Posts Tagged ‘relief from payday loans’

Three Comparatively Easier Options On How To Get Debt Relief From Payday Loans

There can be an array of options on how consumers can get debt relief from payday loans. But, if you are looking out for quick fixes, there are none. It is easy to get trapped into the viscous cycle of debt caused by short-term cash advances, but it takes a lot of pain and efforts to get out of it. Fortunately, there are several options available out there. But, when it comes to using those options, your awareness about the payday loan laws applicable in your state is crucial. The more you are aware of your legal rights and options, the better you will be able to handle your debt situation. Though there are options like payday loan debt consolidation, payday loan debt settlement, and payday loan debt management, but they are not as easy and affordable as they are often advertised. Following is a brief rundown on some of the comparatively easier options you can try.

Get Help From Family And Friends

Most people are not comfortable with option even though they have friends and family members who are likely to help them if asked. But, people often hesitate in asking for any such favor because of the fear that their request may get rejected and they may thus have to face the eventual embarrassment. Still, this can be the easiest way to get debt relief from payday loans. Try this option with a professional approach. First, identify those people who are very much likely to help you. Then, contact them and tell them that you want to borrow some money to get out of the nasty cycle of debt. Sign a contract and show your willingness that you are ready to pay back within a few months in installments with a certain amount of interest (obviously, that will be much lower than what payday lenders are charging). When you approach your friends, colleagues, and even relatives with this professional approach, the chances are that you will not be denied. Just make sure that you pay them back in a timely manner, as promised or as per the signed contract.

Pay Off Your Debts Using Your Credit Card

It is true that you will have to pay a high rate of interest on your credit card balance, but the rate will still be much lower as compared to the total amount of fees you are being charged on your payday debt. Therefore, if you are looking out for an easy way to get debt relief from payday loans, this option may also work for you provided you have a credit card that can provide you the required amount of money as cash advance. It is important to note that the longer your payday loan accounts are open, your total debt will keep on it will keep on growing very fast. Therefore, breaking this cycle of debt as immediately as possible is very important. Once your debts are in control, you can plan your strategies to pay them off.

Take Out A Personal Loan Or A Home Equity Loan

Another option is to get one big loan to replace all your payday loans. You can take a personal loan or a home equity loan and then pay off your current outstanding debts in full. Once all your debts are paid off, you will have to deal with just one loan account that allows you to make the repayment in small monthly installments. This way, the debts become manageable and affordable. It is however important to note that personal loan is an unsecured loan, where you do not have to put anything as collateral against the money you borrow. In case of home equity loan, you will have to put your home as collateral. It means the second option can be risky; if you fail to make the repayment in time and make several defaults, you may lose your home to your lender. But, you should also keep in mind that you can get home equity loans at very low rates; personal loans on the other hand will charge you a comparatively higher rate of interest.

Always remember, the sooner you break the cycle of payday debt, the faster you will be able to get control of your debt situation. If you use one of the above three options with a professional and disciplined approach, you can definitely get debt relief from payday loans.

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