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Payday loan relief is the process of consolidating high-interest short-term loan balances using one lower monthly payment.
At Solid Ground Financial, With over 15 Years of experiance our priority is to get you out of debt, eliminate payday loans and to make all of your Payday Loan Consolidation needs a hassle-free experience and process.
Regardless of your credit score, our Payday Loan Consolidation program will give you control of your bank account and put you back in the Driver’s seat with your finances.
Solid Ground Financials’ team of professionals is trained to design a payment plan that not only makes you feel comfortable, but also can fast track your Payday Loan Relief program in the shortest amount of time. Our programs are designed based on your budget, not your credit score!
Keeping you informed throughout the process, our mission is to get you out of debt and to teach you how to pay off your payday loans through the debt consolidation program. regardless of your situation, you can benefit from our Payday Loan Consolidation Program.
Payday loans don’t work the same as consumer or personal loans. Depending on your State, you can get a short-term loan through a physical branch or an online lender. Different states have regulations on how these loans should operate, while others prohibit them. However, it’s not uncommon to find online lenders ignoring the available rules.
Once approved for this type of loan, you receive a check, cash, or money deposit into your bank account. The lender requires you to pay the money plus accrued interest during your next paycheck or within 14 days.
Payday loans can be a great way to solve your immediate financial issues. However, you must understand your unique circumstance and the potential implications before securing the cash. Approval is straightforward with many lenders, and most may not require a credit check or collateral when lending.
While such terms attract many potential borrowers, most aren’t aware of the immediate financial implications. The industry has been imposing unfriendly terms, with interest rates skyrocketing annually. Generally, rates are over 200% and can go as high as 700 APR.
How Does Interest Reduction Programs Work?
When you want to get out of the payday loan cycle, Solid Ground Financial can help. Here’s how our process works:
When you compare the cost of a loan you received from a payday lender to what similar financial institutions will give you, you will find that you are repaying over 10 times more than normal in some cases. Taking a payday loan of even $100 can quickly snowball into a debt of $1000 with interest rates as high as 600% in some cases.
If your source of financial relief is a payday loan, there is a strong chance that you are not in a good place financially. While the inflow of cash will help you to solve immediate financial problems, you will most likely end up needing help with payday loan debt relief after a while.
You really cannot trust the average payday loan company because they tack on so many hidden charges that it becomes difficult to know exactly how much you are paying back. Some payday lenders even make it difficult for you to get a payday loan settlement when you’re indebted to them. If a payday lender makes you uncomfortable or you’ve heard bad reviews about them, your best choice is to stay away. We would advise to speak to a debt attorney and sign up for a credit counselling session if you have a collection agency on your back.
Because you no longer have to worry about multiple payday loans, it’s easy to remember one single payment to make every month from your paycheck. You will never have to consider taking out a new loan just to cover your payments. One affordable payment after payday loan debt consolidation is all you need to reclaim your financial freedom.
Because we have a simple payment structure set up to help with payday loans, you no longer have to worry about annoying collection calls that aggravate you and serve as a constant reminder of your financial failings. Our payday loan consolidation plan helps you to focus on the important things once again.
Our Fast Track Debt Relief plan helps to eliminate the compounding effect of exorbitant interest rates that payday loans come with to keep you more indebted. Removing these interest rates means you no longer have to drown under the debt burden of late payments.
Knowing that you are on a debt management plan that will ultimately keep you out of debt helps you to remain calm. It reduces the emotional and psychological stress that being in debt causes. Having help with payday loans with a qualified debt management company allows you to focus on your financial future with some hope.
Payday loan consolidation enables consumers to get ahead on their debts, breaking the cycle of paying off and getting new payday loans. With payday loan consolidation, it is possible to combine all debts into a single, and often more affordable, monthly payment.
The direct result of this is money saved with lower interest rates.
Consider this for those who are unsure if payday loan relief is the right decision for them. If you continue to make payments as you are right now, when will you be able to pay off the debt realistically? The longer it takes, the higher the cost of borrowing and using that money. However, with payday loan consolidation, you create an exit plan, a way to pay off these debts for good so you can start to build financial freedom.
Every situation is different. However, many people who utilize payday loan relief like this find themselves able to reduce their monthly installment payments as well. For those looking to pay less each month, consolidating numerous payday loans into one could reduce how much you have to pay each month. That can help to free up your budget. It also means you may be able to apply more to your debt and, over time, potentially pay it off sooner.
The benefits of payday loan consolidation could include the following:
Not investing in a change like this could be costly. For many consumers, continuing the cycle of payday loans leads to bankruptcy, frustration, and long-term financial distress.
The process of consolidating payday loans creates financial relief for many people. The act of consolidating does not automatically improve your credit score. However, it may give you the tools and insights you need to work on improving your credit.
Here’s how that may happen.
More so, when you consolidate payday loans, you stop having to pay the ongoing fee for renewing those loans many times over. That money can then be applied to your other debts as well.
If you continue to maintain payday loans, on the other hand, you could end up paying significantly more, hindering your ability to work on rebuilding your credit.
Be honest with yourself about your financial situation. If you did not have to make endless payday loan payments, could you pay down other debt? Maybe you could pay more of your bills on time with a lower monthly payment. All of these things can contribute to improving a credit score over time.
Sometimes instead of just looking at what benefits could come from using a payday loan consolidation opportunity, it helps to see what the cost of continuing to pay on payday loans will do to your budget.
Every time you renew your payday loan, the balance owed grows. Each time you do that, you are paying an excessive amount of money just to borrow money to pay off a previous loan. While an initial $20 fee may not seem like a big deal, months down the line, that’s much more when you add up all the fees you’ve paid.
If you continue on this path, how much money could you end up paying in just interest and fees? That could be thousands of dollars. Yet, if you could hold onto that money instead and perhaps put it into an emergency fund, you may be able to avoid having to use payday loans at all in the future.
Then, consider the lost opportunities that often come with maintaining payday loans month after month. For some, it could mean damaging your credit due to late payments on other debts. You may find yourself unable to buy the things you want or need because of this debt. More of your paycheck each month gets caught up in these debts, growing what you owe and putting yourself further away from your financial goals.
Payday loan relief can help you. In many situations, it is the best way to see a change in your financial future.
Should I consolidate my payday loans? Should I keep trying to pay them back?
There are a number of benefits to seeking payday loan relief right now instead of waiting another few weeks to make changes. The sooner you act, the sooner you can see benefits such as:
The longer you wait, the more expensive the debt gets. It also becomes more frustrating and overwhelming. Consider how it is impacting your relationships, mental health in general, and your ability to put money aside for retirement. The sooner you act to consolidate payday loans, the easier it may be to get out.
Making the decision to get help for your payday loans is the first step on the path to financial freedom. For many people, this is a big and worrisome step because they do not know what to expect. Working with a debt consolidation service like Solid Ground Financial means you will have a clear path forward, where you know exactly what to pay, how to pay it, and how you’ll be debt free.
How can you ensure that payday loan relief works for you? Here are some simple things to do once you get started with payday loan consolidation.
Making a decision to create financial health for yourself by establishing a budget. Make sure it is a cash-based budget that allows you to prioritize the most important purchases first. That includes paying your rent or mortgage, your utilities, and food for your family. Then, work to build out your budget to include repayment of your debt. Aim to stick to this plan.
With payday loan relief, you finally have the ability to start building financial health. You’ll work with a counselor to get started. Yet, you can go further with this. Consider creating an emergency fund and working to put aside $1,000 in it. Then, work to put aside three- to six months of living expenses in a savings account.
It’s possible to create financial plans like this because you’re finally getting out of payday loan debt. What could that mean for your future?
*Solid Ground Financial is a Debt Relief Referral Service
*Solid Ground Financial Does Not Provide Loans to Consumers.
*We do not provide referrals for loans. We do not offer payday loans
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