We have all heard of the saying, “fool me once, shame on you, fool me twice, shame on me.” When consumers find themselves in financial hardship and in need of cash quick, they are often enticed into securing payday loans, thinking it’s a fast, easy solution. After being subject to extremely high finance charges, short repayment terms, and other late fees and penalties, they soon realize they have fallen victim to what some refer to as the payday loan trap.
A viable solution to get financial relief from payday loans and other unsecured debt is through consolidation. However, not all payday loan consolidation companies are created equal. The last thing you want after accumulating mounds of debt is to work with a company that does additional harm; you don’t want to be “fooled” twice.
There are many payday loan consolidation companies, but not all of them are legitimate. Some companies may only increase the debt load of consumers who already have multiple debts and are desperate to get financial relief. Simply put, some companies may act as if they provide legitimate debt consolidation services but the only beneficiary is themselves. Here are the signs that you are not working with a legitimate payday loan relief company:
Do Your Research
Make sure to do extensive research when looking for a bona-fide company to consolidate your payday loan and other unsecured debts. Legitimate payday loan consolidation companies will provide you with a free counseling session to determine if you qualify for a debt relief program. They should not ask for money upfront. They will work with your creditors immediately in an attempt to halt all existing interest and fees and consolidate your debt into a new and lower monthly payment that is more manageable.
If you qualify to consolidate your payday loan debt into a repayment program, this action may be the best solution to get out of undesirable debt and on the path to financial freedom.
BSI is a BBB rated company with an A+ rating. We are a non-profit payday relief and loan consolidation company with a national reach. We invite you to contact us for a free evaluation of your current payday loan debts and learn how you may benefit from our consolidation program.