Payday Loan Debt Settlement
Do you need payday loan relief?
Payday loans can be appealing in the moment, especially when faced with expenses you aren’t prepared to pay out of pocket. Many Americans live paycheck to paycheck, so it can be difficult — or even impossible, in many cases — to accumulate savings. When car trouble strikes or you’re having problems making ends meet, payday loans may seem attractive.
Unfortunately, these types of easy loans — sometimes even available online with just a few clicks — typically come with outrageously high interest rates. To get the funds in your account, you need to provide lenders with a post-dated check or authorize them to withdraw money from your bank account on a pre-determined date.
If that payment date rolls around and you are short on funds, it’s all too easy to become trapped in a cycle of taking out successive payday loans. Ultimately, you could face legal action or have your wages garnished for nonpayment.
Understanding Your Options for Payday Loan Debt Assistance
Talking to an attorney is the first step in obtaining payday loan debt relief. Payday lenders are required to follow specific laws covering everything from the fees and interest they charge to the loan term and frequency they can lend money to borrowers. When a lender operates outside these legal parameters, an attorney can help protect your rights.
For some consumers, bankruptcy makes the most sense. However, a knowledgeable attorney can help you understand other options — including payday loan debt settlement. With debt settlement solutions, your attorney can work directly with the payday lender or lenders, negotiating on your behalf to reduce the total amount you owe. This can make it easier to climb out of unsecured debt without having to resort to bankruptcy.
Another option you may want to consider is a payday loan consolidation program. If you have multiple outstanding payday loans, or if these short-term loans on top of other unsecure debts are making it difficult to keep your head above water financially, consolidating what you owe into one loan can help you regain control by reducing the amount you pay each month.
A Payday Loan Settlement Attorney Can Help You Explore Options
The payday loan attorneys at DeTata Law Group are committed to helping people who find themselves trapped in the payday loan cycle. If you are looking for relief from payday loans, contact DeTata Law Group today.