Finance & Loans

Pay Off Payday Loan Debt

Due to the current economic climate, millions of Americans are living paycheck to paycheck, while the majority are having trouble making ends meet. This is why many turn to instant payday loans as a quick and easy way to receive cash. Marketed as a one-time solution for a financial emergency, payday loans are anything but that.

According to a 2003 study by the Center for Responsible Lending, 91 percent of all payday loans are made to borrowers with five or more payday loans per year. The harsh reality is that payday loans are difficult to pay back and many people end up getting trapped into paying much more in fees. In fact, due to the short two-week advance time period, a borrower ends up paying an annual percentage rate of 400 percent. The more you renew the payday loan, the more fees you will have to pay, making it nearly impossible to get out of the debt.

However, there is a solution to getting out of payday loan debt: the payday loan consolidation program through PaydayLoan-Consolidation.com. This practical program offers a new approach to eliminating payday loans once and for all. Through a custom repayment program, borrowers are set up on an affordable 2-12 month payment schedule without getting a new loan. If you’re having trouble paying back your payday loan and would like to sign up for a consolidation program, please contact PaydayLoan-Consolidation.com. You will speak with a friendly and knowledgeable debt relief specialist who will customize a plan to meet your needs. Stop the collection calls and eliminate your debt today.