PDL Choice Review

PDL Choice ReviewPDL Choice is one of many companies out there that would love nothing more than to take your load of debt and become your new lender. They make their money by paying off your payday lenders and then having you submit a payment to them instead. Can this really work or is it just as bad as the initial payday loan?

You should never feel obligated to go with any of the consolidation lenders because there are simply too many of them, and frankly there’s a shortage of good ones to go with. You should be very discerning about which one you do choose because if things do go well you’ll be doing business with them for a long time and you’ll want to make sure that it goes smoothly from start to finish. Going with the wrong company can make it a tedious and drawn out process when it doesn’t have to be.

PDL Choice Review – You Have a Choice

There are many payday consolidation companies sprouting up, and maybe that’s because there’s plenty of room for profit in between what a bank charges for a loan and what a payday lender charges for a loan. All a consolidation company has to do is take installment payments from the borrower, and pay off their debt to the various payday lenders and online lenders. The new loan has to have rates that make sense, and when you explain to a borrower that they’ll be stuck paying off payday loans indefinitely, having a final payoff date established is refreshing.

The Principal Balance
The reason that these kinds of services, like PDL Choice, make sense is because you don’t ever touch your principal when you keep taking out payday loans. Let’s look at it this way: If you keep going back to the same payday lender, paying the loan off in full, and then taking the money out again, what have you really done? All you’ve done is paid the fees, you still haven’t paid back the principal because it’s back in your pocket. So even though they make you bring back the full amount of the loan plus the fees, you still owe the money back, but you now owe it two weeks later.

Installments Is Key
The thing to remember about getting out of the payday loan trap is that you have to get things on installments. You can’t pay back a big chunk of money, because not having a big chunk of money is what got you into financial trouble in the first place. And that’s totally OK, the majority of Americans don’t have a lot of money just sitting around with nothing to do. So the trap is set by you having to pay all the money at once, instead of over time. What this means is that you want to be able to chip away at the debt, $50 or $100 at a time, whatever you can handle, until the debt is paid down and is gone.

No Recurring Fees
By paying the recurring fees of a payday loan you have to take out again and again, you are simply taking on a new monthly bill, often over $100 each month that could go towards rent, food, and utilities, but is now going to the coffers of the payday lenders. It’s the classic example of the rich getting richer, because you’re the one that needs the money, and they are basically taking it without providing anything of value, since they only lent you that first loan, and everything else is just doing the same thing again and again.

Our Recommendation
It’s definitely a good idea to get out of the payday loan trap, even if you have to borrow more money at a better rate and get on an installment plan. PDL Choice needs to encrypt their site so that you can safely transmit your information to them, and also they need to provide more information about how the process works, what sort of relief you can expect, and how long they’ve been doing this. They also need to let you know how long it takes to get the process in place and how fast you’ll be able to pay off your other lenders if you choose to go with them.

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