Payday loans can be convenient, but they come at a high price. If you’re accumulating payday loan debt that you can’t pay off in the next week or two, you need to have a plan for the future.

Perhaps you can’t make the payments because you have too many expenses or lost income, which might make you worry about damaging your credit or resorting to wage garnishment to pay it back. However, there are many ways you can approach your payday loan debt, and Optimal Debt Solutions is here to help you make an informed choice.

Options for Payday Loan Debt Assistance

If you’re stuck in the cycle of payday loans and wondering how to get out, debt settlement and debt consolidation are two options you should consider. Debt consolidation gives you the opportunity to roll several debts into one payment, and the interest rate may be much less than what you’re paying right now. Debt settlement, on the other hand, involves saving money to eliminate your debts with one large payment, sometimes a fraction of what you owe.

Payday loan interest may not seem like much — until you have been paying it for years. If you’re contemplating getting a payday loan to help balance your budget, you might try debt settlement or debt consolidation as an effective alternative to get you back on track.

How to Use a Payday Loan Consolidation Program

If your payday loan debts are getting out of control, it’s a good idea to see how each payoff option works before deciding. Our debt calculator can help you compare your choices based on your debt and interest rates. Debt settlement includes these steps:

• Evaluate your eligible debts and create a payment plan.
• Save for the lump sum payment in a savings account.
• We will use your savings to negotiate a settlement and collect a fee.
• Once the debt is eliminated, you can verify that your credit is back on track.

If you have multiple debts, you may need to go through the last steps more than once. However, if you decide to apply for a debt consolidation loan, you’ll need to have the right income and credit to qualify.

Benefits of Payday Loan Debt Solutions

Payday Loan Debt Settlement

• Puts you in charge of your debt payoff
• Reduces debt for less money than you might pay for other methods
• Shortens the timeline to eliminate debt, sometimes years sooner
• Gives you an alternative to bankruptcy, which could be worse for your credit

Payday Loan Debt Consolidation

• One easy payment for your debts
• Easy to predict when you’ll pay it off
• Might lower your total interest
• Maintains your credit, as long as you make timely payments

Other Options

• Pay On Your Own
• Credit Counseling Program
• Bankruptcy

Contact Optimal Debt Solutions for Payday Loan Relief

Before you take out another payday loan, call Optimal Debt Solutions to learn more about the alternatives. Our debt resolution company has years of experience negotiating and settling debt on behalf of consumers just like you. If you’re ready to take control of your debt, talk to a debt analyst today.

(877) 336-7008