Payday Loan Conceptz Reviews

Payday Loan Conceptz ReviewsIf you’re in over your head with payday loans, there are a good number of new companies sprouting up that offer consolidation, and Payday Loan Conceptz is one of them. The idea here is that if you’re caught in the dreaded payday loan trap, you are likely to stay in it if you follow the plan of the payday lenders.

By receiving a large lump sum payment, and by being able to chip away at it monthly, like a regular loan, you can get out of the trap and get yourself back to normal, all while making smaller payments than you’re currently making. So what’s not to like? You get out of debt with a lot less pain, and the consolidation company makes money by living in the large gap that payday lenders create by charge exorbitant fees. The only victim is the payday loan companies because they don’t get fee after fee after fee for essentially the same money, which is perfect.

Real Payday Loan Conceptz Reviews

It might be hard to find people that can give their honest opinion as to whether or not Payday Loan Conceptz works, but the overall concensus seems to be that they get good reviews and actually come though on what they say they can do for you. Be careful, because there are reviews out there that are misinforming people saying that Payday Loan Conceptz is a consolidation company, when in fact they are not.

They’re Not a Lender
It’s important to remember that Payday Loan Conceptz is not a lender itself. They will just collect your information and send it out to their network of payday loan consolidation companies. You won’t actually be sending your money to Payday Loan Conceptz. They’re not really a company you can get too made at, because their job is to make it easy for you to find a consolidation company. If you’re unhappy with the terms and conditions that the lender has, it’s not the fault of Payday Loan Conceptz, and you could actually try them again and see if they can match you with someone better.

This Actually Makes Sense
You’re already well aware of how rough it is trying to get back on your feet after being knocked down financially, and then realizing that payday loans actually dig you deeper into debt. Payday loan companies love to say that their product actually helps people avoid late fees or overdraft fees, but the truth is that it just puts people behind the 8 ball and sets them up for financial ruin. Consolidating actually makes sense in this instance, especially if you’ve taken out more loans than you can handle.

If you stay on with the payday loan lender’s plan you’ll never get out. That’s how they have it set up. The best way to get out of it is to pay it off all at once and then make smaller payments. You could borrow the money from a friend or family member, but if that’s not an option, then something like a consolidation loan from Payday Loan Conceptz is viable.

Example Time
Let’s use a real life example. The maximum amount you can get from a payday lender in Michigan is $600 and you’re allowed to have 2 loans out at once in the state. So you can borrow $1200, but this means that you now have to pay back the loans plus the fees every 2 weeks. The total with the fees is $676.45 so you’re looking at over $300 a month just in fees. You can’t stop re-loaning because that $1200 probably represents a sizable chunk of your bi-weekly pay.

It is highly unlikely that you’ll have a spare $750 one day to pay off just one of the 2 loans you have out. However, if you got a consolidation loan for the $1200 that you owe, and were able to make monthly payments on that for a year, you would be out of debt a year later, and you’d be saving a ton of money each month because your monthly payment would be far less than $300.

Because payday loan companies charge such ridiculous fees, they’ve left the door wide open for consolidation companies to come in and save people money, while still making money for themselves.

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