The worst thing that can happen to a consumer is getting involved in a payday loan cycle. Sad enough, a large percentage of Americans find themselves in financial situations that require borrowing. This leads to accumulation of payday debts and in some cases, it can even cause bankruptcy. The good news is that there is a way to get out of this debt trap. If you are among the many consumers who are struggling with dozens of outstanding payday loans, don’t despair.
Payday loan consolidation might be the best option for you.
Most people believe that it is a complicated process and above most individuals heads. However, this is not the case. It is very simple to understand how payday loan consolidation works. In short, it is taking one large debt to repay all your smaller loans.
Here is a complete guide on what you need to know about payday loan consolidation.
Payday loan consolidation means rolling your outstanding loans into one smaller and manageable loan that is paid in installments. In other words, you are taking out another loan to pay off your debts, but at a relatively lower interest rate.
You might have several payday loans that you are struggling to pay at the moment. But you can convert these debts into a smaller loan that you can easily pay and still manage to cater for your monthly expenses. With payday loan consolidation, you don’t have to worry about the payday loan cycle that you are into anymore.
Payday loan consolidation programs help consumers eliminate their current payday loan debts.
Payday loan consolidation lenders give payment plan options and guide their customers to avoid bankruptcy.
Have you been taking too many loans from payday loan stores? Or have you taken too many loans online? If this is the case and it has spun out of control, you should consolidate your loans now. Irrespective of your financial situation, you can benefit from the lower rates that come with payday loan consolidation. In some cases, the interest rate might be lowered or completely removed.
A customer can consolidate payday loans with debt management and monthly payments. A debt consolidation company can help consumers process the required monthly repayment based on their income.
Combining your advance is a concept where a borrower merges all his or her loans into a single financial obligation. This is easier to do because you can monitor one loan, which is faster than keeping up several loans with different rates and deadlines.
If you are, for instance, paying 600% interest, then a consolidation company can remove almost all of this interest. Interest rates in banks are 6% or so these days, so the lenders use lower interest rates to pay off your multiple payday debts.
Most payday loan consolidation companies can assist with other debts also. These include credit card debt, installment loans, medical debts, loyalty credit card debt, debts from collection agencies, and other household debts.
In general, borrowers default their loans because they cannot track them or the interest are so high that they cannot manage to repay them on time. There are many forms of loan merging and you should know all of them before choosing one. Combining your debts is one way of getting out of debt.
By merging all these payday loans, you do not have to deal with different creditors.
Credit cards can help
If you have several credit cards and want to merge these cards, then this could be the right option for you. Credit card loan is one of the most forms of credits available in the market. If you are not careful on how you spend your card finances, then you might end up in a cycle of debt
Payday loan consolidation is completely legal. It, however, depends on the state you live. There are some states where payday loan consolidation is banned. It is also illegal to charge exaggerated interest or use unbearable terms. These terms are prohibited in most states where payday loans are legal.
The most devastating thing is how easy it is to qualify for the loans and get instant cash. To you, this may seem to be excellent customer service, but come to think of it, you might be in for a debt problem. Payday loan lenders want you to get the cash you need as fast as possible. They don’t give you enough time to go through the loan term. You can even find yourself signing up to their terms and conditions even without giving it a second look.
Many payday loan borrowers find themselves in the same cycle. This is the cycle whereby everything gets out of hand, making it very difficult to escape. You might find yourself borrowing money constantly to clear off old debts.
This is a dangerous habit, and eventually, the debts can accumulate into a mountain that is hard to climb. Once they get at this point, a good number of consumers decide to declare bankruptcy. But this only offers a short term solution. Besides, declaring bankruptcy will also ruin your credit report making it harder to qualify for a loan in the future when you really need the money. This is how dangerous frequent borrowing can be to the consumer.
But you don’t have to go through all this hassle. Applying for a payday loan consolidation program is exactly what you need. The program has helped people achieve the impossible, and it can also help you out. With the program, you can put a rest to your payday loans once and for all.
Yes, payday loan consolidation has helped a lot of people get out of debt within a shorter period of time. The best part about payday loan consolidation is that the company offers a repayment plan that consumers can afford. The company works closely with payday loan lenders to reduce your interest rates and if possible, waive off the extra charges and additional fees.
You cannot go to jail for not paying payday loans. According to US laws, a debtor cannot be jail for not paying a debt. The constitution is against imprisonment for debt. Besides, debt collection is not a criminal matter but a civil law matter.
When you want to get rid of outstanding loans with high APRs
When you want to prevent payday lenders from directly debiting money from your account
When you are already in a payday loan cycle
In the payday loan consolidation program, the amount of money that you will pay every month depends on several factors. These include
A financial counselor explains how you can consolidate your unsecured debts and the policies involved
The adviser collects important information required in the program. This includes your name, addresses, names of your lenders, dates on which you applied for the loans, mode of payment, the amount you have already paid and the outstanding amounts.
The adviser analyzes your debts and checks if all the outstanding loans are legal in your state.
If these loans are legal, the adviser will determine the total interest that you have to pay on the loans
The payday loan company negotiates with your lenders to decide whether or not they can lower the rates
You can qualify for a payday loan consolidation program if you have a bad credit score. But there are fewer chances that you will qualify for a debt consolidation loan with flexible terms and conditions.
Owing a payday loan lender can be a distressing experience. You may, at times, feel that you are all alone in this struggle. Worst still, you may also feel trapped to have applied for the loan in the first place.
You will always feel like there is nobody out there who understands your situation.
What you need to know is that payday loan help is available, and resources are there to help find your way out.
When you are trapped in loans, know that you are not alone. Many people have had to deal with dozens of calls from debt collectors. Some even sell off their assists to clear the debts. But it doesn’t have to go to this extent. Act before it is too late. Contact a payday loan consolidation company today and get your financial freedom back!
As a consumer trapped in a debt cycle, you can get payday loan relief in two different ways
This is actually the best choice you can go for since the payday loan consolidation company offers a flexible monthly payment plan. You don’t have to worry about paying multiple debts at once or putting your assets at risk
With this option, you may have to give an asset as collateral for the loan (for secured consolidation loans). Even if you go for unsecured consolidation loans, you may have to deal with extremely high interest rates.
What are the requirements for payday loan consolidation?
To qualify for a debt consolidation program;
You must be above the age of 18
You must have an active bank or checking account
You must provide the latest paystub from your employer
You must have an active phone number
You must have an active email address
Some companies have a min debt of $5000 to make it worthwhile for them to take you on as a customer
Unsecured loans for bad credit can be a good alternative to consolidate your payday loans. The rates and fees may vary depending on the lender, among other factors. But these loans can still be expensive.
Maintain a good credit score.
Most payday loan consolidation companies accept customers with good credit scores. If you have poor credit, you can still qualify for the program. The best part about it is that the program can help rebuild your credit history.
Stick to your budget
Payday loan debt consolidation programs require customers to fund a separate account to fix your financial situation. Funds from this account are used to pay off your payday loans as well as credit card debts. It is therefore important to ensure that you stick to your budget in order to clear these debts.
Applying for a new payday loan or credit card debts to consolidate your loans can have a negative impact on your credit score. The reason behind this is that the lender will first have to conduct a hard inquiry to decide whether you qualify for the funds or not.
Once you enroll to the program, we will contact all your lenders, informing them to stop debiting money from your bank account. We will then analyst your debts to ensure that the amount you owe is accurate and get settlement offers in the first month. The time it takes for you to be debt-free may vary depending on the debt, your income, how many lenders are willing to comply, among other factors.
The payday loan consolidation program can take anywhere from 4 to 7 months. Your debt amount and the monthly payments you agree to make on a monthly basis will greatly determine the time.
As soon as now!
Simply fill out an application form or give us a call at (xxx). We will connect you with financial experts who can help convert your payday loans into one single and manageable monthly payment.
The cost of the program depends on your situation. The fee charged depends on the number and size of payday loans. However, the fee is not charged upfront. All the costs are distributed across the program. Our professionals will always ensure that you can afford the program. Our main aim is to help you get out of debt as soon as possible.
You can cancel the program at any time you wish and get your refund back. You will then be the one to deal with your lenders concerning the loan repayments.
Fill out a payday loan consolidation form today!
Say no to your debts right now.
We are willing to help you get your finances in order again. Our debt consolidation program will completely turn your life around. All you need to do is full out the form and let’s start this productive journey together.
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