Here are some frequently asked Payday Loan Consolidation Questions:
Q. What’s The Minimum Debt
A. The minimum debt is $750 in payday loan debt and the fact you may be unable to pay off these loans with your current income due to unforeseen financial problems your facing or because of high interest and fees.
Q. Does Your Payday Loan Consolidation Company Hold My Money?
A. The simple answer is no. Most every company out there will hold your money for two or three months before approaching or paying your lenders. We will not hold onto the payments we receive from our clients as start setting re payment arrangements with the lenders so when you make your first lender payment to us the lenders also get paid as well. Lenders do not wait for months to get paid and one of the reasons lenders prefer to work with us is we don’t make them wait for payment.
Q. How Long Does it Take To Get Started?
A. Once you submit the enrollment form back to us and based on what date you want to begin we start issuing all documentation to your lenders within 2 hours from the date of enrollment.
Q. How Much Does it Cost To Enroll?
A. There is NO up front fee before we get started. We have the lowest processing fee in the industry and you will find it quite affordable and its tiered based upon how many lenders we have to work with.
General Payday Loan Consolidation Questions
Q. Can I Be Sued?
A. If you received your payday loans from a storefront lender, yes you can be sued if you haven’t paid them for some time. They are legally licensed to lend in your state and they have the ability to take a borrower to small claims court to recover the money which is owed to them. The purpose of the lawsuit is simply to get their money back. However, most payday lenders would rather not go through this trouble because of the paperwork and legal expenses involved.
Payments are usually sent to your payday lenders after you make your first payment and after we have secured a mutual agreement with them. Immediately, your payday lenders will start seeing the loan getting paid back and it will become illogical and unnecessary for them to sue.
Q. How Do I Apply For This Program?
A. Complete our “free quote” form online. We will contact you and answer all your questions you may have and guide you through the enrollment process. We want our clients completely informed regarding the process before they begin.
Q. Can Payday Lenders Continue to Call Me?
A. Immediately after enrollment, collector phone calls may slow down or cease. We will issue a cease and desist letter to them. Payday lenders have every right to try and contact you in order to collect debt which is owed to them as long as they adhere to the Fair Debt Collection Practices Act Guidelines. We are very aggressive in getting in touch with the lender and working out an arrangement right away. Some companies will wait a few months till you have enough funds in your account. We will not do this and start paying them immediately upon our agreement with them and your first payment into the program.
Q. Can’t I Negotiate My Payday Loan Debts With The Creditors On My Own?
A. You can certainly try to negotiate with your payday lenders yourself. You must realize all Payday Lenders are in the business to make money as its big business and they only look out for their best interest. As our client we look after your best interest not theirs. The problem is that lenders do not normally make these kinds of arrangements with clients as the default rate is so high. When a client is in our program, the lenders now understand the client is serious about paying back their debt thus the default rate is much lower and the lender gets paid.
