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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

Featured on Market Watch – Payday Loan Consolidation Company

Jan 21, 2020 (eGiiG News via COMTEX) — If you have become quite tired of paying installments to your loans and your finances are jeopardized every time you do so then opting for payday loan consolidation is the solution you need. Though there are many service providers dealing in the same the chances of associating with a trustworthy one are rather slim. Here we tell you how you may choose a payday loan consolidation company for yourself.

Check their BBB rating

First and foremost, you need to check their BBB (Better business bureau) rating as that would help you decide. The BBB provides ratings to such a company’s basis the manner in which they are operating their business. These ratings range from A+ to F and the higher the rating the better is the chances of it being a reliable alternative to choose.

Talk to them

Next, you should give them a call and request a free consultation. You could also submit the consultation form on the website and wait for their response. When you meet them make sure to ask a lot of questions so that you establish a rapport with them. If making them understand your needs is easy it means this is the company you should put your focus on.

Online reviews

Most of the companies dealing in this field have an established client base of their own. Such people would have posted reviews of the company online and you may consult the same too. Search around to find out what the customers say about the firm. It goes without saying that if they are reliable you are going to get a lot of positive reviews and vice versa.

Blog

Some of the companies handling payday loan consolidation maintain a blog on their website. This is to help people understand the whole concept before they finally take the leap. Read through the blog and if the content they are offering is valuable then the company would know the basics of dealing with the same. However, if you see content that seems to have no proper information offered then you may avoid the company.

Social media

Every company has a social media account and that is where most of the action takes place. It is quite likely that you would not only get to know about their reputation but also what new initiatives they are taking to ensure customer satisfaction. Apart from that if you have any queries this is the place where you can ask and find the correct answers. Not only do you get a response but it is quite quick as any delay is noticed by other customers too.

Conclusion

Payday loan consolidation helps you in more than one way. You have to pay only one installment for your loan and that too at the beginning of the month. After that, you can plan your finances in whatever manner you want. However, for best results always choose a company that is not in the business to fleece people. A company that plans its products around the customer’s needs is most likely going to be the option that you need at this time.

View original article here – https://www.marketwatch.com/press-release/how-to-choose-a-payday-loan-consolidation-company-for-you-2020-01-21

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.

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 to 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 than 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!

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!

Featured on Market Watch – Payday Loan Consolidation

How Payday Loan Consolidation Can Help tackle all your financial woes

Jan 13, 2020 (eGiiG News via COMTEX) — Come the beginning of the month and you start fretting about the innumerable loan payments that you must do. If you are already living paycheck to paycheck doing that could seriously keep you on your toes the entire month. However hard you may try the payment would drain away all your savings causing you to spend the rest of the days in penury. Opting for payday loan consolidation though can help and below we tell you how.

Reduce multiple payments

Instead of having many small payments to make you can now have one payment that you have to make at the beginning of the month. Now the whole month is not spent thinking of how to pay for any small loans that need a repayment. Just one payment goes in the beginning and you can relax after that. Mostly this means that you pay a slightly lesser amount than you would have otherwise had to thus reducing the financial burden too.

Stress reduction

A reliable payday loan consolidation company can help reduce the stress you experience figuring out how to make the ends meet. Since now you have only one single account to take care of you may plan for it well in advance. Moreover, you do not keep any records of what payments were made and when. Your money at the beginning of the month goes to the right destination and after that, you may relax.

No more phone calls

If you have been faltering on your payments, we are sure you must have also received loads of calls asking you to pay up. Unfortunately, these calls are too pestering and can take away the happiness of your life. But, by using payday loan consolidation you can put an end to such calls. You make your payments first thing in the month and after that, no one must bother you.

Control your bank account

Some of the loan companies take their payments directly from your account and that is really disturbing. However, with payday loan consolidation your bank account comes back under your control. Your privacy is now intact as no one can govern how you spend your money.

Low-interest rate and late fees removal

By subscribing yourself to a payday loan consolidation you might end up paying a lesser interest rate than in other situations. Too many loans mean paying too much money out of your pocket but not in this case. Also, if you are making payment on time there is no scope of having to pay late fees so that aspect is also taken care of.

Conclusion

Payday loan consolidation is your solution if you are living your life on the edge when it comes to loan payments. Get in touch with a trustworthy payday loan consolidation company today if you too are facing the same dilemma. There are many firms that profess to handle the situation for you but they may be just bluffing. Do a thorough research of the company’s credentials before saying yes to them.

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.

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!

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 of 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 put into a tier. The higher the tier the better the credit consequently the lower the interest.

The 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.

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 outback 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!

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 pay back 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 was 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 anymore. 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!