National Payday Loan Relief said, “the pandemic has hit the average American badly, and financial constraints have seen most of them go for payday loans. Payday loans can trap consumers in a never-ending cycle and we are one step ahead for getting out from this situation.”
Covid-19 hit the world by surprise in March 2020, and since then, life has taken a dark turn. This pandemic has grabbed the world by its neck, from losing families and friends to the virus to job losses and business failure. With businesses closing doors and citizens facing pay cuts, payday loans have become the order of the day.
Payday loans are advances that lenders give to individuals, which they pay off when they receive their paycheck. They are suitable for covering medical emergencies, accidents, and unforeseen bills. But they can be a trap if you borrow more money than you can pay. Defaulting such loans comes with outrageous rollover fees and crazy interests.
These loans are attractive and tempting. The creditors know how to target consumer’s weak points, leaving them with no option but to take them. They use persuasive language to make the deal look too good to resist. The following are some of the reasons why payday loans are attractive:
- They have a high likelihood of approval
- The lenders offer adjustable amounts of money
- Payday loans come through quickly during emergencies
- When utilized well, payday loans can be a dependable way to supplement your revenue streams
Although sometimes it’s inevitable to borrow these loans, consumers should avoid them like the plague. They have high-interest rates than regular bank loans. “Certain companies will entice you with this offer and destroy you with the interest rate. If you have fallen into this trap, don’t despair, there is still hope,” advises National Payday Loan Relief.
Most people know the downsides of these payday loans, but they still borrow. This is because they seem like an instant helping hand. They are convenient because they don’t require guarantors and credit checks. Additionally, they don’t feel like a burden. Some people feel self-conscious when borrowing from family and friends, so they opt for payday loans.
“Many people love payday loan due to self-consciousness; you know that uncomfortable feeling which comes with borrowing from family and friends? Payday loans don’t come with that much shame,” noted NPDLR (National Payday Loan Relief). It is advisable to steer clear of payday loans. Instead, consider other alternatives, such as asking for help from friends and family. If the payday loan is inevitable, stick to one lender.
“Payday loans have a tendency of having high risks, but depending on the situation, it can help through the circumstance. The bottom line on payday loans is that you try to find an alternative. If you must use a payday loan, try to limit the amount and borrow only as much as you can afford to pay with your next paycheck, and of course still have enough to make it to the next pay day,” advises NPDLR.
So what next after getting stuck in a payday loan cycle debt? Do you accept defeat and live a miserable paycheck-to-paycheck life?
There is a way out of a payday loan debt. The NPDLR has developed various initiatives that help you clear your debts in less time and even at lower rates. First, they have a payday loan consolidation program that lets you pay several loans simultaneously with one loan.
“Debt consolidation is a service offered by loan relief service providers to facilitate debt refinancing by taking out a loan from the consolidator and using it to pay off multiple loans owed to other debtors,” explains NPDLR. This program is what people stuck with loan debts from several creditors need to get their financial freedom back. It shortens payback time and the final amount you pay back.
“Debt consolidation is a relief to personal finance because it allows you to pay off many debts simultaneously using one loan with low interest rate. It also relieves you of the nagging telephone calls by lenders among other advantages.” Wondering how this loan consolidation program works? It is pretty self-explanatory. The consolidator takes all the responsibility of clearing the debt, such as negotiating better rates, payment schedule, etc.
“The consolidation company will take care of the rates, fees, re-negotiation of terms and all that’s expected of you is to pay back your debt in pocket friendly monthly payments via the loan consolidation company.” Why pay a consolidation company to do all these when you can negotiate your way to paying low interests? In as much as you can do these things on your own, a consolidator who knows their way around payday loans and the rules governing lending institutions stands a better chance than a layman. “Getting such a deal may be difficult if you try to renegotiate your loan with the creditor on your own,” warns NPDLR.
There is another way out for consumers with multiple payday loan debts; debt settlement. You use this method as a last resort, having tried other avenues to settle payday debts. Here you involve professional debt management or legal firm to advise on the available options. It is not easy to negotiate forgiveness of debt and other settlement options alone; that is why you need to look for an expert. “While it is entirely possible to do this yourself anytime that you are dealing with complicated legal and financial matters, it is always recommended that you reach out to either a lawyer or professional company that has experience dealing with these types of matters,” advises NPDLR.
“Once you have negotiated an agreeable arrangement that both parties sign off on, you can finalize the matter. Sometimes this can include the forgiveness of the entire debt but more often it will have a payment plan for a partial sum of the original amount. This is a good way tom save some serious money while also getting the monthly payments down to a more manageable level.” Lowering the monthly payments leaves room to save more. Saving money is a habit all of us should embracement payday loan debts interferes with this crucial habit. Saved money gives us hope for a better future and the ability to satisfy a need if it arises.
“Money is a guarantee that we may have what we want in the future. Though it need nothing at the moment, it insures the possibility of satisfying a new desire when it arises,” said Aristotle. One of the bestselling personal financial authors, Suzie Orman, says that you have to fix the root cause of your financial woes to get financial freedom. That is why it is essential to talk to an expert to get legal and financial counsel. “The only way you will ever permanently take control of your financial life is to dig deep and fix the root problem,” wrote Orman, who has authored more than 25 million books on finance.
Payday loans top the list of the root cause of most Americans’ financial woes. When you get the first advance, you pay it with your next salary. If the amount left cannot sustain your lifestyle until the next payday, you borrow another loan. This cycle cannot let you save a dime, and your dream of financial freedom delays another day. The primary cause of wallowing in debts is a lack of budgeting, leading to overspending on unnecessary stuff. Getting financial advice saves you from falling into the same trap again by equipping you with better financial habits and all-around financial counsel.
“As a debt settlement company, NPDLR feels obligated, as our duty, to inform and educate our customers on how to avoid making same mistake twice. We provide financial debt and credit counseling to anyone who wants to learn and better themselves every day. Financial credit counseling will give you an idea on how to better your finances and credit score in future spending,” noted NPDLR. The financial adviser can even help you with other alternatives to pay your payday loans, such as mortgage refinancing. This is a very fragile topic and needs expert guidance to save money. If you go into it blindly, you may get yourself into deeper debts.
“When you refinance your loan, you will want to get a better deal. When you decide to look into how to refinance my mortgage, you will want to make sure that you make the right decisions for it,” advises NPDLR.
There are other alternatives to turn to when the payday loan debt gets out of hand. These are:
- Financial debt management services
- Filing for bankruptcy
- Financial debt and credit card counseling
- Payday loan debt settlement
NPDLR has other loans and credit management services to help clients take charge of their financial well-being. These include:
- Debt payoff calculator that gives clients an overview of their accrued debts and payment schedule
- Credit card debt relief program to help credit card debtors pay off their credit card loans
- Payday loans map to help clients find payday loans and debtor protections areas in their state
- Debt settlement agreement template that clients can use to draft their debt settlement agreements
About National Payday Loan Relief
NPDLR is a debt settlement company recognized across the United States for its assistance in getting out of payday loan debt. They help you recover from a payday loan debt through their loan relief and consolidation program. Their core values include being supportive, reliable, knowledgeable, and negotiators. NPDLR’s mission is to be an effective and reliable payday loan relief service provider, helping Americans across all the states. They also pride themselves in over 20 years of professional services, with skilled financial experts and attorneys
For more information on National Payday Loan Relief and debt consolidation services, visit their website or get in touch via Phone Call or text them on (888) 407-4521 Or email: email@example.com. Their physical address is 3221 NW 10th Terrace, Oakland Park, FL 33309.