The Problem With Payday Loans
Before we get into all the problems with payday loans lets first take a look at the bigger issue thats causing millions of Americans to have to resort to using one of the worst types of personal loans available. It's a well known fact that there has been a squeeze on the middle class for decades. Inflation has been outpacing wage growth for quite a long time and it's having a major affect on the lives of millions of Americans. Decades ago, one income earner could support their entire family household. Today, due to inflation outpacing wage growth, for many families it now takes two income earners to support their family household. Often enough though, this is still not enough for millions of Americans. This has led many to resort to either working multiple jobs or racking up substantial debt on their credit cards just to get by, if they even have credit. Eventually, something comes up and you get stuck in a bind where you need money and have no other options available.
This is where the payday loans come in, disguised as a solution to you problem when it's actually going to make everything a whole lot worse. The problem stems from the outrageous interest rates and penalty fees that are charged. Sometimes these can amount to a 700-1300% APR. This means that if you borrow $100 dollars and keep renewing and rolling them over for an entire year, you could be paying back $700-$1300 in interest and still be in debt for the original $100. Even though you took the loan out hoping for it to be a short term solution to your problem, often enough you just get caught in a never ending cycle because you can't ever find a way to pay it all back.
This isn't a small problem, so you are not the only one. According to this article, the Consumer Financial Protection Bureau recently released a report showing that they have found that of the millions of people that use payday loans, 4 out of 5 payday loans will be rolled-over and renewed multiple times. Additionally, only 15% are paid off within the first 14 days. The worst part about this is that this is pretty much the basis of payday loan companies business models. Here is a link to a chart in one of the top payday loan lenders "new employee training manual" that shows that their loan process seeks to trap you in a cycle until you eventually no longer have the ability to pay. They do this in order to keep profiting from all the interest for as long as possible until you have nothing left to take.
If you are currently trapped in the payday loan cycle or are still at the earlier stages but know you won't able to get out on your own we are here to help. Our company has helped many people like you get out of payday loan debt and remove themselves from the payday loan trap. We want to extend our hand and help you do the same. Payday Loan debt has many challenges, but getting quick and reliable assistance from someone you can trust when your in a tricky spot should not be one of them. Our company is proud of delivering results for our customers and maintaining our A Rating with the Better Business Bureau. We are that someone you can trust and we are ready to lend a hand. Fill out of simple form or give us a call today at 855-621-5633 for help.
How It Works?
- Fill out our very simple web form or give us a call today
- Talk to an expert that knows exactly how to get you help
- Get debt relief programs customized just right for you
- Start making your low monthly payments into the account
- Professionals negotiate settlements on your payday loans
- Funds from your account are used to settle payday loans
Benefits of Debt Relief
- Get Out Of Payday Loan Debt once and for all
- Stop paying the outrageously high interest rates
- Get a single low and affordable monthly payment
- Stop paying all of those outrageous penalty fees
- Get results with your custom Debt Relief Program
- Take control and make paydays your payday again