Need help consolidating payday loans
And while it makes sense to do business with an institution that you already know and trust, you may be disappointed if you get turned down for a loan.
Banks and credit unions offer a variety of traditional loans and other products, but they typically don’t cater to debt consolidation loans for people with bad credit.
Do you have more payday loans than you're able to pay back right now? § 1692a (4) and (6)." - Source An indictment contains only charges and is not evidence of guilt.
Debt consolidation loans typically use a risk-based pricing model similar to banks and credit unions, so the interest rate you pay is based on your credit and ability to pay back the loan.
In numerous instances, Defendants' telemarketers have offered to "get rid of," "pay off," or "take care of" all of consumers' payday loan debts by the end of the consumers' enrollment in Defendants' four to six month program.""Defendants' telemarketers have typically mentioned "validation" as part of the process or one of the steps that Defendants would undertake to resolve consumers' payday loans.
In numerous instances, Defendants' telemarketers have stated or implied that sending a form validation letter would result in the cancellation of some loans and that Defendants would renegotiate consumers' repayment terms for those loans that are not cancelled as a result of the "validation process.""Many, if not all, payday lenders have simply ignored Defendants' validation form letters and continued collection efforts.
So whether you are approved for a loan at a high interest rate, or you get turned down because of your credit, remember there are plenty of other options for debt consolidation loans for bad credit.
Just keep doing your research and contact other lenders and debt relief companies before signing any paperwork.