How to Get Legal Help For Your Payday Loan

Lower Your Payday Loans How to Get Legal Help For Your Payday Loan

Need Legal Help with Your Payday Loans? Let DoNotPay Help!

When you need help with the bills , a payday loan can feel like the perfect solution. It's easier than applying for an installment loan, plus you get the money you need right now. In reality, payday loans are some of the most expensive loans available, and you'll be paying back far more than you borrowed.

Thankfully, there are steps you can take to get out of a payday loan. Here is what you need to do to get legal help from DoNotPay.

What If I Stop Paying My Payday Loan?

If you can't pay off your loan, you may wonder what would happen if you simply didn't pay it. According to Experian , the problem won 't go away. In fact, you'll face:

  • Additional fees and interest
  • Debt collection agencies calling day and night
  • Court summons
  • Damage to your credit report that will prevent you from getting loans in the future

Does an Unpaid Payday Loan Affect Your Credit Score?

Yes, a payday loan will affect your credit score. The bad news is that Consumer Finance reports it won't help you rebuild your credit score, because these types of loans aren't reported to the major credit sites if you pay it off. However, if you cannot pay, then a debt collection agency will report it, meaning your credit will take a hit.

How to Get Out of Y our Payday Loan on Your Own

Payday loans often require you to pay them back in two weeks, and come with huge interest rates. It is possible to work this out on your own, but it won 't be easy or cheap.

Pay Off the Entire Amount

One option available to legally get out of your loan is to pay it off in full. This may not be that easy, however, as Experian reports the annual percentage rates are the equivalent of 400% interest or more.

Pay Off the Interest Rate

Another option is to pay off only the interest. This buys you two weeks ' time before the payment is due again.

Get Another Loan

A third option is to sign up for another loan. You can use that loan to pay off the original, but this only puts you into further debt.

Get Help Paying Off Your Payday Loan

When you can 't do it on your own, it might be time to seek help, so you can find payday loan relief . There are several options out there, such as:

  1.  Extended payment plans: The loan doesn't go away, but an extended payment plan gives you more time to do it.
  2. Debt consolidation loans: While it takes time to set up, debt consolidation loans put all your high-interest loans into one low payment.
  3. Payday alternative loans: Like a payday loan, you can set up an installment plan, which allows you to pay it off in six months instead of two weeks.
  4. Peer-to-peer loans: These are web-based lending sites. Most require proof of income, and look at your credit scores.
  5. Debt management plan: A certified credit counselor will come up with a budget, and negotiate lower payments. They also cancel your credit cards, and report them to credit agencies.

How to Lower Y our Payday Loan with the Help of DoNotPay

Trying to settle your payday loans on your own can be time-consuming and stressful. Many solutions, such as only paying off the interest or getting another loan, mean your debt only increases and your credit score lowers. But what if there was a way to avoid all these traps?

There is. DoNotPay is the perfect solution to dealing with your payday loans. So how does it work?

How to Lower Your Payday Loan Using DoNotPay:

If you want to lower your payday loan but don't know where to start, DoNotPay has you covered. Lower your payday loan in 5 easy steps:

  1. Search "Negotiate Payday Loans" on DoNotPay.
  2. Enter the state where you took out the payday loan.
  3. Tell us the amount you borrowed, the date you took out the loan, and when the payment is due.
  4. DoNotPay will automatically calculate the APR on your behalf, and determine the best way to negotiate your case based on the amount.
  5. You're all set! You can generate your personal negotiation letter with one click, and use it to contact your lender to get better terms for your loan.

Why Use DoNotPay to Repay Your Payday Loan

Given that there are other options out there, the question that you need to answer now is why you should turn to DoNotPay. There are three reasons you should give DoNotPay a shot.

It’s Fast.You don't have to spend hours contacting loan companies, trying to balance your budget, or figuring out how you'll pay off your loan on your own.
It’s Easy. You don't have to struggle to fill out tedious forms.
It’s Successful.You can rest assured, knowing we'll make the best case for you.

DoNotPay Works Across A ll Companies with the Click of a Button

No matter which lender you took a payday loan with, DoNotPay can help. We know about all the forms, and can speed up the process, so you can focus on living life.

What Else Can DoNotPay Do?

Helping you repay your payday loan is just one of many things DoNotPay can help with. But we can also help with other problems you may face, such as:

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