We Help On Consolidating Your Payday Loan
We understand your situation is unique, that’s why we are diligent & thorough to ensure we deliver nothing less than a promise of excellence to you!
For your FREE QUOTE fill out the form below!
What Exactly is a Payday Loan?
Payday loans are short-term loans given as an advance on your future paycheck and are available in just about every single state in the US. In many cases, they’re approved with the applicant only having to fulfill a few minor requirements, such as proof of employment or fixed income, and an open checking account. Upon approval, the loan funds are paid either by check or cash and often simply deposited directly into the customer’s checking account.
There’s always a catch, however, and it comes with the egregious terms of the loan. They can include a high-interest rate as well as confusing compounding frequency, and an overly aggressive payment schedule.
For example, the exorbitant interest rates are often many times greater than even the most high-interest credit cards. Many credit cards have interest rates of 25, 28, and in some cases, even as much as 35 percent. But, 36 percent is the highest interest rate allowed under Federal and state usury laws that go all the way back to the early 20th century.
The fact is that interest is a percentage that you pay a lender for a loan, however, usury is the practice of charging borrowers excessive and unfair interest rates. Usury is a scourge on the financial services industry and its customers. Unfortunately, it’s also a reality in this day and age that has a stranglehold on many borrowers’ lives.
Payday loans can come with “interest rates” of 400 percent APR or even higher! So, how do PDL companies get around the usury laws? In general, they often call the interest charge a “fee” in the loan agreement rather than calling it “interest”.
There are now 20,000+ payday lenders in the US and payday loans usually have a very short repayment period, which makes it almost impossible for borrowers to come up with additional cash for repaying their loans on time. Consequently, many of them end up repaying the initial loan and taking out a new loan (or paying only the interest/fees due in states where it’s allowed) over and over to help them stay afloat. That’s why they call payday loans “the treadmill of debt”.
If you find yourself stuck on that treadmill, then payday loan relief could be a big help.
Why Are Payday Loans So Dangerous?
The biggest and ever-present danger with payday loans is that they almost always make any borrower’s financial situation worse instead of better. As a matter of fact, they’re so dangerous that, in many states all over our country, they’re categorized as ‘predatory lending’ programs. They’re literally designed to prey on people in need, taking advantage of their vulnerability to literally trap them in a vicious cycle of endless fees, high interest, and expensive defaults.
In addition, many payday lenders require permission for debit access to a borrower’s checking account so that they can take their money out in the face of any default. They frequently do this by requiring either a check or an ACH authorization as part of the terms for loan approval. This can lead to surprise debits to a borrower’s bank account and subsequently even more financial problems.
However, a borrower can issue a cease and desist/revocation of permission by mail or email to a payday lender, and legally, they have to stop debiting your account. That’s the good news. The bad news is that it often prompts lenders to escalate their efforts to collect. This can include more aggressive collection calls and more piles of mail demanding payment. And, to make matters worse, those collection efforts can often be followed by a lawsuit. Once a payday loan gets to that point, things can really get messy and extremely expensive.
With those sky-high interest rates (approximately 400 percent), being late by even just one day on your payment can easily be just the beginning of a dangerous cycle of late fees, especially when some loans are calculated daily. Unfortunately, that means borrowers who are already cash-poor are then shoved into a financial situation that’s even worse as they desperately try to keep their heads above water on a loan that was supposed to help them by covering their emergency needs. What looked like a life preserver turns out to be a deadly financial trap
All loans available through exitpaydayloans.com are made by lenders in their network and are subject to eligibility criteria and review of creditworthiness and history. All loan and rate terms are subject to eligibility restrictions, application review, credit score, loan amount, loan term, lender approval, and credit usage and history. Eligibility for a loan is not guaranteed. Loans are not available to residents of all states – please call a exitpaydayloans.com representative for further details. Repayment periods range from 24 to 60 months. The range of APRs on loans is 6.25% to a maximum of 35.99%. APR. The APR calculation includes all applicable fees, including the loan origination fee. For Example, a four year $18,000 loan with an interest rate of 18.134% and corresponding APR of 21.08% would have an estimated monthly payment of $528.79 and a total cost payable of $8,281.48.
IMPORTANT INFORMATION ABOUT PROCEDURES FOR OPENING A NEW ACCOUNT To help the government fight the funding of terrorism and money laundering activities, Federal law requires all financial institutions to obtain, verify, and record information that identifies each person who opens an account. What this means for you: When you open an account, you will be asked for your name, address, date of birth, and other information that will allow the lender to identify you. You may also be asked to see your driver’s license or other identifying documents.
- Call Before: 8:00 PM est to see if you qualify