Payday Loan Relief that Works
Top Rated Company on Trust Pilot
DebtHammer helps you get the relief you deserve
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 one day you find that you're taking out payday loans just to pay off other payday loans.
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 that 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 loans 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 negotiate with lenders on your behalf so that you only end up paying a fraction of what you owe...
That's DebtHammer
DebtHammer is an easy way to reduce your payday loan debt.
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 make the decision to stop paying them, and we'll make sure they stop draining your bank account every paycheck. We hit them where it hurts, so you have a fighting chance of becoming debt free.
Got questions? We've got answers.
It's tough to find any reliable info on payday loans and the relief options that borrowers may be eligible for. And the payday lenders like it that way.
That's not us. Here are some of the common questions we get, and the straightforward, plain English answers.
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 rare occasions.
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 average annual percentage interest rate (APR) on payday loans is higher than 400%. 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, and high annual percentage rates is still legal. The CFPB (Consumer Financial Protection Bureau) has done a shit job of 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, and 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 for payday loans.
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 into a third-party savings account 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, plenty of scammers are 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.
Furthermore, our programs aren't available in every state, so make sure to let us know your current state of residence whenever you fill out our contact form. It's actually a red flag whenever a payday loan consolidation company claims to operate in every state.
Will consolidating payday loan debt hurt your credit score?
It will (ultimately) help your credit score.
If you’re struggling with payday loans, you may already have bad credit. If you aren’t sure, you’re entitled to three free credit reports each year.
If your credit score needs work, consolidating debt can get you back on the road to recovery. While your score initially may take a hit when you start a debt consolidation program, the progress you make will eventually start bumping up your credit score. But first things first, you have to pay down your debt in order for your credit score to begin to heal.
How does it all work with DebtHammer?
It all starts with you telling us about all the loans you have. No need to be ashamed, we know your pain.
We'll help you understand 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 guide you on getting 'em out of your bank account. You don't have to deal with them anymore. We'll help you handle collection calls coming to your phone number. We've got your back.
How is DebtHammer different than other payday loan relief options?
There are 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 can actually help with high-interest payday loans, and we fight tooth and nail to get you out of the payday loan cycle.
Frequently Asked Questions
If the answer to any of these questions is 'yes', DebtHammer is for you
Do you feel like your entire paycheck is going to your lenders?
Are debt collectors blowing up your phone night and day?
Are you taking out payday loans to pay off other payday loans?
Would it feel incredible to tell your lenders 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 do the hard work for 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.
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 F*** off together.