Payday Loans Debt Consolidation

Things To Look Out For In The Best Payday Loan Debt Consolidation Counselors

There are so many payday loan debt consolidation counselors available out there in the market that it often becomes a very difficult task to choose the best one out of them. However, if you keep in mind the following things and do a thorough research beforehand, you can easily take much pain out of the proceedings.

Check If They Are Duly Licensed

As per the laws, there are certain licensing requirements that these counselors must meet thoroughly if they want to offer such services. The laws may vary significantly from one state to another. You can either contact your state department or the federal trade commission to find out if the payday loan debt consolidation counselors you are researching are duly licensed to run their business in your state.

Check Their Records With The BBB

Just because a counselor meets the state-specific licensing requirements, it does not mean that they make a right fit for you. You are also advised to find out how long they have been in this business, how much reputed they are in the market, and how impressive their success record has been. You can access all these details by contacting the Better Business Bureau. If a counselor is not registered with the BBB, it should be taken as an alert sign and you should avoid doing any business with that counselor. Though membership of the BBB is not a legal requirement for counseling agencies, the membership gives at least an assurance that the agency is serious about its business. The BBB thoroughly reviews the performance of these agencies and maintain a record for them. If there have been consumer complaints against specific payday loan debt consolidation counselors, you can find detailed information about the same here.

Review The Fee Terms

The main reason why you are looking for assistance from an expert counselor is because you are unable to handle your debt situation yourself. At this point of time, the last thing you want is additional financial burden on your shoulders. If a counselor is charging you a substantial amount of fee without having you much on your debts, their service may prove to be very costly for you. Therefore, it I also very important for you to review their fee terms thoroughly. They usually charge a commission which is a certain percentage of the total amount of debts they are handling. The best payday loan debt consolidation counselors are the ones that help you to save a much larger sum of money on your debts as compared to what they charge as their commission. So, spend some quality time and do serious calculations about it.

Free, No-Obligation Quotes

Reputable counselors will never ask you to make any payment to request for quotes. Besides that, they issue no-obligation quotes, which means requesting a quote does not make you legally obligated to use their services. But, you may also come across others who will try to play a dirty game with you, where they will first ask you to make a small amount of payment for the quotes and then they will pressurize you to use their services. Therefore, do not forget to read the quote polices on their websites before you request for a quote form them.

Last, but not the least, you are also advised not to be tempted with the non-profit tag. Many payday loan debt consolidation counselors claim to be working on a non-profit basis, but not all of them are genuine ones. Therefore, you must do your research thoroughly before you sign up with them.


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Posted in Payday Debt Services, Payday Loans Debt Consolidation | 1 Comment »

One Response to “Things To Look Out For In The Best Payday Loan Debt Consolidation Counselors”

  1. John says:

    Payday loan consolidation seems to be an easy task to accomplish but actually it is not as simple as it sounds to be. Consolidation counselors are present every where in the market but their genuinity should be checked properly before signing any contract with any counselor. The best process through which you can check the past record of any counselor from BBB, the time period of their presence in the records can also determine the discipline of a counselor towards its business. If a particular counselor is not registered with BBB, it will be the best decision to avoid such counselor. There may be any complaint against any counselor, you will be able to know about the feedback of counselor and then you can choose the best with a clean record for you. The selection of a counselor will also be effected by the fee they are charging for their assistance. In this field, you should go for the comparison shopping, always try to contact three to four different counselors and then select the one who is providing the best business at lowest price. You can demand no obligation quotes from different counselors but be aware of some dirty people who can apply pressure upon you to use their services.

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