Payday Loan Consolidation Help With Multiple Loans & Debts
Payday loanS consolidation through PaydayChampion is one of the best debt relief programs for those trapped in debt. If you are working and receiving a monthly paycheck, you may likely get it all spent by the middle of the month.
Payday consolidation from PaydayChampion is a kind of loan that allows you to clear all the payday loans that you may have. You will then have enough time to clear the debt consolidation loan.
We all know payday loan debt could be pretty expensive to pay back. So payday consolidation loans act as a lifeline for someone who is about to get drowned by offering what is known as payday loan relief. In most cases, debt consolidation loans also have a lower interest rate.
Main Points
- Pay a lot of interest on a number of payday loans Keep your monthly income away from creditors who want you to pay the debt. Pay off all of your debts.
- Get help from a payday loan with one payment per month.
- The next option is to get a personal loan with a high interest rate and a lot of risk.
- When you use a debt management company, you will still have to ask the creditor for a loan.
- Now is the time to combine your payday loans.
- You will also have to pay money for debt consolidation loans.
How does PaydayChampion’s payday loan consolidation work?
Do you have issues with multiple payday loans from online and retail lenders? If you are, then you need to act fast. We can offer you a consolidation loan program that can drastically decrease the interest, fees, and additional charges.
We can offer you free counselling on debt to overcome your critical situation and put you on a repayment plan that will get you debt-free. Paying payday loan interest is no fun when it mounts up, so you must act now.
When should you get payday loan consolidation from PaydayChampion?
- Pay considerable interest on multiple payday loans
- Keep your monthly income from creditors who want you to pay the debt
- Pay all your outstanding debts
What are the pros of PaydayChampion’s payday loan consolidation?
- No paying money upfront
- Reduction in high-interest rates
- Waiving late and adding on fees
- Income will not be deducted from the source
- Merge debts into one easy payment
- Fewer debt calls & chances of court action
What are the cons of PaydayChampion’s payday loan consolidation?
- I will not be able to take out more payday loans.
- You will have to follow the plan of your consolidation company
- Your assets can be at risk
- The payment plan can be many months
Why are payday consolidation programs the way to deal with payday debt?
There are a couple of ways to deal with your loans:
Debt consolidation program
This payday loan debt consolidation plan is a great way to pay down debt as you get a monthly payment plan suited to your needs. You only deal with one lender instead of all your creditors.
Debt consolidation loan
A loan can risk your collateral. You will need to assure the lender you have an asset they can collect on in case of default. You can get unsecured loans, but you will be back at the beginning again, paying high-interest rates.
How can PaydayChampion give you excellent service?
Here is how PaydayChampion can help you:
- Outline the plan and speak to your creditors
- Make it clear how to proceed after negotiation with the lenders
- Details pertinent to your loans. This will be who, where, why, and how much
- Check if the lender is legitimate to try and get you off on a technicality
- Tell you the interest you will pay in the future
- See if the personal loans are legal and if not, you will only need to pay back the original amount with no interest
Why go for PaydayChampion’s payday loan consolidation?
If you need help with your payday debt, a consolidation loan can help you put your finances back in order. Here are the main reasons to consolidate your payday debt;
Lower fees
Most personal loans attract an origination fee. This fee is usually between 1 and 5% of the principal loan amount. But it is possible to find a personal loan for debt consolidation without upfront charges.
Flexible loan repayment terms
With debt consolidation loans, the repayment term can be up to 84 months. On the other hand, payday loans have a period of 2 to 4 weeks.
Predictable payment plan
Payday loans for debt consolidation only have one monthly payment until the loan term ends. So long as the interest rate is fixed, you can keep paying the same monthly amount.
No credit check is required.
As much as this appears to be a downside for debt consolidation loans, it isn’t. Debt consolidation lenders only offer loans to borrowers who can afford loan repayments. They will check your credit report as well as your level of income.
Note that you can still qualify for a payday loan for debt consolidation, even with a bad credit score. Payday loan lenders like PaydayChampion don’t check your credit score. This means they can offer the loan to anyone whether they can afford payments.
No rollovers
The contract is over as soon as you pay the debt. The lender closes your loan account immediately. So if you need extra short-term cash, you must apply for a new loan.
What is a payday loan cycle?
You may take out one payday loan to relieve a tight financial situation. Then another emergency hits, forcing you to take out a second payday loan. Now you have two payday loans to pay up with your next paycheck. Payday loans are designed to have very high-interest rates.
Will PaydayChampion’s payday loan consolidation drastically reduce your interest rate paid?
The payday loan’s annual percentage rate (APR) is between 300%-400%, making it the highest in the market. The worse thing is most payday loans are supposed to be paid within 30 days, meaning you need to repay a large sum of money all at once.
In this situation, you may need another payday loan to facilitate the monthly payment of the previous payday loans. Month after month, it’s a debt cycle you are trapped in.
This situation plunges you into more debt. This is mainly because of the enormous interest rates typical of payday loans.
Being debt free is just pretty hard unless you get help.
Get payday loan help with one monthly payment.
This means you now only have just one consolidation loan instead of multiple payday loans to deal with. Furthermore, a consolidation loan has a lower interest rate, allowing you to relax and not worry that things will get out of hand. You can use a debt calculator to determine how much it will cost when you go for debt consolidation.
What are the alternatives to payday loan consolidation?
Taking up a payday loan consolidation gives you a couple of choices to choose from. Okay, let’s face it, the most probable reason you went to a payday lender is that you have bad credit, and thus you cannot get the low-interest traditional loans.
You can secure your payday loans with your collateral
The only alternatives you have at this point are hoping you can qualify for a high-risk secure loan with a different lender. In this case, you could use your valuable items as collateral to access the loan.
This will get you the money you need to clear up the numerous payday loans you may have and, in turn, be left with this particular loan to pay as time goes by.
Personal loans are an option for payday loan consolidation
The next alternative is taking up a high-risk, secured personal loan. Like the previously discussed loan, this will let you sort out the sticky situation you are currently sitting in. It gives you breathing space to relax, work and repay this loan slowly without worrying about lenders coming after your hard-earned cash.
How Do I Consolidate Payday Loans Through PaydayChampion?
The first step is to find out what loan consolidation options there are. Some companies offer a single loan payment option, while others allow you to choose from several different repayment plans. You’ll also want to look into whether or not you qualify for any loan forgiveness program.
The second step is to determine which options would work best for you. For example, some companies offer flexible repayment programs where you can spread the cost of your loan over multiple months, while others offer fixed monthly payments. It’s important to note that you won’t save any money even though you may have a lower total amount due when using a flexible plan. This is because you’re essentially borrowing the same amount every month.
Once you’ve decided on an option, you’ll need to complete the application process. Most companies will ask you for basic personal information such as your name, address, phone number, email address, employment status, income level, and so forth. Depending on the company, you may also need to submit copies of your previous tax returns, proof of identity, and proof of employment.
Once you’ve submitted everything, you’ll likely get a response from the company within 24 hours. In most cases, you’ll either hear back about whether or not you were approved for a loan or asked to come back later. If you’re approved, you’ll usually get a letter detailing the specifics of your new loan agreement.
You’ll probably also be given a date when you’ll need to make your first payment. Remember that you’ll need enough time to pay off your entire loan before that deadline arrives. So don’t wait too long!
What Is the Best Way to Pursue Payday Loan Consolidation?
There are two ways to pursue payday loan consolidation:
- Go directly to the lender.
- Use a debt management firm.
Going Directly to the Lender
If you decide to go directly to the lender, you’ll typically have to fill out a lengthy application. Once you do this, you’ll often be required to send them a copy of your paycheck stubs or bank account statements.
If you decide to go this route, you’ll need to call the lender and tell them that you want to consolidate your debts. They’ll then give you instructions on how to proceed.
Using a Debt Management Firm
A debt management firm will help you negotiate with creditors on your behalf. When you use a debt management firm, you’ll still need to apply for a loan directly from the creditor. But once you’ve been approved, the debt management firm will handle the rest.
They’ll review your credit report and financial situation to see if they feel confident in their ability to negotiate a better deal.
They’ll then contact each of your creditors and try to negotiate a better interest rate or lower minimum payment amounts.
What Are the Types Of Debt Consolidation Loans?
The three main types of loans available for consolidating your debts include installment loans, home equity lines of credit (HELOC), and revolving lines of credit (RLOC). Each has its benefits and drawbacks.
Installment Loans
An installment loan is similar to a traditional mortgage. You borrow a certain amount at a set interest rate and pay it back over a specified period.
This type of loan works well for people who want to pay off their debts quickly. However, because these loans require monthly payments, they can be expensive.
Home Equity Lines of Credit (HELOC)
A HELOC allows you to take advantage of the equity built up in your house by borrowing against it. The amount you can borrow depends on the value of your property.
Typically, you won’t have to put down any collateral. This means you don’t risk losing your house if you default on your loan.
However, there are some downsides to using a HELOC. For example, you may only be able to borrow what’s left after paying off other debts. And since you’re borrowing against your home, you could spend more than you originally borrowed.
Revolving Line of Credit (RLOC)
An RLOC differs from a HELOC because you don’t have to repay any borrowed money. Instead, you draw as much as you need until you reach your goal.
You can use an RLOC for anything from paying bills to buying furniture. It’s essential to keep in mind, though, that you should never spend more than you plan to earn. Otherwise, you could find yourself in serious trouble.
What are the future implications of debt consolidation through PaydayChampion?
You probably destroyed your credit score when you applied for and received payday loans. However, this is not always the case. Most lenders will not make their way to the credit bureau to report your financial situation.
Thus your credit score stays secure. Consolidating payday loan debt allow you to manage your finances and let you pay lower rates for the same obligation you had.
It has several advantages and very few disadvantages. That is what makes consolidation loans attractive.
Consolidate your payday loans now!
Debt consolidation loans will also cost you money. But compared to the payday loan situation you are escaping from, it’s a small price. As we said, the benefits of payday loan consolidation outweigh the downsides.
Aubrey Saffa Bender has been a freelance journalist and journalist since 2013. She writes about topics that range from personal finances and education to technology and business. In her work for PaydayChampion, Aubrey primarily draws from her writing experiences regarding mortgages, home purchases, and real estate. She graduated with a B.A. with a major in English at The University of Colorado Boulder.