| |
| |
|
|
|
|
|
|
|
•
|
Research payday cash advance lenders in your area
|
|
•
|
Instant approval low interest payday loan
|
|
•
|
Easy access to emergency cash
|
|
•
|
Calculate rates with our payday loan calculator
|
|
•
|
Explore faxless (no fax), no teletrack and military payday loan options
|
|
•
|
No credit check necessary for approval
|
|
|
| |
|
|
|
|
|
|
|
| |
How Payday Loan Consolidation Can Reduce Your Debt
|
By: Javi Calderon
The Benefits of Payday Loan Consolidation
While payday loans can certainly be used as a viable method for getting out of debt, or an unexpected financial bind, most people unfortunately get into a cycle of living pay check to pay check, and payday loan extensions. Using these loans as an occasional resource is perfectly fine, but as a permanent solution the high interest rates turn can turn into a nightmare. Irresponsible payday loan lenders, and uninformed consumers, have led states like Arizona to ban payday advance loans.
The best tactic for staying out of trouble is simple fiscal responsibility: pay the loan on time and live within your means. However, for those people who still find themselves being crushed by a mountain of debt and payday loans, consolidating these loans into one loan with a smaller interest rate might give you the chance of breaking the cycle and getting back into the green.
How to Consolidate Your Payday Loans
The benefit of a consolidated loan is the lowered interest rate. This will allow you to slowly pay the loan off over a longer period of time. Follow these five easy steps to securing a debt or pay day loan consolidation and becoming debt free:
1) Calculate the amount of debt you still owe on payday loans and other outstanding bills.
2) There are many companies available who offer debt consolidation loans. Before you sign on the dotted line, do your research. Investigate several of these options, read the fine print, make sure they are a safe, viable and trusted company. Many companies offer a free debt counseling session where an experienced debt counselor can advise you on the best option for your specific financial situation. The counselor will advise you whether a consolidated loan or a loan settlement is the better option for you. Just because you speak to the counselor doesn’t mean you have to sign with that company. Again, read the fine print and the stipulations and make sure that you find the plan and the program that makes the most sense for you.
3) The point of using a debt consolidation company is that they are knowledgeable in finance and on equal footing with the payday loan company. Instead of a single, lowly client going against an entire company, they are equally knowledgeable and have the resources to negotiate the terms of your loan. The payday loan lender will be open to negotiations. After all, getting most of their money back is more advantageous to them than getting none of their money back.
4) Obviously make sure that the new loan and reduced interest is an amount that you can feasibly and comfortably pay off. If you are a homeowner, you can take out a loan against your home using the equity already invested in it. This might be a wise option due to the low interest rate involved with a home loan.
5) Once you have decided which company and which loan is best for you, and you’ve signed the contract, make sure to make the payments on time so you can avoid charges, rebuild your credit, and move towards being debt free.
|
|
|
| |
|
|
|
