Payday Loan Consolidation that Works
Reduced Loan Amount
Depending on your loans, we can reduce the total amount you owe by up to 80%.
Simple Monthly Payments
We'll put together an easy-to-understand plan. No hidden fees or gotchas.
Help and Support
Getting out of debt ain't easy, that's why we're here for you every step along the way.
"I never thought in a million years I'd be able to stop paying my payday debt. I was in the debt trap, and it got worse. DebtHammer helped me get through it all."
"They helped me through one of the toughest times I've ever had. I owe a ton to them for helping me with my debt like they did."
"They're straight shooters. They know this stuff in and out. My debt was more than I want to admit but they helped me get out and I am very grateful!"
DebtHammer helps you escape the payday loan trap.
You're serious about getting out of payday debt
But no matter how hard you try, the debt seems to keep piling up. You're stuck like a hamster in a wheel.
You try and save, you work extra hours. But unexpected payments come up, and you're stuck with another payday loan.
It's called the 'payday loan trap' and it's common. The average interest rate is north of 400%. How can you be expected to pay that?
And crooked payday lenders aren't making things easy for you...
Payday lenders are the scum of the earth.
They couldn't care less about you. All they care about is money.
They'll blow up your phone with harassing calls, threatening all sorts of terrible things if you don't make your loan payments. They won't hesitate to lie to your face.
You never know if they're telling the truth or not, and the loans are so confusing nobody could be expected to make sense of them.
So what do you do?
How much further would you be?
If you could only get a little bit of help.
What if you could get your loan reduced by up to 80%? What if you could get on a completely, 100% transparent payment plan where what you see is what you get? What if someone could explain to you exactly the steps to take to make sense of the payday mess you're in?
Imagine having experts to negotiate with lenders on your behalf so that yo only end up paying a fraction of what you owe...
DebtHammer is an easy way to reduce your payday loan amount.
Here's how it works. First, we lay out all of your loans and identify which ones we can help with. Then, we work with you to come up with a simple monthly payment plan, where you'll pay a fraction of the total amount you'd pay otherwise.
In addition to saving you money, we act on your behalf to the lenders. You stop paying them, and we'll make sure they don't get another dime from you. We hit them where it hurts so you have a fighting chance of becoming debt free.
What are payday loans and why are they bad?
A payday-loan is a short term with a high interest rate, usually due on someone's next paycheck. In theory, the loans are used to help someone get from one paycheck to another on a rare occassion.
However, in practice, it rarely works out this way.
Payday lenders intentionally make the terms of these short term loans difficult to comprehend, taking advantage of people when they are at their lowest. The annual percentage interest rate (APR) on payday loans is higher than 400% on average. Compare that to credit cards, which have interest rates of 30% at the high end.
The average borrower takes out $375. But the average borrower also ends up paying $520 in fees and interest charges, on top of the $375. That doesn't seem right, does it?
Because the interest adds up, many payday loan borrowers find themselves in what is known as the payday loan trap. The interest adds up faster than they can pay it, and the debt snowballs into an unmanageable amount.
Surprisingly, this type of unsecured debt with stringent repayment terms late fees, high annual percentage rates is still legal. The CFPB (Consumer Financial Protection bureau) has done a shit job at regulating this industry, which is why we're here to help.
What is payday loan consolidation?
Payday loan consolidation can mean a few things, depending on who you ask. Typically you'll read about two types of consolidation. A consolidation loan, and a consolidation program.
A debt consolidation loan is when you take out a personal loan that you use to pay off your lenders. A new loan to pay the old loans. You're responsible for using that money to pay off your lenders, then you have to pay the new lender back. Loan terms vary, some credit unions offer these, and you'll need a good credit score to qualify. But they're hard to find. We don't do these.
We offer a debt consolidation program. You tell us all about what loans you have, and we'll put together a monthly plan. You pay us directly, and stop paying your lender. We'll interface with them.
Does payday loan debt consolidation work?
Simply put, yes, consolidation works. We only take on clients we can help, and those that we do help save a boatload of money.
Of course, there are plenty of scammers peddling 'payday loan consolidation programs' or 'debt management plans' that are no more than payday lenders themselves. We won't name names but they know who they are. We're a legit payday loan consolidation company that hits your lender where it hurts.
How does it all work with DebtHammer?
It all starts by you telling us about all the loans you have. No need to be ashamed, we know your pain.
We'll help you get a full picture of your financial situation, and how much you can expect to pay in interest, fees, and principal if you continue on your current track.
Then, we'll identify which loans we can help with, and put together a monthly plan proportional to your debt amount. It's a single payment every month or every two weeks, whatever you prefer. Repayment periods are flexible too.
Then, going forward, we'll play hardball with your lenders for you. We'll get em out of your bank account. You don't have to talk to them anymore. We'll help you handle and reduce collection calls coming to your phone number. We've got your back.
Nothing we do gets reported to credit bureaus, so you won't see us on your credit report.
How is DebtHammer different than other payday loan relief options?
There's a lot of debt relief 'options' out there...if you want to call them that. But assume they're scams unless you can verify otherwise. Anybody can write some words on the internet after all.
That being said, there are a few options when it comes to debt management.
Credit Counselor: Someone who talks to you and gives you advice, and sometimes will help you with a debt settlement program. Credit counseling isn't a bad idea for most people if you can find someone for free, and they can help you decide what's best for you.
Debt Management Program: This is a broader term, usually when a credit counselor attempts to roll up your loans into one and make payments, hopefully at lower interest rates. You might consider us a debt management program, that's specialized in fighting off your payday loan company.
Debt Settlement Program: This is a specific type of program where companies will attempt to negotiate favorable repayment terms between you and your creditors. Usually, this applies more to credit cards.
So how are we different? Well yes, we're a debt consolidation company but we know the laws in and out, and we fight tooth and nail to get you out of the payday loan cycle.
Frequently Asked Questions
Learn About Payday Loans, Debt Consolidation, and More
Payday Loan Debt Relief
11 Debt Problems that Can Easily Be Solved
How to stop lenders from auto-drafting your checking account
Can you consolidate payday loans?
Debt Repayment Plans: Everything You Need to Know
How to negotiate with payday loan lenders (yes it's possible)
Why you shouldn't rollover your PDL debts
Credit card debt vs payday loan debt
How Payday Loans Affect Your Credit Score
Just How Big is the PDL Industry in the United States?
If the answer to any of these questions is 'yes', DebtHammer is for you
Do you feel like you're never going to get out of your loans?
Are your lenders blowing up your phone night and day?
Does your debt keep growing, even as you make your payments on-time?
Would it feel incredible to tell your lender to F*** off?
I'm ready to say goodbye to PDL debt. What's next?
We'll take a look at all your loans
For step one of our payday loan help program, we'll lay out all your loans to get a picture of where you stand. We'll read through all the confusing language and jargon to get a complete assessment. There are certain loans we can help with, and others that we can't - we'll be completely honest which we can and can't help with.
We'll put together a plan that works for you
We'll work with you to put together a simple payment plan that works for you. It'll be as simple as making microwaveable mac n cheese. The same amount, every time. No hidden fees, confusing jargon, or other gotchas you need to worry about.
You talk to us. We'll handle your lender.
Once the agreement is signed, we represent you. If your lender wants to talk, they're going to have to deal with us, and let's just say we won't have kind words for them.
We'll send them all sorts of legal letters and do our best to stop them from contacting you. This doesn't mean they try to contact you spewing all sorts of lies. But you don't have to listen to them - just refer them to us and we'll tell these scumbags exactly what we think of them.
Let's put a dent in your debt
Ready to reduce your debt load and get back to living your life? Let's tell your lender to back the fuck off together.