The payday loan settlement calculator (also known as a payday loan relief calculator) helps you get an idea of how much you can save by settling payday loans. It also helps you figure out how long it would take to pay off your payday loans.
Installment Loans
Steps to use payday loan settlement calculator
Step 1: Click on ‘Add payday loan debts’ and enlist how much you owe on each payday loan.
Step 2: See your total payday loan debt amount.
Step 3: Enter the amount you can pay for your payday loans every month.
Wait for the final result to know how much you can save and how soon you can pay off your payday loans.
When should you use a payday loan settlement calculator?
The best time to use this calculator is when you’re planning to settle payday loans. If you’re overwhelmed with payday loan debt, then you can consider settling your payday loans because that would help you become debt free quickly. You can also save a significant amount on your loans.
Before hiring debt negotiators, use our payday loan settlement calculator to know how much you can save and when you can kick out payday loans depending on your monthly payment. If you’re satisfied with the figure, then you can enroll in a settlement program.
If you want to get out of payday loan debt quickly, consider increasing your monthly payment amount.
What to consider before using a payday loan relief calculator
The calculator can give you the correct result only when you enter accurate details. So before you use this calculator, gather these main pieces of information.
- How many payday loans you have.
- The current APR on your loans. (You’ll need this figure to calculate the outstanding balance on each payday loan).
- The maximum APR lenders can charge in your state.
Few terms related to payday loan settlement*
1. Payday loan: Payday loans are short-term loans that are given at a very high-interest rate. Borrowers are required to pay off these loans with their next paycheck.
2. Payday loan settlement: This is one of the many debt relief options you can use to get rid of payday loans without paying the full amount.
3. APR: The annual percentage rate (also known as APR) is basically the price of your payday loan. It is the annual interest rate you have to pay for borrowing a loan.
Disclaimer: The result will vary depending on the figures you enter in the payday loan relief calculator. This is just a self-help financial tool. So, the accuracy and applicability of the calculator can’t be guaranteed.