Man, those payday loan adverts looked so enticing. It seems so simple, so quick, and they’re pretty much always around just when you need them. But if you’re not careful, you can get into quite a bit of trouble. Because they’re never as simple, quick, or accommodating as they seem to appear. Many of the lenders are predatory. The interest rates can be absolutely frightening. If you’re not careful, it can be easier than you thought to get overwhelmed.
I’m not here to bash you over the head with an anti-payday-loan essay. Payday loans have helped a great many people. Many would say that payday loans are immoral, but I disagree. After all, it’s a voluntary contract! And when it’s an emergency, as it is in many of the cases of payday loans? Well, that more-than-100% APR may very well be worth the eventual total price.
As with problems with any other type of loan, we should want to help anyone with payday loan trouble. So we’re going to take a quick look at what you can do when you have problems paying back such a debt.
Speak to the lender
Don’t fall for the stereotype. Not all employees of a payday loan business are going to be slimy, unforgiving, and predatory. Many employees in this field know that people who enter these contracts are often desperate. The law requires that they treat you fairly and considerately. If you need the interest rate frozen, or any charges suspended, they have to consider it.
Debt advice
Did you know that the lender may also be obligated to point you towards free sources of debt advice that are independent of them? This isn’t the case with every state or country. But the source of advice should be fairly affordable in any case. Also for consideration is a safety net refund. Find out more about locating good and affordable financial advisers at http://money.usnews.com/.
Debt consolidation
So maybe you didn’t just get one payday loan. Maybe you got a few. What you might not know is that you can actually get these consolidated, as you can with most other types of debts. This can be of astonishing help, especially when you consider the high interest rates. Consolidating them will reduce all of it into a single interest rate that may not work out so high. Find out more about payday debt consolidation at https://realpdlhelp.com/.
Asking friends or family
A lot of people shudder at the thought of asking friends or family for help paying back a loan. They don’t really want to reveal their problems to people close to them, or simply don’t want to put their loved ones in that position. But payday loans tend to be smaller than other types of loans. So perhaps asking friends and family for assistance isn’t as impossible as you think. One thing you could consider is asking for small amounts from several people. Yes, this does spread your total debt a little. But it’s certainly better owing close friends and family small amounts than it is to owe a payday loan business! Read more about this tricky task at http://quickbooks.intuit.com/
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