It really gives a person all sorts of feelings when we are sent the message “I am trapped in payday loan debt – I need help!”
First we feel sadness for the person and their family, being trapped in payday loan debt is so hard on all involved.
Second we feel anger at the payday loan companies for allowing people to get in these traps in the first place.
Third we feel driven to help the person that sent us the message in eliminating their payday loan debt as quickly as possible.
Finally, we feel the complete satisfaction that we did everything we could to help them and they are now safe and out of payday loan debt.
The Money Trap
It is so easy to get caught up in the money trap.
The payday loan companies make it so easy for people who really should not be borrowing money to get up to $2000.00 deposited in their checkbook in a matter of hours.
If only it was that easy to pay it back.
Let’s take a look at what the definition of a trap is is so we can all be on the same page when talking about this subject.
A few of the definitions are related by the wording surprise, catch, and trick.
All words we do not think of when thinking about doing business with a company.
We do not want them to trick us, or catch us, or surprise us in any way!
Being reputable and caring for the customer are two things you just will not find in any payday loan company we have dealt with, and we have seen just about all of them in our quest to help people with out of control payday loan debt.
Defaulting On A Payday Loan
An alarming amount of people who take out these loans do end up way over their heads in debt and within weeks are actually trapped and in default of their loan terms.
This does not always trigger negative action at first as the loan companies love to give the lenders options like extending their loans, or taking out additional loans to cover current balances.
All of these practices just lead the borrower farther and farther into the trap with no end in sight.
Below is just a very small example of some of the horrors people go through with these companies.
Taking Action
When we get the desperate message from a potential client that they are trapped in payday loan debt and need help, we take action as quickly as possible.
Every day adds more late charges, collection actions, and interest charges to a defaulted payday loan, and the sooner action is taken the better!
We have seen $500.00 two week loans grow to a borrower having three to four active and defaulted payday loans with literally thousands of dollars in outstanding balances adding up daily and all in the course of a few months.
The sooner we get to work on eliminating the accruing interest and get a new low bi-weekly or even monthly repayment plan established the quicker the borrower starts smiling.
Once we get the phone calls and collection threats stopped and get the repayment plan all set up, the borrower never needs to be in contact with the lender again, we can do it all from our offices.
Summary
We can jump on these defaulted loans and get an amazing amount of peace of mind for the borrowers in a matter of 24 hours.
If you need help with your payday loan debt give yourself a break and give https://www.sparklehorse.org a toll-free call at 1.877.280.5100 or fill out our no obligation form for a free quote on how we can help you.
We hope this article helps people see how dangerous these types of loans are and we encourage anyone who is considering taking a payday loan out to reconsider and find alternative options.
Many banks and lending institutions are now offering alternatives to payday loans for people with not so great credit and these options are worth considering.
They are not short term high interest loans like the payday loans are, and they will not set you up to get caught in the payday loan trap.
