If you have outstanding payday loans, or are trying to avoid the use of payday loans, a DMCC certified counselor can help you identify alternatives.
Payday loan regulations vary by state, but most state laws provide that lenders must accept a reasonable repayment plan, if you are unable to repay their loan. DMCC is able to setup 12 month repayment plans with most payday loan lenders that will stop their collection efforts, interest and fees, and provide you the opportunity to payoff your loans with a monthly payment you can afford.
The most important thing is to find a way to repay your outstanding payday loans and avoid them going forward. Many credit unions now offer Payday Alternative Loans (PALs) that allow individuals to borrow small amounts of money at a lower cost than traditional payday loans and repay them over a longer period.
For Florida residents, DMCC has identified Solita’s House, a nonprofit Community Development Financial Institution, as a trustworthy source of less expensive small dollar loans, including payday loan alternatives that fund in the same day.
To be able to apply for one of these loans, please contact a DMCC Housing Adviser to make an appointment.
For more information about Solita’s House and their loan products click HERE
If you would like to setup a repayment plan for your payday loans or to reach an adviser, please feel free to contact us at 866-724-3328. We can be reached Monday through Thursday from 9:00am to 6:00pm and Friday from 9:00am to 3:00pm ET.
