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Tag Archive: payday loans

  1. Consolidation Loans

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    If you are a regular costumer of banks and financial companies for loans (both secured and unsecured), if you have too many credit cards with growing balances and you are a frequent user of payday loans, it is highly likely that you may need credit management. Applying for consolidation loan could be a way to achieve that management.

    How consolidation loans work?

     Debt consolidation is often sought as a relief for bad financial caused by multiple loans

    Debt consolidation is often sought as a relief for bad financial caused by multiple loans

    Consolidation loans provide an option to get on top of your own finances and get rid of multiple liabilities running at the same time. The consolidation loan is not a new product, it is rediscovered in recent times by people having many outstanding debts. Debt consolidation is often sought as a relief for bad financial caused by multiple loans, high interest rates, different repayment conditions and all of those against one income.

    How to apply?

    Consolidation loans are usually easy to apply for. Some banks and other financial organizations offer certain relief programs if you are looking for a loan from them to cover your existing debts. For a start, it is best for you to put your obligations in order, meaning you should have an honest look at what you owe and under what terms and conditions.

    You should make a list of all your due payments on monthly basis, your interest rate for every credit product you use, full amount for repayment, the discounts for early pay off. You would now exactly know the amount of your new desired loan should be. Presenting accurate information on your liabilities would only help your new potential lender to prepare the most suitable offer for you.

    Your new terms and conditions matter

    Your new terms and conditions matter

    Your new terms and conditions matter

    The purpose of debt consolidation is to combine all the installments under all your credit into one monthly installment, now payable to your new lender. Rates often depend on your credit background check and you would be usually offered a longer period for repayment. You should be searching the best possible rates tailored to your specific situation.

    You should note that the cost for your lower monthly payment and longer payment plan (sometimes up to 5 years) is the increase of the overall period for you to be become a debt-free person. Moreover, the total cost you would be paying at the end would be a larger sum that you might have expected. Charges and fees that apply for this financial product should be also evaluated in advance to get a clear perspective as to what your new debt would look like.

    Consolidation loans options

    There are different options for consolidation, depending on what kinds of debts you intend to combine in one. If your liabilities consist of the usual credit cards, short term loans, payday loans, car loans and bad credit installment loans, you may qualify for the standard debt consolidation loans. Depending on the lender, conditions may vary, but one thing is a constant – the worse your credit score is (considering you have more bad credit installment loans or payday loans), the higher your interest rate would be and you are likely to be offered a longer period for the consolidation loan.

    Consolidation loans options

    Consolidation loans options

    If you have more than one student loan taken to finance your education, you may easily qualify for a direct consolidation loan. This is a different type of debt consolidation. This is a special debt consolidation loan designed to combine two or more federal education loans into one.

    This would allow the payment of one repayment installment per month. The debtor is released from charges and fees for application and utilization of the direct consolidation loan. It is important to note that private education debts are not considered eligible for direct consolidation. It is only intended to serve federal education loans.

    Before turning your student loans into one new loan, you should be aware that any benefits available under your old arrangements (discounts, rebates, special options) would be lost.

    Carefully review all the advantages and the disadvantages of consolidation. Because any sort of consolidation of your debts is just that – new structure, new term and new rates may apply, but it is still a debt.

    Banks are more reluctant to provide special conditions for consolidation loans but some financial unions developed special products to meet the needs of clients in greater debt. Direct consolidation loans are structured in a more favorable way than the simple ones.

    A serious commitment

    Consolidation loans represent a serious commitment. If your credit score is already poor or your income is uncertain and you have no collateral, consolidating your debts may only be a temporary rescue. That may turn into a threat, considering the sum you would have to repay would be more. It is advisable to revise your expenses and receivables, prioritize your liabilities and decide which obligations you need to address first.

    You should also have in mind that if your credit record is compromised, your options may be limited and you may find yourself offered not so preferable conditions. You should explore the possibilities with your new lender for re-negotiation of the consolidation debt, what prolong terms could be offered or what are the discounts should you repay in full prematurely.

  2. Debt Consolidation

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    The current economy forces people to rely on loans more and more these days. It is common for a person to have more than one debt. Multiple loans bring complications. Unexpected medical expenses, home emergencies and tuition payments would make you add more credit to your personal account and your finances could be seriously shaken by repaying all of them. Different loans from different lenders usually may result in paying numerous installments per week or month, where the ones taken due to urgency are known to be most expensive in view of interest rate.

    Debt Consolidation as a solution to multiple payments

    Debt Consolidation as a solution to multiple payments

    Debt Consolidation as a solution to multiple payments

    Debt consolidation could be a solution. Basically, debt consolidation means that you take out a new loan but the purpose of it is to repay all your other existing loans. It combines your current debts and the sum of that loan covers what you owe, where after that you should pay off only your last lender. The process of combining aims at receiving better terms, such as lower interest rate and, of course, having one debtor instead of several ones. The one single payment installment per period could ease up your situation significantly. Still, a couple of things should be carefully considered before seeking debt consolidation.

    You should keep in mind that debt consolidation target is to release the stress of multiple creditors and installments. Also, it is designed to help you manage your personal credit score, decrease your monthly expenses and increase your cashflow.

    How to decide if you need debt consolidation?

    A couple of steps may help you decide whether you should seek debt consolidation. They would shed some light on your finances and once you have a clear view of how much you are paying at the moment, you would be able to consider consolidation.

    How to decide if you need debt consolidation?

    How to decide if you need debt consolidation?

    First, it is recommended to make a list of all your outstanding debts. Include everything – credit cards, payday loans, car loans, mortgage. Be sure to write down the interest rate of each loan, the maturity date payment due date, as well as the total amount you should be paying in return. Then review them and separate the unsecured ones. Typically, they would be the credit cards debts, payday loans and any other small consumer loans. Mortgage is a secured payment. Calculate what you must pay for a month for these debts and deduct it from your net income. If the sum is too overwhelming for your pocket, perhaps debt consolidation would work for you.

    You may decide to leave the affordable payments out of the picture and that would be fine. The most expensive and unsecured ones are the first ones you should look to consolidate. If your credit score allows you to, you may apply with a bank for a loan to cover all your debts. As payday loans are known to have higher interest rates, they would be a good starting point.

    Explore your options

    Explore your options

    Explore your options

    Once you decide to pursue debt consolidation, you should explore as many options as possible. Banks and financial organization may differ in their offers but your prime target should be to find the best interest rate to pay for that single installment. Another thing to be cautious about is the term of that new loan. A longer term of repayment means smaller amounts to pay on a monthly basis but in the long run, you would be paying a lot more to repay that debt.

    What you should keep in mind

    Debt consolidation is not a miraculous option to erase or decrease your debts. It is a financial instrument to help you better manage your credit and put your finances back in order. If you have too many payday loans and credit cards that may be a bit harder than expected. It is usually a signal to the lender you are not very reliable debtor and you may not be able to cope with your new payment. So, if you are already stretching your income and barely making the minimum payments on time, this new loan you are applying for should be tailored in a way to provide you relief rather than become an  unaffordable burden.

    Costs and procedure

    Costs and procedure

    Costs and procedure

    Consolidation loans may be costly too. You should be informed of how much you should spare to afford that new loan, what are the applicable fees of your new lender, are there any benefits for early repayment, are there other options in cases of emergency.  

    The documents you should prepare are the typical ones for all kinds of loans. Only this time you may be required to provide your own information for your credit cards bills, payday loan agreements and payment plans and others at the discretion of your potential new creditor. The information will be verified and your credit score will be checked.

    Debt consolidation purpose

    Remember that when undertaking steps to obtain a consolidation loan, your goal is to reduce your monthly (or periodical) payments, get less expensive interest rate and to be able to repay the debt consolidation in the foreseeable future without ending up broke. Debt consolidation may be the wise thing to do to help yourself but it has the potential to evolve into a bad situation. A financial consultant may assist you and properly plan for debt consolidation.

Testimonials

"Thanks and I have enjoyed my association with you and your company. I would have never been able to do this on my own. Again, thanks for your help." Sandy P.

"My first student loan payment out of many loans was coming up and it was going to put a huge dent in my pocket. But luckily for me I found Apple Debt Care; they really helped me consolidate all my loans and now I only have to make one low payment that I can actually afford." - Eddy A.

"Thank you so much, I appreciate working with you and AppleDebtCare; You have already helped me so much and are continuing to help me get back on my feet and to manage my debt better." Demetrice M.