It may have been a tough time for you and your family, but you do have resources, tools, and help with payday loans now.
I repeat… Yes, you CAN get payday loan help!
Here are the 7 paths to getting help with payday loan debt that could give you that debt relief you need.
7 Ways to Get Help with Payday Loans
1. Consolidate your payday loans through a payday loan debt consolidation company.
If you have multiple payday loans, those renewal fees are taking your family budget into negatives before you even pay your regular bills. Payday loan consolidation can combine those loans into one account with one more affordable payment.
Here are two examples of payday loan debt consolidation companies where you can consolidate payday loans:
Solid Ground Financial at: http://solidgroundfinancial.org/payday_loan_relief.html
Delray Credit Counseling at: http://www.delraycc.com/
These two companies provide help for payday loans but also for other bad credit loans as well.
2. Consolidate pay day loans on your own with an installment loan. (And don’t count this out yet. Keep reading!)
If your credit is bad enough to have gone with a bad credit cash advance loan to begin with, you may be thinking you can not get an installment loan, but that is not necessarily the case.
If you own a car outright (no car payments left to make), you might check into getting a car title loan. While you are putting ownership of your vehicle at risk, a title loan in and of itself is no different than just purchasing a vehicle and paying an auto loan. Plus the interest rates for title loans are usually much better than rates for those emergency cash loans. With the right loan, you’ll be paying much less each month.
A home line of credit or second trust might be available to you if you have some equity in your home, even if you have a poor credit score.
You should also check out finance companies and credit unions, calling and asking if they offer cash loans to people with bad or fair credit.
Finally, if you are retired military or joined the military as an active duty service member with debt that eventually got out of hand, Pioneer Services offers personal installment loans with much more leeway in qualification standards than many other lenders.
An excellent benefit for military families with financial need, you can find Pioneer Services (Pioneer Military Loans) at: http://www.pioneermilitaryloans.com/ (Great installment loans for military families with less than perfect credit!)
Even one or two payday loans can become a problem, making it difficult to ever pay off debt.
Whether you have one payday loans or several, here are some financial options which can provide freedom from debt:
3. Settle payday loans using a payday loan debt settlement company.
If you have several loans, this is still an option as these companies will consolidate your loans and work with you to work with the individual payday loan lenders. Some may even work directly with the lenders, providing the utmost relief to you and peace in your home.
If you have just one payday cash advance out, a simple settlement agreement will be reached, and your settlement company will advise you as to what exactly they want you to do.
Do NOT, do NOT listen to anyone else except a true representative of your settlement company if you go this route. If someone from a payday lender’s office, or some other collection company, calls you and tells you anything different than what your settlement company has told you to do, do NOT listen to them. Do as your settlement company instructs.
So long as you have a professional payday loan debt settlement company, you need to trust them. To do otherwise could cause grief and lost money if you end up giving money to someone else who tricked you.
4. Settle payday loans by yourself.
This can be done and IS done on a regular basis by those who are up for the job. It is legal in all states to work out an arrangement that is acceptable to both parties when one party has legitimate financial difficulties keeping them from fulfilling a previous arrangement.
It would be advisable to find a good forum on the internet where you can talk with others who have settled debt themselves at an earlier point. They will have good tips and hints for you, and if the site is big enough, you even have a good chance of finding someone who has worked with your exact same payday loan company.
Debt Consolidation Care has an excellent forum you can read through or jump into to ask questions. You can find that at: http://www.debtconsolidationcare.com/paydayloan/forum/index.html
5. Explain your situation to your lender and see if you can work a different but full repayment schedule out.
This may be difficult to do, not only because it requires you to talk with a lender used to working with bad credit risks (they don’t always budge a lot) and also because these lenders are using to working with bad credit risks and don’t always budge a lot. However, some will work with you if you can demonstrate a real problem and a real solution.
If you chose this route, you should have everything in writing and even better, do everything by mail.
Send a letter with an explanation of what is going on, what you will pay back, and HOW you will pay it back. Also inform them to speak with you in writing only from that point on.
If you’re willing to work with a debt settlement company if need be, it might also help to inform them that if the two of you can not work with an arrangement, that you will gladly work with them through a professional debt settlement company.
Offer that “extra assistance to them” kindly and politely so as to more likely gain their acceptance without undue annoyance. If they have the choice of working with your full repayment schedule or face a professional debt settlement company who will push them to take even less, they may just work with you.
Make sure you include the stipulation that you require a response in writing.
E-How Money has a great page on how to settle payday loans yourself here: http://www.ehow.com/how_5525321_settle-payday-loans.html
This can be a tricky route since the payday loan company already had a check from you with your total amount due and your signature, and you gave them the right to cash that check in full if you don’t make payments. However, with some cooperation and clear goals, this could be one of the least intrusive methods of getting help and relief.
6. Consider Bankruptcy.
If your family is truly suffering and you are in a corner with law suits and collection companies threatening to take you to court and garnish wages, payday loans can be placed into both Chapter 7 and Chapter 13 bankruptcy.
7. Personal Payday Loan Debt Management – AKA – If you can, pay down debt but do so slowly.
Find any amount of extra cash each month to start paying down payday loan principle(s) and snowball your principle payments by reducing your finance fees each payday.
The more you can pay, no matter how little that is, the less your refinance (aka renewal) fees you’ll have to pay the next time around.
If a friend or family member can give you some money to help with payday loan payoff on one loan, or with part of one loan to start, you can more easily focus on the rest or on the other ones yourself then. If you can sell something on Craigslist or Ebay, you can pay down part of your principle to where a renewal fee the next time is more manageable for you, allowing you to pay a little more on principle the next time you can do so.
Really… I mean REALLY… paying even just $25.00 or $50.00 extra to reduce your principle each time really does make a difference. Paying $100.00 extra on your principle makes a big difference. You’ll FEEL the difference the next time you go to make a payment!
And if you can do this one or two payments in a row but do not have the additional principle payment the next time, then just keep your payment to the minimum and continue paying down your principle the next pay period.
Going this route may be possible only if you have the family funds to handle it, but if you can do this, knowing it might just take longer but that you CAN get through it eventually, you’ll have a feeling of accomplishment you can feel very proud of down the road.
And you will have practiced a virtue called financial discipline, something that will help you for the rest of your life.
IT IS OK TO SEEK OUT HELP WHEN YOU FIND CIRCUMSTANCES HAVE EVOLVED BEYOND WHAT YOU ARE CAPABLE TO HANDLING!
Proverbs 1: 5 says:
A wise man will hear and increase in learning, and a man of understanding will acquire wise counsel.
And remember the best wise counsel and assistance comes from an Almighty God who will not turn His back on you, even if you have made some mistakes.
If any of you lacks wisdom, you should ask God, who gives generously to all without finding fault, and it will be given to you.
James 1: 5
Now that’s REAL help with payday loans, and everything else in your family’s life too!
It’s OK to seek help when you are overwhelmed or unsure, and there IS relief available, even for those who have payday loans. Payday loan help is only a step or so away. Take that first step, and you will start your family’s journey to real financial recovery… and then victory.