may vary depending on your individual payday settlement program. Completion rate of the program is not guaranteed, and is based on the client’s. Federated Financial offers payday loan & debt consolidation programs. Call Now For Immediate Help With your Debt! Federated Financial has a Better Business Bureau rating of A+. A strong Debt Consolidation Referral Program can help you with your finances. We Understand the financial stress of illness and unemployment. If you already know that debt settlement is for you, take a look at the best debt settlement companies of that came out on top during my research. Best Debt Settlement Companies for .
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Transparency is lacking in the debt-settlement industry, but New Era Debt Solutions bucks this trend with a more transparent website than most companies I evaluated. It is by far the most thorough in terms of explaining what prospective clients need in order to qualify. It even details how many clients are sued by creditors during the settlement process and is honest about the fact that clients will continue to receive calls from collectors.
New Era has a shorter time frame than many companies, at an average of 27 months. If you put a lot of stock in longevity, New Era was incorporated in It also does not work with anything other than basic debt. However, it can be a bit harder to get in touch with a representative at this small company. Debt Relief A La Carte , run by a former collection agent, offers a unique service in the debt-settlement industry: A short-term debt settlement program that averages only 72 days to complete.
The results are also impressive: The website is thorough, with answers to almost any question you may have. The company is also small and must be choosy about new clients.
ZipDebt backs its materials with a day money-back guarantee. The downside here is obvious, however: The idea of attempting debt settlement yourself might be too daunting and time-consuming to seriously contemplate.
Results are certainly something to consider, but general transparency, fees, and customer support are among the other factors I considered:. Before you sign on the dotted line with these or any other debt-settlement companies, read on to make sure you know as much as possible about debt settlement.
A debt settlement company negotiates with creditors on your behalf. How long it takes largely depends on how quickly you can save enough to begin negotiations, but most companies allow two to four years for the process. Note that debt settlement is different than debt consolidation and debt negotiation.
In debt negotiation, a company negotiates with your creditors to lower your interest rates and monthly bills, but your loan principals typically remain the same. First, you need to have the right type of debt. Debt settlement is typically only a viable option for unsecured debt.
Your mortgage and car loan are examples of secured debts, or those that do involve collateral. Note that student loan debt, though unsecured, is often ineligible for debt settlement except in rare cases. Second, you need to be suffering from legitimate financial hardship. Common reasons for financial hardship include unemployment, death of a spouse, and extreme overspending.
Though there are several things that might prevent you from paying your debts, the bottom line is that qualifying for debt settlement means you have almost no chance of being able to repay your debts on your own.
If debt settlement were as simple as hiring a company to let you off the hook for some of your debt, far more people would take advantage of the process.
But while the upside is obvious paying back less of the debts you owe , there are several very real downsides to consider:. If the risks of debt settlement seem too daunting, there are alternatives that can help you get out of debt.
Of course, all of these strategies have their own pros and cons, and only you can decide whether they are better or worse for your unique situation. Of the creditors who will negotiate with them, some might refuse to cut your debt by a greater percentage than what they would offer you directly. If the idea of DIY debt settlement is appealing but you still want expert guidance, check out ZipDebt , reviewed above. Counselors working on behalf of reputable nonprofit credit-counseling agencies can help you create a plan to better manage your money and budget for debt payments.
I go into debt consolidation in detail in this separate post , but it usually comes in the form of an unsecured personal loan from a bank, a credit union, or an online lender. Credit cards with loan interest rates are another option. Those with very bad credit may turn to secured loans such as home-equity loans that use their assets as collateral in case of default. The major downside of debt consolidation is that your lower payments make it easier to get into trouble again, and you may end up paying a lot more over the life of your consolidated loan because of a longer loan term.
For more on debt consolidation, see my separate post on the best debt consolidation loans. In a debt management plan, a company negotiates with your creditor to lower your interest rate and monthly bills, but your loan principal remains the same. It can also be tricky to separate legitimately helpful programs from scams and shady fly-by-night companies. We're currently in our 21st year of providing excellent service!
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Please give us a call to learn more or fill out the form above! The thought of quick cash has lured many desperate people into taking out a payday loan. Then the vicious cycle begins: Add origination fees and rollover fees, and suddenly you are in a world of hurt. The way you deal with your money on a daily basis can impact your life for many years to come. Our partner companies can show you that sound financial practices do not always require "doing without, or giving up.
Payday Loan Consolidation Referral Programs can help you with your finances. Interest rates charged by your lenders, consolidate into one low monthly payment, and eliminate or lower all interest fees. This will also help to stop those harassing telephone calls and letters you receive in the mail as a professional debt consolidation team can take care of everything.
There is really nothing to lose, enter your details today and find out what Our partner companies offer you with our Payday Loan Consolidation Services.