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Payday loan debt settlement is a process wherein you pay less than what you owe on payday loans. It is a fast process that saves you money quickly.

Three effective ways to get rid of payday loans

1 Payday loan debt settlement

With a payday loan debt settlement, the settlement company negotiates with your lenders to reduce your outstanding balance to an affordable amount while waiving late penalties and fees.

2 Payday loan debt consolidation

Payday loan consolidation companies offer monthly payment plans tailored to your income. Once your loans have been consolidated, you'll enjoy a lower interest rate and a single, affordable monthly payment. Financial freedom awaits. Learn more ...

3 Payday loan debt management

With this option, credit counselors will explain how to get out of payday loans legally. They'll negotiate separately with each of your lenders for lower interest rates to create an affordable monthly payment. Then, they'll create a personalized budget plan to keep you on track to eliminate payday loans.

How OVLG offers the best payday loan help in the industry

Is the best payday loan help to consumers available through OVLG? We think so.

Why should you say 'yes' to OVLG?

  • 1 Our attorneys are experts in state and federal payday loan laws.
  • 2 Our attorneys are available to give you the help you need in 48 states.
  • 3 Our secure system allows you to monitor your lender accounts closely.
  • 4 We know how to get payday loan companies off your back.
  • 5 We are confident in our work and offer a 100% refund if you are not satisfied.
  • 6 We offer all this - and more! - under a reasonable fee structure that won't interfere with your journey to financial freedom.
Wed Feb, 2019 Review: RW2 saved $1365.63
Client satisfaction level:
Wed Feb, 2019 Review: RW2 saved $1365.63
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* Client names have been changed to protect privacy

3 Steps you should take before getting payday loan debt relief

Step 1 Know how much you owe:

Don't go into a debt negotiation blind. Make a list of all your lenders, calculate your outstanding balance for each, and make a note of the interest rates. Then you'll be in a strong position to settle payday loans.

Step 2 Check whether your lender is licensed in your state:

Most states require payday loan lenders to be licensed. Check the laws of the state you're in to make sure your lender is following them. If they're not licensed, it may be that you can avoid paying them back the full amount you owe.

Step 3 Cancel ACH authorizations:

If you have authorized your lender to automatically withdraw payments directly from your bank account, cancel it. Without authorization, they can't withdraw payments unless you let them, putting you in a stronger position when the time comes to negotiate. It will also prevent lenders from emptying your account.

Payday loan settlement trivia

What is the worst way to eliminate payday loan debt?

Bankruptcy, because it will gut your credit.

What is the best way to get real payday loan relief?

Stop taking out payday loans. Payday loans put you in a weak financial situation.

What is the best help with payday loans?

If you've already taken out a payday loan, the best thing you can do is talk to an expert on payday loan relief and make a plan to get out of debt.

Why do people need help with payday loans?

Payday loans are predatory. They are allowed to carry very high-interest rates - up to 500%! - that trap people in a vicious cycle of debt. It's natural that once trapped; people need help getting out.

Where should you report about a payday loan scam?

Know your state's payday loan laws

Payday loans aren't legal in every state, but that doesn't stop unscrupulous lenders from offering them. If you took out a loan from a lender operating illegally in your state, you might be able to settle your debt much more cheaply than you realize. Have you explored the laws in your state? If not, do it now. It could save you a fortune.

State payday loan laws

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Video transcript on: why, when and how to settle payday loan debt

Are you buried in payday loan debt? Are you struggling to get out? If ‘yes, then you are gonna feel really good after watching this video because, in the next 60 seconds, we are gonna tell you how to settle your payday loan debts in a few simple steps (pause)
But before we discuss how to settle payday loans, we should discuss why we should settle. Now, the most important reason to settle your payday loan debt is, it can save you a ton of money. It waives off late fees, it cuts down the payoff amount, which is a big relief. Not only that, settling your payday loan debts will help you avoid lawsuits..
Now, the question that comes to mind is that when should we go for a payday loan settlement?
Usually, payday loan settlement works best when you want to get out of debt, escape high APRs or avoid getting sued. (pause) For example, because of payday loan debt, one of our clients was on the verge of being sued by NAM LLC.
Immediately, she enrolled in the OVLG’s program and got a really good deal within 48 hours. Now, let’s take a quick look at what she has to say about her experience.
*Client KL* - “Hi, my name is Kristen Leigh. I have been with Oak View Law Group for almost a year. In December, it's gonna be a year. I have a lot of issues with MoneyKey, and they hired someone NAM LLC who basically told me they are gonna sue me and harass me, and tell me I needed to make a payment by Thursday in order to avoid being sued and taking to court for fraud. A lot of stress has happened with that, and in the last 24-48 hours, Paul, Tracy, Steve have all worked really hard to get them to sort that out. They have got a really good deal. I am eternally grateful for that. I would have been dying with lots of more stress had I not had Oak View Law and Paul and Steve and Tracy working with that. So I just wanted to shout out to them and let them know that I really appreciate their work, and they need to keep doing what they do.”
If you’re going through these situations, then it’s time to learn about settling payday loans. (pause).

Payday loan settlement companies – how to pick the best one

  • Check the settlement company's fee structure. Is it affordable?
  • Is their business accredited with the Better Business Bureau?
  • Ask if you'll get a refund in the event they can't actually help you pay off your payday loans.
  • Ask how they intend to provide you with payday loan relief.
  • Find out if they have good industry experienceFind out how long they've been in business and what their success rate is when settling payday loans.

Why it is bad to get out of payday loan debt on your own

  • Not every payday loan lender is legal. An experienced loan settlement company will be able to tell right away, potentially saving you thousands.
  • Most people don't have the training or experience necessary to successfully negotiate payday loan settlements.
  • Negotiations with lenders can be stressful and nerve-wracking.
  • Laws on payday loans and collection efforts vary from state to state. If you don't know the law well, you are unlikely to get the best result.
  • Unless you've done this before, payday loan settlement companies have a much better track record than you.

Last Updated on: Fri, 28 May 2021