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Payday loans are short-term loans that give you a small amount of cash with the agreement that you’ll pay it back, along with additional fees, at your next paycheck. Although they may seem like an easy way for people experiencing financial hardship to get fast money, they can quickly pull you further into a cycle of debt and bad credit.
Some of the biggest disadvantages to payday loans are the high interest rates and short repayment terms. If you aren’t able to pay back your debt in full on the due date, which is usually within 14 days or by your next paycheck, the lender will likely encourage you to roll the debt over into a new loan. More fees and excessive interest charges are tacked on with each rollover, which can quickly grow into a massive amount of debt.
Additionally, if you default on your payday loan, you risk your debt being sent to collections. This can negatively impact your credit and make it more difficult to obtain loans in the future.
Rosemary inherited her late mother's home, but she had to take out loans to pay for crucial home repairs. Accredited Debt Relief helped bring her $2,800 monthly payments down to $670, allowing her to worry less and put more money into her savings.
Depending on your unique financial situation, consolidation could help you overcome your payday loan debt. However, refinancing debt may not be right for everyone. You may want to consider debt consolidation if any of the following are true:
Debt consolidation is a bankruptcy alternative that involves working with a debt help service to negotiate new terms with your creditors so you can pay off your bills for less than you owe. It is also a safer option than debt forgiveness or cancellation programs which may involve fine print that disadvantages the consumer.
You're paying too much interest or are stuck making only minimum payments
One or more of your credit cards are maxed out or your credit utilization is over 40%
You miss payments or you can’t afford both your monthly payments and basic needs
Your debt is worsening your quality of life, physically or mentally
Since 2011, Accredited Debt Relief has helped thousands of individuals throughout the U.S. take back control of their debt. Our team of Certified Debt Specialists can review your payday loan situation and match you with solutions that best fit your financial needs.
With an A+ BBB rating, we offer customized financial solutions that can help you pay off your debt obligations quicker. Our experienced team can help lower your monthly payments and reduce what you owe overall. Break the payday loan cycle today — contact us for your free consultation.
Enrolled Debt: $43,922
Final Debt: $21,403
Enrolled Debt: $21,974
Final Debt: $12,797
Enrolled Debt: $24,954
Final Debt: $10,634
* These examples do not include program fees. This is small sample of debt settlements our negotiation team has achieved for our clients. These settlements were obtained for clients who successfully met all of their program terms and received settlement offers. Results may vary, and there are no guarantees that all creditors will agree to settle. These examples are not representative of results in all cases.
People who consider payday loans often do so because they are living paycheck to paycheck and run into a sudden, unexpected expense. Budgeting for these loans can be an impractical financial decision for many borrowers.Click Here
If you need to borrow money, you have a variety of options. However, you’ll eventually need to pay your lender back, so it’s important to have a repayment plan.Click Here
Maxed out your credit card? It’s OK. It happens. The important thing is to understand the consequences and find out what you can do to get the debt under control.Click Here