Is Payday Loan Consolidation Legit?
Avoiding Payday Loan Consolidation Scams
This is the right place if you want to consolidate payday loans or pay off payday debt. Payday loan consolidation programs or loans allow you to combine all your loans into a single, lower interest loan.
Consolidating payday loan debts should not be a problem. Scams. Payday lenders are full of scammers and hucksters.
Is it real?
Although there are legitimate payday loan consolidation businesses, they are not suitable for all clients.
Consolidating debt can be complicated. DebtHammer works with all types of debt and will only take on clients that they are able to help.
There are five ways to confirm that payday loan
consolidation fraud has been committed
1 – Bad Better Business Bureau Ratings
Verifying a company’s legitimacy is easy with the Better Business Bureau. There are many conglomeration scams.
2: Is he a true middle-man or just a fake middle-man?
“Lead generators” are middle-men who work in the payday industry. They collect contact information and then sell it to the highest bidder. Although these lead generation websites look like a company, they are actually a referral agent. Solid Ground Financial offers this disclaimer. However, this does not necessarily mean they are fraudsters.
3 – Tribal Organizations
Referring to Native American tribes could indicate that the firm’s consolidation is not
They might claim to be able ‘…. but it is not granted.
Google the address. Run!
Payday loan crooks use “tribal immunity” to avoid prosecution.
4 – No Real Business Records
If the records are not available, it is possible that the business is not legitimate.
Scammers can get an LLC.
5 – No Lending License
Payday loan consolidation companies don’t offer loans but lenders who offer consolidation loans must have a license.
6 – No Address
You should run if you don’t know where the company is located.
Consolidating payday loan debts can be smart.