Payday Loan Consolidation | Payday Loan Help
Payday loans consolidation it is good method for your financial rise. If you are working and receiving a monthly paycheck, you may get it all spent by the middle of the month.
With the previous month’s pay is almost exhausted and the month-end payday just seems so far away and should emergencies requiring unexpected expenses strike, you may need to take out a payday loan. A payday loan is a loan which you have to repay by the time you get your next paycheck.
Payday consolidation is a kind of loan that allows you to clear all the payday loans that you may have. We all know payday loans could be quite expensive to pay back. So payday consolidation loans act as a lifeline for someone who is about to get drowned by what is known as a payday loan relief. Read on to find out more about it.
How does payday loan consolidation work?
Ate 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 you are paying.
We can offer you free counseling to overcome your pressing 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 it is imperative you act now.
When should you get payday loan debt relief?
- When you want are paying large interest on multiple payday loans
- When you want to keep your monthly income from creditors
- When you are in deep trouble with payday lenders and their collection agencies
Payday loan debt settlement pros and cons
Pros of payday loan consolidation
- No money up front
- Reduction in high-interest rates
- Waiving late and add on fees
- Income will not be deducted at source
- Merge debts into one easy payment
- Less debt calls & chances of court action
Cons of payday loan consolidation
- 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
More also on this nolo article.
Why payday consolidation programs are the way to deal with payday debt
There are a couple ways to deal with your loans:
Debt consolidation program
This payday loan debt settlement 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 Payday Champion give you great service?
- The financial adviser will outline the plan and speak to your creditors
- The financial adviser will make it clear how to proceed after negotiation with the lenders
- The financial adviser all details pertinent to your loans. This will be who, where, why and how much
- The financial adviser will check if the lender are legitimate to try and get you off on a technicality
- The financial adviser will tell you clearly the interest you will pay in the future
- The financial adviser will see if the personal loans are legal and if not you will only need to pay back the original amount with no interest
What is a payday loan cycle
You may decide to 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.
Payday loan consolidation will drastically reduce your interest rate paid
You will realize that the annual percentage rate (APR) of the payday loan 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.
Looking at this situation, you may need to get 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 huge interest rates typical of payday loans. Getting out of payday debt is just pretty hard unless you get help.
How consolidation can help you
A payday loan consolidation is what people call a financial lifeline. Taking a consolidate payday loan makes you breathe easier. Basically, it’s all about breaking this vicious cycle. A consolidation loan lets you combine all your outstanding payday debts into one. We are here as a debt consolidation company to help you with your payday loan debt consolidation.
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 worrying that things will get out of hand. Use a debt calculator to work it out.
Alternatives to payday loan consolidation:
Taking up a payday loan consolidation give you a couple of choices to choose from. Okay, let’s face it, the most probable reason you went to a payday lender is because 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 that you have at this point is hoping you can qualify for a high-risk secure loan with a different lender. In this case, you could use the valuable items you have as collateral in order to access the loan.
This will get you the money that you need to allow you to clear up the numerous payday loans that 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. This, like the previously discussed loan will let you sort out the sticky situation that you are currently sitting in, and thus giving you breathing space for you to relax, work and repay this loan slowly without worries of having lenders coming after your hard earned cash.
Paying up your current debt with a consolidation loan
Consolidation loans let you get your freedom back and let you get your finances back in order. The major advantage here lies on the interest accumulations. Looking at the payday loans, they have an interest rate of about 25%, translating to an APR of about 300%. The consolidation loan has way lower loan interest rates.
The other advantage with a consolidated payday loan is that you can repay in monthly installments without having to cough up a single big amount at once. This gives you more breathing space and reduces stress.
Future implications
You probably have destroyed your credit score. when you applied and received payday loans. However, this is not always the case. This is because most lenders will not make their way to the credit bureau to report your financial situation.
Thus your credit score stays secure. Consolidate payday loans allow you to manage your finances and let you pay lower rates for the same debt you had. It has a number of advantages and very few disadvantages. That is what makes consolidation loans attractive.
Consolidate your payday loans now!
Though debt consolidation loans also cost you money, but compared to the payday loan situation you are escaping from, it’s quite a small price to pay.
