Online Payday Loan, i.e. a non-bank loan – can cause many problems, especially if it is not repaid on time. It does not enjoy good fame, which is why it has become the main goal of the government, which is consistently fighting it.

What to do if the amount of such commitments exceeds our financial capabilities? How to master them and more importantly pay back?

Change for better

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The current Anti-usury Act of March 2016 imposed limits on per-loan costs. According to its provisions, the company granting loans may collect from the client a maximum of 25 percent. loan amount and 30% the total amount per year. However, the total amount to be repaid cannot exceed 100 percent.

the value of the loan or credit contracted. The latest draft amendment to the criminal law regarding usury assumes that non-interest costs of the loan will not exceed 10 percent. its amount, and the total amount that will have to be paid back to the loan company will not be able to exceed 75 percent.

commitment amounts. Google has even introduced restrictions on loan companies. A new policy to promote payday loans has been in force since July 13, 2016. You can not advertise those whose repayment period is less than 60 days. According to Google research, this type of product leads to huge costs that the borrower cannot cope with. Therefore, it was decided to introduce this prohibition to protect consumers against costly payday loans or loans.

A tool for debt removal

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We have already written many times about saving methods on our blog. However, we must point out that this is the first step to starting the debt recovery process.

Apart from the fact that saving strategy is important, it should be remembered that this is only a certain element in debt relief. In that case, what will effectively allow us to pay back payday loans? Often, when we try to set new repayment terms ourselves – we are strongly refused.

Agreements with payday loans can be reached, but it is not easy and you will need the help of a professional negotiator – the mediator. Has knowledge of banking law (which also applies to loan companies), so that he can effectively negotiate convenient terms of repayment, tailored to financial capabilities.

Law (and large companies – like Google) are increasingly defending consumers, so from year to year there are more and more opportunities for positive resolution of financial problems and to avoid them in the future. Are you fed up with payday loans? Do you want to pay them back on your terms? Our mediation specialists are waiting to help you! Check the available offer in the online store.