OAKLAND PARK, Florida (PRWEB)
20 October 2021
National payday loan relief celebrates 15 years since they started the Payday Loan Consolidation Program. This program has helped thousands of Americans wallow in payday loan debts regain their financial freedom. Through this program, the company assumes the responsibility of settling an unpaid payday loan on behalf of the client. This allows a client to pay off one or more loans simultaneously and leave a single loan with new terms and rates.
âWe have been defending our clients for fifteen years and helping them regain their financial freedom. We are delighted to take this important step, which would not have been possible without our valued customers. We also thank all of our partners for their continued support and promise to do even better in the future. Ours is a promise of excellence, and negotiating with lenders to find a solution is what we do best, âsaid Steven Harris, current president of National Payday Loan Relief.
Payday loans are a major contributor to the US economy, and most households have survived on a payday loan at some point. They are quick and convenient and are a good source of emergency cash. However, these loans are expensive and can lead the debtor into an endless cycle of debt. Some of the disadvantages of payday loans include:
- They have ridiculously high interest rates
- They don’t build your credit score
- Due to their ease of application, clients are trapped in a never-ending cycle of indebtedness
- Lenders can access customers’ bank accounts and divert or freeze their money
National Payday Loan Relief understands the deep waters of payday loans and has helped clients get out through the payday loan consolidation program. They do this by combining all the loans owed by the customer and repaying them into one settlement. The customer only has one loan to think about and can even get the new loan at a competitive interest rate. Additionally, the new loan may have a longer repayment period, giving the customer a grace period.
Consolidating payday loans is one of the most convenient ways to relieve debtors from the burden of multiple payday loans. Customers with multiple payday loans in charge high interest rates combine the loans and consolidate them into one loan. This process is known as loan consolidation. The process reduces the total amount payable for each loan and also lowers the monthly payments.
âPayday loan consolidation is a very similar process to other debt consolidation programs. Rather than paying off multiple high interest loans, you pay them off with financing loaned to you at a lower interest rate. Whereas technically you are borrowing again, you are doing it at a much more manageable interest rate, âexplained Harris.
A payday loan consolidation is the bridge that most debtors use to achieve their financial freedom. National Payday Loan Relief deploys this program in four easy steps. Once the client has enrolled in the program, the company will assign a professional financial advisor to them to collect all the vital data regarding their payday loan. These include loan amount, interest, payment terms, income, and other bills.
Second, the business contacts the lender and takes over the communication between the lender and the debtor. This step also involves persuading the lender to waive any penalties and come up with a flexible monthly plan.
The third step is a meeting between the client and the loan consolidation company to develop a monthly repayment plan. The plan is based on clients’ income, payday loans, and loan interest.
Finally, National Payday Loan Relief will accompany the client hand in hand until the payday loan is settled. Clients are required to honor their monthly payments for the program to be successful.
National Payday Loan Relief is a payday loan consolidation company that helps clients regain their financial freedom through debt relief programs such as payday loan consolidation, debt settlement, credit card debt relief and financial advice. The company’s mission is to provide the best payday loan debt elimination option to consumers struggling with debt.
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