DoNotPay Can Help You Shrink Your Payday Loans
Companies like Amscot, Lendly, and Check City offer what is called a "payday loan". These loans allow people (even with bad credit) to get a sum of money as a cash advance quickly. If you get a payday loan, you can expect to receive your money within anywhere from a few hours to a couple of days, depending on which services you choose to use and how much money you need to borrow. Loan amounts available usually range from $50 to $2,000 or more.
However, these aren't just loans for the sake of loans. Payday installment loans are often used as a last resort to get money to pay off a debt when all of your other options have been exhausted. These loans come with some hefty financial strings attached to them. There are usually many other costs associated with borrowing money on a payday loan than just paying back the principal. Some of these costs include:
- Miscellaneous "Fees" add up to about 10% of the total of the entire loan (i.e. $5 fee on a $50 loan or $50 on a $500 loan).
- Interest rates can go as high as 400% APR or even higher in some cases (i.e. if you borrow $50 now you will pay $200 if you pay it off within a year).
- Processing fees to give you the money within the promised 24 to 48-hour timeframe.
Many people take out these loans without realizing the steep financial ramifications of the loan. Once you take the loan, the company will come after you to pay the payments off in as little as 14 days (sometimes longer). Your loan may carry different terms and conditions, and to find that out you will need to read your documents on repayment of the loan that you have taken.
While you have several options to pay your bills, only DoNotPay can guarantee you speed, ease, and security.
|Speed||DoNotPay takes minutes to set up, and after you’ve selected recurring payments you never have to worry about missing a bill ever again.|
|Ease||Both the app and website were built with clarity and convenience in mind. If you have any questions that you aren’t able to find answers to on your own, you can reach out directly to a support team at email@example.com|
|Security||DoNotPay keeps your data private, so you never have to wonder if a payment will go missing or some other third party will have access to your private financial information.|
If I Stop Paying My Payday Loan Will It Hurt My Credit Score?
While many loan companies will not even bother to check your credit before lending you money, if you do not pay for your loan it can indeed affect your credit score. Not being able to pay your payday loan is not considered a crime, but it will likely impact your credit score if it is reported to the creditors as unpaid.
On another note, you can't go to jail for not paying off your payday loan. However, your credit can be hurt if a creditor decides to pursue collection of a debt through the civil courts in the United States (which means you would indeed be summoned to court over your unpaid loans). However, debtors cannot be prosecuted in federal court for not paying off debt. At some point, your lender may decide to report your debt to the collection, which can cause you to have to pay other fees including overdrafts, bounced checks, and collection fees that you otherwise never planned on paying.
How Do I Reduce/Eliminate My Payday Loans By Myself?
If you want to stop a scheduled payment of a payday installment loan, you will have to do the following:
- You will have to call your bank.
- Tell them to stop the payment at least three (3) business days before the transaction occurs.
- Orders can be given either in person or over the phone, as well as in writing.
- Following this list of steps and doing this will only skip this specific payment.
You will still need to be sure to submit a request to stop future payments. You will need to submit this request to your bank in writing to stop the payments permanently. Federal law allows you to dispute payments and get your money back if you give enough notice.
Even after you cancel your automatic payments to the bank, it does not exempt you from paying the loan back as you signed a contract agreeing to pay the money that was borrowed.
Next Steps To Consolidate Your Loan If you Can 't Do It Yourself
If you are looking to consolidate your loans, you will also need to contact the company from which you borrowed money. You will have to talk to the company and try to haggle a deal with them over the money you owe. Some companies may offer consolidation plans for debt repayment, but you will usually have to owe a certain amount of money to qualify for those programs. There will still be additional costs such as interest and consolidation fees that you have to pay to qualify for the program. Defaulting on these consolidation payments will result in more fees and can also further damage your credit score.
Solve the Payday Loan Payments with the Help of DoNotPay:
DoNotPay offers a quick and easy solution to help you figure out how to consolidate and pay off your payday loans quickly and easily. We can help you consolidate your debt so that you can save money and clear your debt. DoNotPay helps you solve your payday loan payment problems without going any further into debt. We do this through payment installments. We can help you get extensions on your payments or lower your monthly payment so that you can afford to pay your bills each month.
The following steps are the steps that you need to take so that you can start lowering your monthly payments (and in some cases even eliminate or cancel your payments) through DoNotPay:
- Search "Negotiate Payday Loans" on DoNotPay.
- Enter the state you took out the payday loan in.
- Tell us the amount you borrowed, the date you took out the loan, and when the payment is due.
- DoNotPay will automatically calculate the APR on your behalf, and determine the best way to negotiate your case based on the amount.
- 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.
Using DoNotPay allows you to skip the hassles of endless phone calls and written emails as well as the time spent haggling with lenders to get your payments down to a manageable level (or canceled altogether).
Why Use DoNotPay to Solve Payday Loans?
Using DoNotPay to help lower or postpone your payments on your payday loans can help make the process much easier. DoNotPay does all of the advocating and haggling for you. All you have to do is provide us with some basic information about the loans that you still owe and we will do the rest. We are here to put as much money in the customer's pocket as possible. We make the process of fixing your payments, or canceling them altogether, easy and manageable for the consumer.
DoNotPay Works Across All Companies/Entities/Groups With/A Click of the Button
DoNotPay does more than just help you reduce your monthly payday loan payments, postpone payday payments, or cancel your existing payments. We can help with some of the following services (to name a few):
- Helping cancel subscriptions (and helping you get your money back)
- Assist with payment of your utilities or other debts and bills that you currently have
- Help you reduce what you owe on past payday loans.
- Help you avoid banking fees.
- Help you get your money back on services you don't wish to use anymore.
To enjoy all of these different benefits, all you have to do is visit us at DoNotPay.com and enter some basic information about the money you are looking to get back and sit back while we do the rest.
It's as simple as the click of a few buttons to enter your information into our system, and we will work to get every cent of your money back that we possibly can. We are always here to fight for the consumer, and that includes helping you get your money back for things you don't want to pay for.