NationalPayday Loan Relief has a decade’s worth of experience in helping clients get out of payday loan debts. Based in Oakland Park, FL, this highly reputable debt consolidation company has garnered positive ratings from previous clients.
Here’s an unbiased review of its payday consolidation services.
National Payday Loan Relief’s core values
Reliability – National Payday Loan Relief has offered payday loan consolidation plans for more than ten years. This consistency is remarkable since it’s an indicator of good service delivery.
Knowledgeable –The directors of this company attribute their success to their vast experience in the payday consolidation industry.
Negotiators – The reason why clients get thrilled with National Payday Loan Relief’s payday consolidation services is a huge reduction in overall debt. The credit attorneys can convince loan lenders to waive 30-35 percent of the overdue amount.
Supportive – National Payday Loan Relief ensures its customer care department receives adequate training to handle all customers with high esteem.
Signing up for the payday consolidation plan
1. Getting a free quote
National Payday Loan Relief encourages potential clients to apply for a free quote through its official website. The applicant submits information on whether or not they have outstanding credit card, business, medical and student loans in the online-based form. You’ll then enter your full names, contacts,federal state of residence, and outstanding payday loan debts.
The credit counselors take 24 hours to respond to free quote requests. This duration is fair if you’re just comparing various payday consolidation deals. For those clients who prefer a swift response, there’s an active toll-free number posted on National Payday Loan Relief's website. You can call and book a free appointment with one of the certified payday loan consolidation officers.
It’s a standard practice for debt consolidation companies to provide potential clients with free quotes. This policy enforces transparency hence enabling potential clients to make informed decisions when shopping for a payday consolidation plan.
2. Client vetting
During your first appointment with the credit counselor, you’ll answer a few questions to determine your eligibility. National Payday Loan Relief only helps clients who are stuck in deep financial ruts. It’s a requirement for payday loan consolidation applicants to provide their bank statements to National Payday Loan Relief’s credit counselors.
If your total overdue payday loans amount to $1,000 dollars or more, National Payday Loan Relief will invite you to apply for a debt consolidation plan. This low debt requirement makes National Payday Loan Relief a more affordable option compared to larger rivals in the industry. Some payday consolidation companies have a minimum debt requirement of $10,000 dollars.
National Payday Loan Relief does not disclose how long the vetting takes place. The website does not disclose any collateral requirements for National Payday Loan Relief’s consolidation and settlement plans.This is a clever marketing strategy intended to drive potential applicants further into the sales funnel. It makes the application process appear such a walk in the park that you won’t hesitate to dial the toll-free number to book an appointment.
3. Success rate in payday debt consolidation negotiations
If you succeed in qualifying for a National Payday Loan Relief’s consolidation plan, you’ll receive an assigned debt counselor. Their role is to negotiate with the affected loan lenders to settle for a debt consolidation plan.
You may come across different payday consolidation companies that boldly advertise their success rates regarding debt negotiations. However, National Payday Loan Relief does not provide such data. Perhaps, this is a smart way to prevent clients from setting high expectations. Moreover, a successful applicant doesn’t know how long the debt consolidation negotiations take.
What are the main features of National Payday Loan Relief’s payday consolidation plan?
1. Legal Help
It may take a few weeks or months before your lenders sign the debt consolidation agreement. During this period, some loan lenders can still call or email you to warn you of impending legal action e.g. bank account garnishing.
National Payday Loan Relief provides its clients with attorneys during the negotiations period. The client won’t pay any upfront fees to receive this legal assistance. Previous clients agree that National Payday Loan Relief’s attorneys do a good job in preventing loan lenders from making harassing phone calls.
2. Financial coaching
During the debt repayment period, you’ll get several sessions with your assigned debt counselor and a financial coach. Here, clients learn how to avoid negative payday loan cycles. The credit counselor also advises clients on how to restore their credit scores and tips to spotting illegal payday loan lenders.
3. Debt management
In addition to having overdue payday loans, some clients also have business, credit card, and medical debts. Your assigned credit counselor will advise you on how to clear such debts to ensure you have enough money left over after the payday consolidation program.
4. Assurance when it comes to penalties waivers
National Payday Debt Relief guarantees potential clients that it successfully convinces payday loan lenders to deduct all late payment fines on overdue payday loans. The seasoned staff of attorneys and credit counselors has helped more than 1,000 clients get out of payday loan debts.
5. Pay 35 percent service fee based on debt reduction
Clients don’t owe anything until National Payday Debt Relief successfully persuades affected creditors to sign the payday consolidation forms. After successful application, your monthly installments will include a service charge based on the amount of reduced debt.
If for instance, National Payday Debt Relief reduces your total payday loans from $15,000 to $12,000 dollars, they will charge a 35 percent interest on the $3,000 dollar discount.
6. Reduction in interest rates on pending payday loans
National Payday Debt Relief’s attorneys will convince your lenders to lower the interest rate attached to your current payday loans. If the payday loan lenders agree to these terms, your credit counselor will work out a new repayment plan. Clients who’ve paid off more than 50 percent of their outstanding payday loans have a good chance of getting a reduction in interest rates from affected lenders
Limitations affecting National Payday Loan Relief’s payday consolidation plan
1. Available in Florida and Texas only
If you live outside Florida or Texas, National Payday Loan Relief will recommend suitable debt consolidation companies within or near your city. This is because some federal states have their own set of credit consolidation policies.
2. Eligibility is based on current level of financial hardships
Two people with the same amount of outstanding payday loans don’t have an equal opportunity at qualifying for National Payday Loan Relief’s payday consolidation plan. The system favors applicants who also have different types of pending debts such as credit card, business, medical, and student loans.
This mode of selection locks out applicants who are about to face a period of dwindling cash flows. For instance, entrepreneurs operating in seasonal industries such as hospitality might struggle to pay off their payday loans during off-peak seasons. This is a genuine enough reason for applying for a payday loan consolidation plan that National Payday Loan Relief ought to take seriously.
National Payday Loan Relief offers an affordable and decent payday loan consolidation program based on the features explained in this article. It observes recommended credit practices such as providing free quotes to potential applicants and charging a fair service charge on the amount of saved debt.
Despite its brilliant payday consolidation program, National Payday Relief’s website lacks some important information that’s necessary for first-time applicants. This site doesn’t mention anything about their payday consolidation plan’s impact on a client’s credit score. A first-time payday loan consolidation plan applicant may get discouraged when they learn about collateral requirements that weren’t there in the advertisement.
National Payday Loan Relief doesn’t disclose how long its payday debt consolidation programs take. In order to gain more clients, National Payday Loan Relief should be generous with information.