Payday lenders have been around for quite some time. But payday loan consolidation companies haven’t been around for that long. Now, a few legitimate payday loan consolidation companies deal with payday loans. But not all consolidation companies operate the same way.
The process of payday loan consolidation works by taking your total debt owed and coming up with an affordable repayment schedule. This will pay off your payday loan debt in an agreed-upon time frame between the lender.
Our firm, Payday Loan Debt Relief, offers the strongest and most legitimate model for paying off your debt. Unlike many other payday loan consolidation companies, do not hold your money for two or three months. You were then approaching the lenders hoping for a settlement.
What We Do To Consolidate Payday Loans
Since our firm takes over your debts, we aggressively negotiate with these payday lenders immediately upon your enrollment. So in our program, that means when you make your first lender payment, lenders are being paid.
Based on our research, most companies treat this consolidation like a debt settlement model.
This also means we don’t hold your money when making monthly or bi-weekly payments. Some consolidation companies may hold onto these payments for 2 or 3 months. Then they try to approach the payday lender to negotiate a payoff.
Model Types of Payday Loan Relief Companies
This type of model is bad for two reasons:
1. These payday lenders are very aggressive in their collection efforts. They call your cell, home, work, and references.
2. Also, this puts the payday lender in a very defensive posture. They will be less willing to work with your consolidation company to set up a repayment structure.
Some companies will also take your payments for the first few months. And all that money you pay goes towards their fees first.
The trouble with that is if you owe storefront lenders and they loaned you a certain sum of money, why would they be willing to accept less from you? T at doesn’t make any sense.
Depending on your state, if they are not dealt with in the proper time frame and a manner that reputable consolidation companies will. These lenders can sue you. That is why you need to hire a firm with the expertise to handle these lenders from the beginning of your enrollment.
Too Many Payday Loans
When you have numerous payday lenders, keeping them from constantly calling and harassing you when you are part of a consolidation program is important. People are dealing with enough stress, and if it can be kept to a low level or eliminated, that is the best.
So if your lenders aren’t receiving any money for a period of 2-3 months, they will never work out any arrangements with a payday loan consolidation company that holds money.
Like Payday Loan Debt Relief, solid and professional companies are proactive and highly aggressive in their approach to lenders.
This means once the clients start to make their payments, the company will have already negotiated and received a repayment schedule with the payday lenders. This will make the lenders more likely to work with the consolidation companies, such as our firm.
You must also perform thorough research when talking to these companies. This way, you know you are getting the best value for your money. Also, not that your debt with the payday lender will revert to its original status if you fall behind in the payments to the company.
Our firm is proud to be one of the few best payday loan consolidation companies. And having a lender-approved payment plan that works to your advantage. See why we have been voted the most professional and successful payday consolidation firm today.
