loan consolidationTo help you deal with payday loans faster and more efficiently, Encompass Recovery Group has specialized in consolidating debts by developing a comprehensive procedure that will guarantee getting rid of your debts for good. 

Encompass Recovery Group-specific programs are designed to last 12 months while putting in mind results and affordability. The very first step is to liaise with our certified debt counselors, who will help formulate the best program package specifically for your situation. 

By this, we can use your current financial standing to generate a quote proposal that functions to merge all your monthly payments into a single affordable payment. The monthly payments are essential since they help you settle your debt while eliminating weekly payments that don’t help lower the principal amount.

Payday Loan Debt Assistance Better Business Bureau

Failure to honor payday loans in time can lead to extra charges on fees and interest (APR) that are often too high. For every $100, borrowed renewal fees ranging from $10 to $20 are charged. Since payday loans are charged directly from your bank account, they have control over your finances. 

Thus, Encompass Recovery Group advises our clients that if you plan to seek a payday loan, always check the terms of a contract and the conditions of payment. The sooner you pay back, the better. If you are having trouble paying your payday loan, Encompass Recovery Group has programs that provide you with lasting relief.

Help with Payday Loans

Many payday loan firms will frequently call you as a reminder for a late loan. These reminders in cold calls and threatening letters can be very depressing. The lenders especially employ heightened emotions and collection activities to provoke you into paying the debts. This can be stressful and uncomfortable as they hope to push you into paying them despite not meeting your basic expenses.

It is breathtaking to realize that failure to pay the loan can compel payday loan providers to involve credit bureaus, affecting your credit score for future reference.

To make an informed decision, it is good to understand the renewal policy of the lending firm. This information is vital and must be provided for. 

When you cannot pay back on time, rollover or renewal fees are incurred every two weeks, and this amount does not work to cover the principal borrowed but the charges only.

Financial education on payday loans is essential, especially when you cannot pay back in time or as specified in contract terms. Doing a little homework before committing to a lending institution is essential. If you are entangled in a payday loan struggle, seek out help immediately at Encompass Recovery Group. Help with payday loans is just a phone call away.

Payday Loan Debt Relief

best debt consolidation loans Sometimes payday loans are very tempting and not easy to escape from, especially when financial emergencies strike. For example, unexpected repair, a family member requiring immediate medication, a car needs servicing, or other pressing emergencies that require money when none is available. 

A quickly accessible loan is better in such cases, especially when conventional loan institutions like banks are unlikely to help. It is paramount to understand that payday loans should be your last option because it is easy to drown in a debt trap lasting for months and even years if you fail to pay in the next paycheck. 

The debt is incurred, whereas the payday loan principal amount is not paid for by the penalties. 

Reaching out to Encompass Recovery is a vital step to take to make a sound and financially viable borrowing decision and prevent requiring payday debt help. Learn more about loan laws or get in touch for us to discuss available options for loan relief.  

New Payday Lending Regulations

For years, the public advocating groups have pressed the government to impose laws regulating the short-term loans that often exploit low-income earning Americans. 

On January 16, 2019, a bill passed by the Obama administration placing restrictions on payday lending was expected to be in effect. Still, the regulations and policies were suspended indefinitely by the  Consumer Financial Protection Bureau (CFPB). 

An average payday loan averages between $100 – $500. The borrower is expected to repay the loans and the interest in two weeks which in most cases is impossible. This leads to a seemingly endless cycle for the borrowers. 

Because of the very high interest rates, these kinds of loans are only meant for usury and not for repayment. The rule aimed to restrict lenders from making the direct withdrawal of money from defaulters’ accounts. 

Consolidate Your Payday Loans Today

According to financial experts, the number of people relying on payday loans and the average amount of payday loan debt has seen a significant rise. Encompass Recovery Group has accredited and competent debt advisors who will help you discuss payday loans on weekdays and weekends and offer you various options for your financing and payday loans payment. 

References and Resources

Conventional Loan Institutions

High-Yield Savings Bank Account