Payday Loan Consolidation
If you are caught in an endless cycle of payday loan debt you cannot afford, use the contact form on this page to get assistance from a payday loan consolidation specialist. Take back your financial freedom.
According to the Center for Responsible Lending (CRL), on average, borrowers pay $800 for a $325 loan. A 2003 survey found that borrowers with five or more loans per year account for 91% of payday lenders’ business. Kathleen Day, spokesperson for the Center for Responsible Lending, said, “[Lenders] make money on getting a group of people sucked into a treadmill where they are paying a fee over and over again for the same loan.”
Consumer Credit Counseling
If you find yourself in an endless cycle of payday loans, unable to pay back some or all of the amount owed, please use the contact form on this page to connect with a debt expert.
For borrowers looking into payday loan options, there are better lending products available today. If you have never utilized a payday loan option, consider looking for more responsible small loan options. Look for the following criteria (from the CRL):
- At least a 90-day repayment term, repayable in installments;
- No personal check mechanism or other unfair collateral (such as a car title);
- Reasonable limits on renewals (If borrowers are renewing short-term loans more than four times per year, the loans are not helping them);
- Full consideration of borrower’s ability to repay the loan;
- No mandatory arbitration clause.
- With payday alternatives, borrowers pay late fees or penalty fees only one time. The “debt trap” forces payday loan borrowers to pay fees every two weeks. In the end, revolving payday loan fees increase debt loads and financial hardship, leading people into bankruptcy rather than helping them get back on their feet.
