Lower My Payday Loans Review

Lower My Payday Loans ReviewLower My Payday Loans says that they can provide quick relief to your payday loan troubles by offering you a variety of programs that are designed to get you out of the debt trap and back onto a path of good credit. They say that you’ll be able to monitor your progress online, and that they are FDIC insured.

You’ll be able to choose among different lengths of time you have to pay back your loan, including 6, 9, and 12-month programs. Of course the more you owe the longer it will take to pay back all of your debts, so it is unlikely that you can follow the six month program if you owe a lot. It will also be unnecessary for you to take an entire year to pay down a smaller loan amount.

Lower My Payday Loans Review – A Solution?

Lower My Payday Loans is here to help people that have gotten into trouble with payday loans, which is pretty much everyone that has ever taken out a payday loan. Payday lenders are notorious for setting the stage for the payday loan trap in which they will let you borrow more than you can reasonably afford to pay back each payday, making it necessary for you to take out the loan again, which is how they make their bread and butter by collecting your money every two weeks and keeping you in a situation where you need to take out more money again and again.

Doing the Math
They point out that if you borrow just $300 from a typical payday lender at a rate of just $90 to borrow that $300, your APR would come out to 782.14%, which is a staggering number when you compare that to loans you can get from a bank. This is the kind of scenario that is all too common for borrowers of payday loans, and it is how companies like this one that specializes in reducing and consolidating your loans can survive and make a profit.

How This Works
Lower My Payday Loans is able to make their money by helping you save money because payday lenders create such a wide gap between what is reasonable and what is the norm it comes to borrowing money. It is possible for a third party to make quite a tidy profit just playing within the bounds of the gap between how much a person with good credit is paying for a bank loan and how much a person with bad credit is paying for a payday loan. They know that the payday lenders do not need to collect your entire fee in order to make their profit, which is why they can reduce your debt by negotiating with the payday lender directly. If you were to try to negotiate with the lender they will probably play hardball with you because most consumers do not realize how a payday lender works and what to say to them.

A Win Win
A company like this creates a win-win situation for you and them, as well as the payday lender even though it seems like you’re getting all the benefit. The payday lender receives their money when perhaps they wouldn’t be able to collect it from you, and Lower My Payday Loans gets their money in the form of the payments being sent to them rather than the payday lender. You end up paying a smaller amount, and in many instances a much smaller interest rate for the money that you borrowed.

Our Recommendation
Lower My Payday Loans is worth checking out if you’ve taken out so many payday loans that you have lost track, and are having trouble keeping up with it each month. If your life seems to be revolving around paying off your payday loans, then you definitely have a problem. You can help make things right by talking with a company like this to see just what it is they can do for you. With the free quote they offer you owe it to yourself to at least check it out and see if it makes sense for you. There’s no obligation to actually go through with their service once they show you the numbers, so it is worth looking at whether it makes sense.

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