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

Payday Consolidation Loans and Laws in Florida

In some recent posts we’ve been talking about how laws that seem ironclad are easily being broken in States that either regulate interest, or have made payday lending illegal. Today we talk about Florida. In Florida, payday loans are referred to as deferred presentment transactions. That means the act of writing a post-dated check for money that’s borrowed today. Florida has enacted payday legislation. There’s a $500 limit on payday loans that are offered in the state of Florida.

They are allowed to be taken from 7 to 31 days with a maximum finance charge of 10% for every hundred dollars and maximum rate of 304% APR. The state of Florida only allows one loan at a time. in addition the state mandates what they call a cooling-off period of 24 hours between two loans that are taken in a row. In addition, the Florida statute states that you can’t roll over one loan into another. Those are the laws in the state of Florida. Let’s take this apart for a moment and analyze it. Florida allows a usurious interest rate of 304% APR. I question that. Why even have a law if you’re going to allow lenders to charge consumers over 300% in annual interest? There’s an answer there, but let’s take another step back.

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In the state of Florida, Law mandates that in the state predatory payday lending is it illegal and yes it comes up with a week caveat that only one loan at a time may be taken? My primary question would be, how does that benefit the consumer, keeping in mind that I can take a loan from Joe’s payday loan company and then walk down the block and take a loan from John’s Payday loan company. There’s no way to monitor that. Debt consolidation payday loans are freely available in the state of Florida and I’ll tell you why in a moment. The rollover portion of this law is plain stupid. People can take the loan from John’s company down the block to Joe’s company, and borrow the money from Joe to pay John. Here is what I believe is the answer.

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Florida is home to some large Native American tribes. The Seminoles, the Muskogee’s, the Apalachees, the Camusa’s and the list goes on. These tribes make a huge amount of money on payday loans and consequently are able to employ huge lobby groups to continue to help them keep payday loans a viable option in Florida behind some very weak legislation.

If you’re in Payday loan debt and need help call a legitimate, old and established payday loan consolidation company for your debt help. Consider the company that hosts this blog. They’ve been in business 21 years with an A+ BBB rating.. Call them, you’ll be glad you did

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!

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!

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!