Posts Tagged ‘pay day loans consolidation’

Pay Day Loans Consolidation – What Are Your Options?

If you are considering using the method of pay day loans consolidation to get rid of your frustrating payday loan problems, you will be glad to know that there are plenty of options available out there for you. The best thing is that you do not always necessarily have to hire a third-party agency to help you in consolidating your payday debts; still, that is one of the most effective options for you to consider. Following is a brief rundown on some of the possible ways that you may like to try in this regard.

Transfer Your Multiple Payday Debt Accounts Into A Single Personal Loan Account

The easiest method of pay day loans consolidation is to borrow a large amount of unsecured personal loan and then pay off all your pay day debts with the money you thus receive. Even if you have a poor credit score and the personal loans are being offered to you at very high rates, you are still advised to go for it – as long as the amount of the loan is big enough to cover all your payday debts. No matter how high the interest rate on a personal loan is, it will always be significantly much lower as compared to the rates charged on payday loans. This is undoubtedly an easy way to break the cycle of payday debt, which keeps on growing very fast with every single day you are delaying in its repayment. With this method, you will eventually find yourself with just one loan account to handle, which you can do quite easily, as it gives you the convenience to pay off in small monthly installments.

Transfer Your Multiple Payday Debts Into A Single Home Equity Loan

This method of pay day loans consolidation is similar to what you just read above. The only difference is that this time it is a secured loan, where you have to put your home as collateral against the money you are borrowing. This may sound a little risky, but it offers you added benefits, as you can easily qualify for a comparatively very low rate loan. It means you can save more money using this method if you are ready to take that little risk. But if you are not confident that you will be able to make timely repayment on a home equity loan, you are strongly recommended not to go for it because you may thus end up losing your home in foreclosure.

Last, but not the least, a safe way is to hire a pay day loans consolidation agency. The agency will appoint a credit counselor to review your case and then will suggest you the best possible option accordingly.

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What are the pros and cons of debt consolidation?