Does consolidating payday loans work
We, unlike many other payday loan consolidation companies, do not hold your money for two or three months then approach the lenders hoping for a settlement.Since our firm takes over your debts, we aggressively negotiate with these payday lenders immediately upon your enrollment in our program so that when you make your first lender payment, lenders are being paid.Debt consolidation is one option that can help people recover from growing payday loan debt, or other debts.
It’s up to consumers to sort through the choices and determine which company meets the goal of eliminating debt.
In this case, if a claim is awarded to the payday lender, then it could appear on your credit reports as a judgment and negatively impact your credit.
Some lenders may also use reporting information from specialty organizations that may collect payday loan histories.
The star rating below is based on Debt.org’s review of each organization’s fees, transparency, Better Business Bureau rating and complaint history.
Company Description In Charge is a 501 (c)(3) nonprofit that specializes in credit counseling and debt management programs.