Posts Tagged ‘bad credit payday debt consolidation loans’

How To Compare Payday Debt Consolidation Loans With Bad Credit?

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Debt consolidation is a beautiful concept that can help you in getting out of the nasty payday debts even if you have a poor credit score, but it is very important for you to keep in mi

nd that not all companies are trustworthy out there. It is true that there are many reputable companies that offer very helpful services for payday debt consolidation loans with bad credit, but at the same time, there are many other companies also that claim to assist their customers through debt relief programs, but in reality, they are almost criminal enterprises with the only objective to make money by targeting those consumers who are undereducated and trapped in vulnerable financial

situation. Those who unfortunately become victims of debt consolidation scams often end up getting trapped into a web of even larger debts than the actual debt they were initially dealing with. Therefore, it is very important for you to know how to compare various consolidation offers and choose the one that is safe and affordable for you.

Check Their Affiliations With Business Associations

When it comes to comparing payday debt consolidation loans with bad credit, the first thing you have to do is to check the legitimacy of the companies that are offering those programs. A safe way is to contact a non-profit credit counselor certified by NFCC (National Foundation For Credit Counseling). A reputed and experienced counselor will study your finances and then guide you on how to best proceed. Ask them whether debt consolidation is the best choice for you or there is a better alternative available out there. You can even ask them to recommend some reputable and legitimate debt consolidation companies with great success record.

Compare The Cost Of Service

Once you shortlist some good companies, you can then look into the various types of plans they are offering. Since you are looking out for a way to reduce your debt burden, you obviously do not want any additional financial headache, especially when you already have a bad credit score. Therefore, while you are comparing various payday debt consolidation loans with bad credit, you must first compare the cost of the service. It means you should compare the rates and other fees that will be applicable under different plans. The best programs are obviously the ones that are charging you less and are still helping you pay off your existing debts much faster in an affordable manner. Avoid all those plans where you are required to pay a hefty amount of fee in advance.

Compare The Repayment Terms And Conditions

Another important area of comparison is the section of the agreement that includes the specific terms and conditions regarding the repayment of the consolidation loan. In general, these types of programs allow you to pay a lower (as compared to payday loans) single consolidated amount of money every month over certain number of months or years. Look out for those plans that allow you to get rid of your debt responsibilities in a much shorter time period while requiring you to make very low monthly payments.

Unsecured Vs Secured

Since you have bad credit, it will be very difficult for you to find payday debt consolidation loans without collateral. But, it is still something not completely impossible. Many subprime debt consolidation companies may still offer you plans where no collaterals are required. You must compare the pros and cons of both the options thoroughly. In general, you should go for the secured plans only if you are fully confident that you will not make further defaults.

Last, but not the least, you must also look for hidden clauses in the agreement. If certain sections or terms in the agreement are not very clear to you, ask for clarification in writing.


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