Many people may not be aware that there is a national payday loan relief system in place. These federal regulations and laws have improved the way that people deal with lenders and have made the process more efficient for both lenders and borrowers. According to the regulations, there is now only one approved lender for each borrower. There are strict limits on the amount of interest that lenders can charge and on the fees that lenders can charge as well. The penalties for late repayment of your payday loan are now so strict that if you are hit with such a penalty after your pay check has been deposited, then you are not permitted to take out another payday loan until you have made payment on the previous loan.
Payday loan consolidation also works by borrowing from another lender, who in turn disburses the borrower’s original payday loan debt to another collection agency. Borrowers may consolidate their payday loans in to a single loan with another lender, or they may roll their current loans over to another loan from another lender at a lower interest rate. With a simple change in the method of borrowing and the amount of interest being paid, these debt consolidation programs can be effective.
There are free consultation resources available to help you learn more about these new federal debt relief regulations. You can use the internet to find free debt consolidation advice and information. No matter how much personal finance knowledge you have, you can use the advice, education, and resources that are offered by the national payday loan relief network. Using the information provided by the free consultation resources will help you make better financial decisions and will help you manage your personal finances better.
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