How to Get Debt Relief for Payday Loans

Paying off your debt will require some time and preparation. Take the time to calculate all your debt and understand the options you have, this will make the process of paying off your payday loans less stressful. Do not be scared to ask for help when about debt relief. In addition, ask for a payment plan or lower interest rates. Follow the steps below to get debt relief for payday loans.

1. Use the online debt calculator at BankRate.com to calculate your debt, how much you are willing to pay per month on this debt, how much interest you have to pay, etc. 


2. Research companies that deal with debt consolidation, such as major banks. Visit the bank or company's official website, contact their office or walk in to their establishment. Always compare rates and the loan terms when you research for these companies and financial institutions. In addition to having an online debt calculator, BankRate.com provides you with a repayment calculator. The calculator shows how much interest you have to pay and low long it takes you to pay it off.


3. Call debt consolidation companies and ask them questions. Ask questions regarding various types of percentage rates and always compare the companies you want to deal with regarding your debt relief.


4. Contact the company that you receive the payday loan from and negotiate with them for a lower, reduced rate. This is the company that wants you to pay back to loan in full, so honor the terms, however, and tell them you are struggling to pay back the loan. Contact your payday lender before you default. They are more willing to help you with your debt relief when you show initiative. Sometimes, simply asking for a lower rate is all you have to do. 


5. Ask your payday lender if they have debt consolidation options. Many lenders have these options, however, many do not, and however, you could come up with a plan to pay off the debt with one installment per month. In addition, you may get a lower interest rate and a new payment schedule. 


6. Compare your payday lenders debt consolidation with the debt consolidation companies' options you searched for on your own online. You may receive a better offer if you are a good negotiator. Payday loan companies want payment plans opposed to payoffs since the plans generate more money for them, so do the best you can to negotiate.