Payday Loan Consolidation Company
6574 North State Road 7 #137 Coconut Creek, FL 33073
Mon-Fri: 9am - 9pm
20 Jan 2020
payday loan consolidation pennsylvania

Payday loans, Consolidation and Laws in Pennsylvania

Payday loans are prohibited in Pennsylvania. There are some consumers and lenders that are still able to get past these laws. The internet is their answer. Native American tribes make short-term loans based on post-dated checks with exorbitant interest rates, using their sovereignty as a way around state law. In 1998 there was a law passed in Pennsylvania that stopped all check-cashing companies from lending money based on receiving post-dated checks from the consumer. Even though they are not check-cashing companies, payday lenders are subject to this rule.

In addition to prohibiting payday loans, Pennsylvania has some very strict rules regarding interest rates that can be charged to consumers. There are some payday loans that can run up to 700% interest annually. The average payday loan has an interest rate that runs approximately 300%. Pennsylvania passed the Consumer Discount Company Act. This was specifically designed to regulate interest rates. It specifies that small short-term lenders cannot charge more than 6% on any loan they issue in the state. Some lenders are allowed to charge up to 24% interest but they need proper licensure to do so.

The initial result of this legislation was extremely positive. A large percentage of payday loan companies stopped working in the state. Most payday lenders in the state of Pennsylvania just didn’t feel that the low interest rates are beneficial to them so they don’t issue loans anymore. There are some lenders that have partnered up with native American tribes and together continue to fleece the consumer. The state of Pennsylvania is aware of this but unfortunately cannot do anything about it. It looks like payday loans will be around in Pennsylvania for a while. This begets an interesting question…

Why do people still pay these ridiculously high interest rates to obtain payday loans in Pennsylvania. The answer is pretty obvious. They need the money to pay their bills.

18 Jan 2020
washington dc payday loans

Payday loans, Consolidation and Laws in Washington DC

I thought that would be interesting to go through the various 12 States and the one district that either limits payday loan interest or doesn’t allow payday loan lending at all. I’ll be doing one of these articles every week specifically looking into these states.

The maximum interest rate that can be charged in Washington DC is 24%. That is a cap that applies to any kind of personal loan in that district. This rate applies to every Bank and every Credit Union. The max rate would yield a financial result of $16.11 for every $100 borrowed. Unlike many other states that do not cap these loans DC has taken a step to protect the consumer. Other states charge up to 700% annually.

Before 1998 there were no caps on payday lending in Washington DC. In 1998 Washington DC cracked down on high interest predatory lending. That year DC made it illegal for Check cashers to issue post-dated checks. That law put a stop to payday lenders who relied on that particular way of payment. 9 years later in 2007, the district established a 24% interest rate cap, which would be considerably lower than the egregious 700% rates that other states allowed. There is an exception to this and that exception is that tribal lenders in-store fronts and online can still offer ridiculously high rates to DC residents. Unfortunately my guess would be that some residents don’t know about the laws of the district and are fooled by advertisements into borrowing from tribal lenders. A little bit of knowledge is worth a huge interest savings. Tribal lending is the only exception to interest rate laws in DC.

In addition to that, Washington DC makes it mandatory for all payday lenders to have a license. Breaking the law would cause these licenses to be revoked and put these lenders out of business.if you do a search on the internet for payday lending in Washington DC you will find companies that loan money in the district. Be very careful in dealing with them. Make sure by asking and always get everything in writing. The questions are simple. Are you a tribal lender? What is the maximum rate your company charges for a payday loan? If the answers are outrageous you’ve run into a tribal lender, or an online company owned by tribal lenders without an actual business address in Washington DC. Just walk away. There are legitimate payday lenders in our nation’s capital.

16 Jan 2020
predatory lending demographics

Payday loan purchase Insights & Demographics

Payday loan insights outline the targeted demographics of these payday loan companies. Many of these companies know that their customers can’t afford to pay them back. This industry has become almost predatory… it’s a very good thing companies like us work to consolidate this debt. These are telling numbers and a direct reflection on the differences between the rich and or comfortable, and lower-income people. Why Do people find Payday Loans make their financial situation worse? Payday loans are extremely short-term loans. They have to be paid back in full immediately or the interest on them carry anywhere from 200-700% or more APR when the fees are annualized. Why do so many people suffer… because Payday Loans are not heavily regulated and many are left in the wild west in regards to their finances. Let’s take a look at the target demographics of these payday loan companies, these statistics are courtesy of finder.com

Who takes out payday loans?

You might very well be surprised or you might not, but the reasons people take out payday loans are the scariest part of this article. Read on!

a. Payday loans are most commonly taken out by people ages 25 to 49. Senior citizens more commonly use their credit cards or take out personal loans.

b. People who haven’t completed a four-year college education are twice as likely to take out payday loans then college graduates.

c. People who are separated or divorced are twice as likely to take out payday loans than people who are married or single.

d. People with kids are more likely to take out payday loans than people without.

e. Renters are twice as likely to go the payday loan route as people who own homes.

f. African Americans are twice as likely to take out payday loans as people of other races or ethnicities.

Low income households, People with household incomes less than $40,000 a year are three times more likely to take out these high interest loans then people with higher incomes. People in households making between 15 and $25,000 a year are the most likely to take out a payday loan.

These are telling numbers and a direct reflection on the differences between the rich and or comfortable, and lower-income people. This country has no middle class anymore. Here’s the scary part of this story. 69% of all people who take out payday loans aren’t worried about emergencies, broken automobiles, busted washing machines or an air conditioner that doesn’t work. 69% of the 12 million people who take out payday loans every year use the money for simple daily expenses like food, electricity and water bills.

Rent payments and credit card payments. Credit card payments are a terrible reason to take out payday loans. Just stealing from Peter to pay Paul at usurious interest rates. There are no answers. Our society today doesn’t seem geared to help create the answers but instead to keep perpetuating the problem by not clamping down on these payday loan companies. At this point the best solution is payday loan debt consolidation. Reduce your interest rates down to zero and pay these damn things off quickly.

If you’ve found yourself or a friend stuck in this vicious debt cycle please have them contact us immediately!

14 Jan 2020
advance loan debt consolidation

Consolidate Advance Loans Today!

Advanced payday loans are big business. Only for the advance loan companies. They make a lot of money on the enormous interest rates they charge. People take advance loans for many different reasons. Emergencies pop up quite often in many people’s lives. Most Americans have very little savings. When a crisis arises many people with bad credit and the need for quick cash will take an advance loan. And then the cycle begins. The good news is that these people can consolidate these advance loans right now.

Did you know? Approximately 12 million Americans take payday loans each year.

Did you know? Payday loan companies commonly charge between 200 and 700% interest annually.

Do you know? That you can get out of advance loan debt today.

Did you know? In 2006 only 250,000 people used advanced loans.

If you’re reading this article you’re on the right site to do so. Federated Financial, an advance loan consolidation company can reduce your rates down to 0% and get you out of debt quickly. Don’t be one of those many people that take years to pay off one loan.Economists have called these loans Financial suicide. You’ve got to break the chain and start getting out of debt today. Just go to the main page of this website and call the toll-free number at the top of the page, or fill out the five line form and someone will get back to you within the hour. Start getting out of advance loans today. Your financial life depends upon it!

12 Jan 2020
consolidate payday loans

Women in debt, not many people talk about that

Right now in America there are over 12 million single mothers.

That’s right, 12 million single mothers taking care of children under 18 and taking care of themselves. Staying out of debt and taking care of a family is difficult job. Debt happens. In many cases falling behind is inevitable. Women run up their credit cards too. When things get tight many women turn to Payday loans. Yes, those high interest payday loans are a last resort.Taking care of two young children and working 8 hours a day can take its toll on people emotionally and financially.

Single mothers get caught up in the cycle. 500, 600, 700% interest rates.

Unaffordable monthly payments. And before they know it a $1,000 payday loan turns into a $2,000 payday loan, the high interest rate driving the balances up. What should somebody in that situation do? Payday loan debt consolidation is the answer. Outrageous interest rates make these loans impossible to pay off yet, an old reputable payday loan consolidation company can get people in this situation out of debt without paying any interest on their balances. That’s right, 0% interest. Long-term relationships with creditors is the answer.

A payday loan debt consolidation company who has worked with any specific creditor for many years is a company that the Payday loan company trusts also. The Payday loan company trusts the payday loan consolidation company to work as hard as they can with the client to make sure they get paid back. It’s a win-win situation. The client gets out of debt in a shorter amount of time and the payday loan company gets paid. Remember, it’s near impossible to get out of high payday loan debt. Let the people who know how to do it help you today!

10 Jan 2020
consolidate payday loans

Payday loans without term Limits?

Wait a min, Lawmakers are really contemplating payday loans without term Limits in the future!

As the headline suggests, lawmakers in the state of Michigan I have proposed a bill allowing companies that extend payday loans to offer longer-term, higher interest loans that put the people who can least afford it in deeper debt.This is happening in Michigan at the same time States including Montana Colorado and Georgia have either banned payday loans or enacted strict caps on annual interest rates.

The News-Herald went on to say…….

Sandra Pearson who is the President of Habitat for Humanity in Michigan has spread the word about payday loans to many people and has said “most people have no idea what they’re getting into when they take out one of these loans”. In addition, Pearson went on to say that statistics show that 70% of Michigan payday loan borrowers will take out a new loan on the same day they pay off their old one. Most of the time these new loans are taken out at the same place that the old ones were paid off, creating a constant cycle of interest for the lender. In addition, Pierson pointed out that a person who took out a $2,500 loan will end up paying more than $7,000 back to the loan company after two years. In 2021 it’s hard to conceptualize that house bill number 5097 which has obviously been written specifically with the benefit of the payday loan lender in mind could ever pass the governing agencies and become law. But, we shall see.

08 Jan 2020
consolidate my payday loans

What is the difference between payday loans and all other loans?

This article has been written for the people who have not yet been informed how payday loans are significantly different from personal loans or a secured loan. A personal loan can be more difficult to get without collateral. Personal loans are dependent on your credit rating. You’re scored and and put into a tier. The higher the tier the better the credit consequently the lower the interest.

Top tier is A….. Then B, then C running down to the lowest tier that any particular company has. These loans have an interest cap on them dependent upon the state in which they have been taken. There is no state that has a cap of more than 30% APR.Those with good credit might only pay 6 or 7%. That would be a good loan. Unfortunately many people’s credit scores do not put them in a top-tier. Then there are collateralized loans. They are exactly what they sound like. You post collateral for the privilege of taking out a loan understanding if that loan defaults, your property belongs to the lender. Collateralized loans are automobile loans, Furniture loans and a loan against something that you are buying that is valuable. A top-tier credit score on an automobile loan could land you a car at 0% interest depending upon the promotion that any given manufacturer is running at any given time. The rates go up commensurate with your tier and eventually the interest rate caps off or you become un-lendable.

When you find yourself unable to qualify for either type loan mentioned above most people resort to Payday loans. Payday loans are different. The major difference between payday loans and the other two types of loans are that in some states payday loans can cap off at 700% annual interest. These are loans that many people are stuck with for years. They continually make interest-only payments and never get out of debt. That’s where payday loan consolidation comes in. A reputable payday loan consolidation company is able to have that interest rate reduced to 0%. In addition when you have a 0% interest rate your payments are adjusted and you have a finite time to get out of debt. Payday loan debt consolidation is the only way to get out of that last resort loan you took.

Payday loan debt consolidation can stop harassing phone calls immediately. In addition besides stopping the phone calls and lowering the interest rates payday loan consolidation will change your life for the better. Payday loan consolidation will get you out of debt.

07 Jan 2020
consolidate payday loans

New Year’s Resolution 2020!

The best New year’s resolution I have made this year! No, I already quit smoking years ago. I don’t drink I don’t Gamble. I have no vices. I mean that sincerely. So consequently those are not my New year’s resolutions. I have nothing to quit. My New year’s resolution is a resolution of another kind. I have promised my family and myself that it’s time for me to get my stuff together and to get out of debt.

Yesterday I filled out a form online with this company whose blog I’m posting on now and that form I filled out was a form that will consolidate my payday loans for me. Yes, my payday loans. I never thought that would be me. I especially never thought that would be me paying 600% interest per year on a small balance $1,000 loan. I knew when I took it out it would be hard to repay…. So I filled out this form yesterday and received the call first thing this morning. I was told by the representative that I spoke with, who incidentally is a certified credit counselor that I could be out of debt is less than a year at an interest rate of 0%. She told me her company is able to work with my creditors or in my case creditor and they will reduce the interest rate on these high interest loans to 0% as long as I make my monthly payments on a timely basis. I can afford $80 a month. I can get out of debt within the next year.

I’m not going to get caught up in the cycle of rolling over payday loans to pay off payday loans and staying in debt for the rest of my life. I know people that have done that. I need to be free from this burden of payday loan debt. This is something that I owe to my family and something that I’m going to complete and that I will never do again. The thought of paying 700% interest on a payday loan is insane. Truth be told I take full responsibility for taking out these payday loans, but I was desperate. Although I do take the responsibility, and I take it seriously because I’m going to pay this debt off I still really can’t believe that these companies are legally allowed to charge me somewhere between 200 and 700% interest on a short-term loan. When I took that loan out back 3 months ago it was freezing outside and they were going to turn off my electricity. I was desperate and desperate people sometimes take out payday loans. I’ve learned my lesson. I’m not doing this ever again and today is the first step toward making this year and next Christmas really lovely. By then I will be debt free!

06 Jan 2020
consolidate my payday loans

Payday Loan Debt Consolidation is a Winner!

One Mans Story.. payday loan debt consolidation is a winner! I didn’t mean to fall into the downward spiral of payday loan addiction. It was just so simple to get the money and my paycheck was about $100 short each week of being able to support my family. My boss said the company was doing badly and he couldn’t help me out. Before I knew it I was $1,500 in payday debt. I had to change my bank account. My phone rang constantly with people demanding that I payback the payday loans that I took.

I was really at my wit’s end. Collectors actually knocked on my door. I live in a small town and the owners of the payday loan company wanted their money back. Don’t misunderstand me. They weren’t harassing me with physical threats but they were knocking on the door wanting to get paid back the payday loans that I took out. Then I went online. I decided to go shopping for a payday loan consolidation company. I wanted an old established honest organization to consolidate my payday loans.

I tripped over Federated Financial’s website and when I saw their A plus rating with the BBB, and that they were in business for 23 years I knew I found the PDL company I wanted to consolidate my payday loans… Starting Today! I called them and they were wonderful. I gave M******* all my information, meaning the names of the payday loan companies that I needed to consolidate and they went to work. The harassing phone calls stopped. That was a gift. Harassing phone calls at all hours of the night were making my wife nervous. Federated contacted my creditors and my creditors reduced my interest rate from almost 500% per annum down to zero percent.

In other words I just had to make payments on the principle. All of a sudden what had looked like payday loan hell didn’t look that bad any more. I was given an affordable payment. I’m lucky I found what I consider to be the best and most legitimate payday loan consolidation company in the country. Their A+ BBB rating is well deserved.I was able to pay off my payday loans in 6 months and my wife was finally able to get a job and now we can pay the bills. Federated Financial’s payday loan consolidation program works. This is an unsolicited testimonial. I wrote this because I believe that payday loan debt consolidation makes a huge difference in your ability to pay down your payday debt. ( GH. Florence SC)

Federated Financial has helped thousands consolidate their payday loan debt, fill out our online contact form and start on your path to becoming debt free!

04 Jan 2020
consolidate payday loans

Why is it essential to consolidate your payday loans today?

Why wait?
If you have these loans you need to consolidate your payday loans and start reaping the benefits of payday loan consolidation right now! Everyone gets into debt. You are not alone. It’s what you do about that debt that separates you from the rest. Payday loans can be insidious. Their business model was created to keep you in debt. You need to become debt free. You need to pay off the payday lenders and move on with your life. It’s difficult to do that. Paying between 200 and 700% interest on these loans makes it almost impossible to pay off your payday loans. A good payday loan consolidation company, with years of experience in the industry can show you how to do it. It’s really A B C, simple

When signing up for a payday loan consolidation plan your payday loan consolidation company immediately contacts your creditors. That’s when the harassing phone calls stop. Here’s the key! Phone calls are not the only thing that stops. So does the extremely high interest rate. Upon entering a payday loan consolidation program your reputable, old and established Payday Loan consolidation company can get your creditors to reduce your interest rate down to 0%. That is the key. No more high interest rate equals paying principal only. By paying your principal without the interest you are out of debt in no time. Payday loans are like a ball and chain holding you back from living your life the way you’d like. Payday loan consolidation can cut the chain and change your life for the better.

There is a reason that payday loans are illegal in 26 States. the reason is they are not good for the consumer. Companies like this are springing up all over the country, except for the 26 states that they can’t and they’re doing it for a good reason. There is much money to be made in this business. Payday loan companies are cash cows for the people who own them. Don’t put your hard-earned money in other people’s pockets. Start your payday loan consolidation program today and reduce your interest rate to 0% NOW. Change your life for the better! Remember, today is the first day of the rest of your life.