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Bankruptcy

Payday Loan Debt Help in Tennessee

Tennessee payday loans can make a small debt into a major debt fast. The fees and interest can be astronomical, making it difficult to get out of debt once you get trapped in the cycle. If you are paying on Tennessee payday loans with high interest rates, you may be wondering if there is any way out—there is. 

In fact, you have more than one option. First, you can look into a Tennessee debt relief or debt consolidation program for help. With these programs, you can work out a payment plan and pay off payday loans in single monthly payments. Another option is to file for bankruptcy to eliminate not only payday loan debt, but also high interest credit card debt, medical debt, and more.

Call Us at 865-213-3617

 

How Can Tennessee Debt Relief Programs Help?

There’s no shortage of payday loan relief programs in Tennessee—and not all of them are legitimate. The best way to avoid debt consolidation scams is to get a lawyer familiar with payday loan debt consolidation program options and debt counseling services.  A Tennessee debt consolidation program can help you:

  • Lower your monthly payments
  • Make a new payment plan
  • Consolidate credit card debt and other loan debt into one payment
  • Reduce the interest rates and fees on your Tennessee loans
  • Stop harassing phone calls from payday loan debt collectors

In essence, Tennessee debt consolidation is one way to seek debt relief by making affordable monthly payments. Consolidating your loans and credit cards and negotiating the removal of fees to reduce your overall debt can also improve your credit score.

Debt consolidation is one way to avoid filing for bankruptcy to take care of your payday loans. You don’t want to get stuck in a cycle of short-term loans and credit card debt!

Work with The Pope Firm and get a Tennessee debt consolidation loan with a low or zero interest rate and no extra fees. We can help you reduce the monthly payments on your loans so that you can save money and your credit score.

 

What Happens if You Don’t Pay a Payday Loan in Tennessee?

If you don’t pay your Tennessee payday loan, the amount of money and fees you owe will continue to increase.  You could end up with an impossibly-high monthly payment and have a hard time getting loan money or help with your debt in the future. Instead of avoiding your payday loans, call our debt consolidation attorneys to help:

  • Eliminate the late fees on your debt
  • Reduce your interest rates
  • Find alternative credit options to prevent the need for a payday loan
  • Pay off your credit debt with one monthly payment

Our team is well-versed in Tennessee debt consolidation programs that can help you to negotiate the removal of late fees and possibly even reduce your debt by forgiving a portion of your loan. We can also help make sure that you pick a loan with fair terms that won’t cost you more money in the long run. Remember that the lower your loan payment during debt consolidation, the longer it will take to pay the loan off.

You may be able to counteract that downside by making larger payments on the debt once your financial situation improves. However, in that case, be sure that the Tennessee debt consolidation program you choose doesn’t have any early payment fees.

Call The Pope Firm today for more information about consolidation programs for payday loans and other debt. We’re here to help.

Are Payday Loans Legal in Tennessee?

Payday loans are a type of loan with high fees and interest rates for people who need money fast without a credit score check. They are typically due by your next payday—hence the name. If you cannot pay the loan or need help, it will roll over to the next month with additional fees on top of the interest rate charge.

Before you know it, you will have thousands of dollars of debt due to high fees and interest rates alone and an unaffordable monthly payment to boot. Despite all the above, payday loans are legal in Tennessee and elsewhere in the US.

If you aren’t already dealing with payday loan debt, we recommend considering other options, such as short-term loans and credit. For example, charge the expense to a credit card or ask a friend for help. Credit card interest rates are usually much lower than the average payday loan interest rate, and you will be able to make consistent single monthly payments to pay off the debt. Making a monthly payment on a credit card also comes with the potential benefit of improving your credit score.

If you’ve already taken out a payday loan, debt consolidation is the best option to get control of your financial situation and save money. Debt consolidation can help you handle the monthly payment on your payday loan and reduce the interest rate on your debt. Get in touch with our office for help eliminating your payday debt and credit loan fees.

How Can I Get Rid of Payday Loans?

Payday loans are just one of many loan types eligible for Tennessee debt consolidation. Other debt that qualifies for consolidation includes:

  • Credit card debt
  • Student loan debt
  • Personal loan debt
  • Debt from medical bills
  • Overdraft fees on your bank account

If you can’t get a Tennessee debt consolidation loan, your final option is to file for bankruptcy. Your credit score will temporarily decrease, but over time it will rebound, and your credit score will improve. Believe it or not, your score will actually recover faster than if you continued to struggle with overdue debt, late fees, and high interest credit cards. Bankruptcy affects your credit less as time passes, late payments, and loans with high balances hurt your credit every month.

In most bankruptcy settlements, you also get to keep your property, such as your car or home. While not ideal, it is an effective way to get rid of all types of debt and improve your credit score over time. Our skilled team at The Pope Firm can help you navigate the complicated world of debt consultation in Tennessee or assist you with the bankruptcy process if necessary.

Get rid of your high-interest payday loans, improve your credit, and start fresh. Schedule a free consultation today.

The information shared here should not be taken as legal advice and does not constitute an attorney-client relationship.

Locations to Serve You

Knoxville

5315 North Broadway
Knoxville, TN 37918

Phone865-213-3617

Johnson City

404 East Watauga Ave.
Johnson City, TN 37604

Phone423-929-7673

Knoxville

Kingsport

Johnson City

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