Posts Tagged ‘Can I consolidate pay day loans’

Can I Consolidate Pay Day Loans Without Hiring Any Agency?

Can I consolidate pay day loans? – This is one of the most common questions that often run into the heads of those consumers who are trapped into a vicious cycles of payday debts. The answer is yes and the good news is that you do not always need to hire any professional consolidator to do this. If you are well aware of the procedure and have good negotiation skills, you can definitely consolidate the debts on your own. One of the main reasons why many consumers do not like the idea of hiring a company for this purpose is that they often charge a hefty amount of money, which eventually increases their financial burden in the long run. Besides that, many of them are unscrupulous ones. But, it does not mean that there are no legitimate, reputable debt consolidation companies out there; there definitely are. But, it is often very difficult to pick them out. The process entails a lot of planning and in-depth research. Following is a brief rundown on how you can consolidate your multiple high-rate payday cash advances into a single debt account that is not just easy to manage but is also quite affordable.

Put Your Home Equity At Work

If you are a homeowner and are pondering over the question – can I consolidate pay day loans, the answer is probably hidden in your home only. If you have a decent amount of equity in your home, you can consider putting that equity on work, which means borrowing a very low-rate home equity loan. The objective here is to use the money thus borrowed to pay off the existing payday loans. You can make the situation much more comfortable for you by first negotiating a debt settlement deal you’re your lenders. Tell them that your financial situation is very poor and you are unable to pay off the debts on the current terms and conditions. Tell them that you are considering borrowing a home equity loan just to pay off the debts, but you are going to do this only if the lenders consider waiving off the penalty charges and reducing the overall debt balances to a little lower amount. If such negotiations work in your favor, you will be required to borrow a much lower amount of home equity loan.

Get An Unsecured Personal Loan

Can I consolidate pay day loans without putting my home at risk? The above mentioned debt relief solution may generate this question in your mind. After all, when you take a home equity loan, you actually put your home at risk. If, due to any reason, you fail to make the repayment on that loan in a timely manner, you may end up losing your home in foreclosure. Therefore, you are recommended to use that option only if you are 100% confident that you can repay the loan without making any default. If you are not sure about that, a good alternative is to take an unsecured personal loan. Though the rate of interest charged on a personal loan is often a little higher than the rate charged on a home equity loan, the rate is still significantly much lower as compared to the rate you are being charged on pay day loans. This option again does not require you to hire any agency. But, here again, you are advised to first do some negotiations with your lenders regarding debt settlement.

Both the options allow you to convert your multiple payday loan debts into a single loan account, which you can repay in very small monthly installments over a certain period of time. So, the answer to the question – “Can I consolidate pay day loans without hiring an agency?” – is a big YES. You just have to look out for the solution in the right direction while making your strong determination and financial discipline busy at work.

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