Posts Tagged ‘how to consolidate payday loans in Las Vegas’

Is It Possible To Consolidate Payday Loans In Las Vegas?

You are not the only one who is looking out for the best option to consolidate payday loans in Las Vegas. The good news is that the laws in the state of Nevada, where Las Vegas is located, is on the side of the borrowers. As per the Nevada payday loan laws, it is mandatory for the lenders to allow debtors who are otherwise having difficulty in paying off the loans to pay in small easy monthly installments as part of an affordable repayment plan. However, this legal provision may work fine for just one loan account, but when it comes to paying off multiple payday debts, debt consolidation is probably the best option because otherwise things can be too complex for you to manage. Your knowledge about the laws applicable in Las Vegas regarding payday loans is very important. The more you know about your rights and the kind of options available out there, the better you will be able to handle the situation in your favor. Following is a brief rundown on how to go about it.

Check Your Credit

If you are planning to consolidate payday loans in Las Vegas, the first thing you have to do is to check your credit reports. Payday debts are usually not reported to major credit bureaus. If you are lucky to have a good credit score, it can make things much smoother for you, as you can then easily qualify for the best and most affordable payday loan debt consolidation program. Make sure that everything has been correctly and completely recorded in your credit reports. If you find some errors, get those errors rectified first by filing a dispute with the relevant credit bureau. You must also have a clear idea about your FICO score, which is usually a 3-digit number between 300 and 850. If your FICO score is below 600, it is poor; if it is 700 and above, it is excellent; and if it is somewhere between 600 and 700, it is average (good, if not excellent).

Read All Loan Contracts Once Again

You probably have already read it once at the time of signing these contracts, but now that you are going to consolidate payday loans in Las Vegas, you should again read the terms and conditions in the contracts thoroughly. It will help you get a better understanding about the kind of options you can try. Make sure that nothing in the contracts goes against the laws. For example, as per Las Vegas payday loan laws, the repayment period on short-term cash advances must not be longer than sixty days. If you fail to make the repayment on the set maturity date, the lender cannot charge more than 10% plus the prime rate charged by the largest bank in Nevada as interest for the extended period of time. Besides that, the aggregate total outstanding balance on payday loans to a single person must not be more than 25% of his/her gross monthly income. If you find out that some of the laws have been violated your creditors, you should first file a complaint with the Nevada Financial Institutions Division. You can then plan your further course of action on the basis of how your complaints are responded to.

Research Lenders That Can Offer You Loans At The Lowest Possible Rate

The best way to consolidate payday loans in Las Vegas is to borrow a traditional big loan at much lower rate of interest and then to pay off the payday loans from the proceeds thus received. Once you pay off all your payday loans, you will end up having just one big loan with lower interest rate, which means you will now have to make a single, much lower consolidated payment per month. If your FICO score is excellent, you can get some great deals from credit unions in Las Vegas. If it is a sub-standard score, you should try discussing your case with other financial companies, such as Wells Fargo Financial. Whatever loan program you choose to go for, make sure it is a closed-end loan, and not revolving loans like credit cards.

If you are unable to make an informed decision yourself on how to consolidate payday loans in Las Vegas, it is better to consult with an unbiased third party, such as a lawyer who is an expert in laws regarding payday loan debt consolidation in Las Vegas.

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