Hope For Financially Challenged Since 2007

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Client KP from Nevada
We helped KP to pay off debts and
save $30289.45

Type of debt:
Online Payday Loan

KP's Satisfaction level:

Payday loan consolidation: Ends multiple pdl debts and saves money

This debt relief option comes in when you’re struggling to pay high-interest pdls even after making your best efforts. Payday loan consolidation program helps you pay off cash advance loans and get control of your finances yet again.

When you should go for it

  • You want to get rid of high APRs
  • You want to save your paycheck from pdl lenders
  • You want to get out of pdl cycle

How does payday loan consolidation work?

loandebt processHaving problems with online and storefront pdls? If yes, then try to consolidate payday loans as soon as possible. But before you make a final decision to consolidate payday loan debt, let's check out how this process actually works:

Here, a payday loan consolidation company offers a payment plan you can afford. The consolidators work closely with your lenders to bring down the interest rates and possibly waive off all the additional fees and extra charges. Most companies that consolidate payday loans will offer a free counseling where your current financial situation will be evaluated properly. This will help you get a payment plan, which is affordable.


How much do you have to pay every month?

Your new monthly payment amount will depend upon:

  • How many lenders are ready to reduce interest rates
  • How many outstanding loans you have
  • The amount you can afford to pay
How much can you save?
Monthly payment you can afford
($)

Payday loan debt consolidation pros and cons

Pros
  • No advance fees
  • Don’t have to pay high-interest rates
  • Don’t have to pay late fees and extra fees
  • Don’t have to endure automatic debits
  • Only one pocket-friendly monthly payment plan
  • Less collection calls & chance of getting sued
Cons
  • Need to avoid pdls in future
  • Need to act as per consolidator’s advice
  • Your collateral is at risk in secured loans
  • The loan term can be long

Why consolidation program is the best payday loan debt solution

Typically, you can get payday loan relief in 2 ways:

1

Consolidation program

This payday loan debt relief option is a better choice since you get a monthly payment plan that fits your budget. You don't have to manage multiple payday loans or put assets at stake anymore.

2

Consolidation loan

This is not a good payday loan debt solution since your asset is at stake. Yes, in case of a secured consolidation loan, you've to pledge collateral as security. If you want to go for the unsecured option, then be prepared to pay higher interest rates.

Compare PDL Debt Settlement, Consolidation Program & Loan

ComparisonSettlementConsolidation programConsolidation loan
What it doesReduces total debtLowers interest rateTransfers debt to another lender
Payoff term2-4 years2-5 years1 -30 yrs
Mode of paymentlump sum paymentmonthly paymentmonthly payment
RequirementsSave an amount before negotiationMake monthly paymentsCollateral
Credit scoreDrops initiallyImproves graduallyImproves gradually
VerdictBest when you’re wondering how to pay off multiple payday loans through a lump sum payment.Best when you want to get out of debt by making single monthly payments.A good option when you can pledge a security as collateral.

Can you go to jail due to legal or illegal pdls?

Neither authorized payday loan lenders nor illegal lenders can send you to jail when you don’t make a payment. While they can’t send you to jail for pdls, but they (authorized lenders) can sue you at court. There is a risk of default judgment when you lose the case.

CFPB: Proposed laws to end pdl traps and save borrowers

The consumer watchdog Consumer Financial Protection Bureau (CFPB) has proposed new rules in March 2015 to bring an end to payday loan debt traps. The proposed rules aim to save consumers from debt traps mainly in 2 ways - prevention and protection.

Proposed rules
  1. Lenders have to verify if borrowers can pay off the loan along with interest, fees and principal amount.
  2. Lenders need to check the borrower's’ income, financial liabilities and borrowing history.
  3. There has to be a 60-day cooling off period between payday loans.
  4. Lenders can issue the second pdl within 2 months when borrower’s financial situation has improved.
  5. Once a lender issues 3 consecutive loans to a borrower, he can’t issue a new loan in the next 60 days.
  6. Lenders need to offer reasonable payment plans to borrowers.
  7. Payday loan lenders can’t keep borrowers in debt for more than 3 months in a year.
  8. Maximum 2-3 rollovers would be allowed followed by a compulsory 60-day cooling-off period.
  9. Lenders need to suggest a way out of debt before offering second and third loans in a row.
  10. The way out of debt will include: (a) the principal will drop with each loan (b) the lender would offer “off-ramp” for the third loan so that it could be paid off without extra fees.
Sat May, 2013 Review: JP3 saved $18755.21
Client satisfaction level:
      
* Client names have been changed to protect privacy

4 Tips before you get assistance with payday loans online

If you want to go for the payday loan consolidation online option, then check

  • 1 If the company has a valid physical address
  • 2 If the company has good online reviews
  • 3 If the company has budget-friendly fee structure
  • 4 Check the state payday loan laws carefully

Still have doubts regarding how to pay off payday loans?
Want to know how to get out of payday loan debt?

Call us at (800) 530-OVLG

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Pages

7 Debt consolidation mistakes: Common traps which you should avoid

7 Debt consolidation mistakes: Common traps which you should avoid

Date: 03:16 am 19th Aug, 2015 Article Rating: 
Rating: 
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If you’ve accumulated a large amount on your multiple credit cards and have chosen to consolidate your debts, then you need to be extra careful. There are a number of debt consolidation companies appearing at every corner of the street, claiming as a good service provider. It’s not that all such [...]... Read more


5 Mistakes which can prolong the debt consolidation process

5 Mistakes which can prolong the debt consolidation process

Date: 03:04 am 5th Aug, 2015 Article Rating: 
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If you’re drowning in credit card debt, then you must be thinking of ways to reduce your debt burden. Remember, accumulating a huge amount of debt may hurt your credit score and make you ineligible for further lines of credit. But, before choosing a debt consolidation company for consolidating [...]... Read more


How to spot and avoid debt consolidation scams

How to spot and avoid debt consolidation scams

Date: 03:40 am 27th May, 2015 Article Rating: 
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Scam debt consolidation firms mainly hunt on people who are desperate in search of a way out to their mounting debt problems. People whose credit scores are bitter or already ruined often fall prey to debt consolidation scams. While the legitimate ones help you keep calm and stay afloat, the scam [...]... Read more


Say NO to debt consolidation loan and other balance transfer methods

Say NO to debt consolidation loan and other balance transfer methods

Date: 11:36 pm 3rd Nov, 2014 Article Rating: 
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For many years now, debt consolidation loans and balance transfer methods have remained the sole resort for numerous debt ridden individuals out there. These two debt relief ways boast of offering you the most convenient ways to get out of debt by offering a relatively lower, single and an [...]... Read more


Frequently Asked Questions on Debt Consolidation

Frequently Asked Questions on Debt Consolidation

Date: 11:19 pm 9th May, 2014 Article Rating: 
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1. How can you consolidate debts? You can consolidate your debts on your own with a debt consolidation loan, or you can sign up with a debt management company that offers debt consolidation services. 2. What is a debt consolidation loan? A debt consolidation loan is a low-interest loan that you [...]... Read more




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    • The debt settlement program typically lasts between 6 months to 4 years time.
    • At least 30% of the debt amount per creditor needs to be accumulated in the trust account for OVLG to give the creditor any settlement offer.
    • Not all creditors or debt collectors will accept a reduction in the balance, interest rate, or fees a customer owes such creditor or debt collector.
    • Pending completion of the represented debt-relief services, the customer's creditors or debt collectors may pursue collection efforts, including initiation of lawsuits.
    • That the use of the debt-relief service will likely adversely affect the consumer's creditworthiness, may result in consumers being sued by their creditors, and may increase the amount owed to creditors as a result of the accrual of additional fees and interest.
    • Savings a customer realizes from use of a debt-relief service may be taxable income.

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