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Pay Off Payday Loans with Debt Consolidation
Are you unable to pay off your payday loans and are now in debt? Continuous piling of payday loan repayments can stay with you and turn into debt cycles, and then you’ll have no option but to fill out bankruptcy. There is one more solution to it as well. Consider consolidating the payday loans, and with a bit of help from a payday loan consolidation for bad credit, you can pay off the payday loans and get back on track to manage your finances simultaneously.
When you choose to approach payday loan companies that are genuine to offer help, you do better each day. Direct Lenders help you with lower payment plans so you can waive the additional fees and charges from your current payday loan lenders. Ours is a company like that; we provide counseling on payday loan debt settlement and work with you closely to give you a payment plan that is feasible for you. With us, you can have these advantages to pay off payday loans with debt consolidation quickly:
- We assist in getting rid of High APR loans.
- We save salary money from payday lenders.
- We help you escape the financial crisis caused by payday loan debts.
How does Payday Loan Debt Consolidation work?
The purpose of a debt consolidation loan is to repay a payday loan with a higher interest rate with a lower interest rate. With a debt consolidation, you pay back the amount over time. As the interest rate on a debt consolidation loan is much lower, you pay it off over a longer period. This makes the monthly payments more manageable because the period is usually 12 to 84 months rather than within two weeks.
I default on my Payday Loan. What should I do?
You did not pay back your payday loan in time. You are missing the timely payments, and now the lender is after you. One thing you should be aware of is no lender can send you to jail for loan default. The worst that can happen is that the lender will file your name and label you as a loan default in the state regulatory agency. There are high chances of you being labeled as a high-risk borrower, preventing you from accessing loans in the future. As a result, lenders will look at you as a loan defaulter before giving you any loan; they might reject your loan application, too.
Alternative to Payday Loan Debt Consolidation
If payday loan debt consolidation is not the right solution, you can consider alternative solutions.
Extend the repayment period
Sometimes, payday loan lenders can extend your repayment period past your next paycheck, making your payments more easy. Also, you won’t be charged additional fees.
Enter a debt management plan
With a debt management plan, you can work with a credit counselor to bargain with creditors for more reasonable loan terms. Upon signing a credit agreement, you pay a monthly amount to the credit organization, which then pays your creditors.
Make sure you work with a reputable credit counseling agency before enrolling in a plan. Enrolling in this program won’t directly affect your credit rating, but you’ll likely have to close any account included in the plan.
Taking out a debt consolidation loan may be cheaper than paying a monthly fee to credit counseling agencies.
Guide before getting Payday Loan Consolidation
Do you want to avail debt consolidation solutions from online lenders? Before doing so, we suggest you have a look at the following things a payday loan consolidation online lender should have:
- A valid address
- Good customer reviews
- The fee structure should be affordable
- Payday loan consolidation must comply with state laws
Before giving out a payday loan debt solution, we ask you to submit the following eligibility requirements:
- Address proof
- Valid contact information
- Age proof (18 or above)
- Proof of regular income (paystubs)
- Citizenship verification (US residents/permanent residency)
Consolidate your debts by paying off high-interest debts to save your hard-earned money with us.