Posts Tagged ‘Payday Loan Consolidation’

Three Most Effective Ways Of Payday Loan Consoladation

Payday loan consolidation has recently emerged as one of the most effective ways to manage and pay off the otherwise impossible payday debts. There are several companies available out there that offer a wide array of programs in this regard. However, considering the very fact that many of them are also unscrupulous ones, you will have to be very careful with the selection of the right debt consolidation agency. Besides that, you will also have to take an array of factors into account when it comes to making a decision on which type of consolidation program is the most suitable for you depending upon the severity of your debt problems. Following is a brief overview on three most popular options.

Switch Your Multiple Payday Debt Accounts To A Single Big Loan

This method of payday loan consolidation does not require you to hire a debt consolidation agency to manage your debts. If you follow the right approach, you can do it on your own. Alternatively, you can get some expert suggestions from a specialist credit counselor in this regard. As per this method, you have to borrow a big conventional loan; the amount of this new loan has to be large enough to cover that multiple pay day debts that you owe to different payday loan companies. For example, if you are fortunate enough to own a home and to have some equity in it, you can use the same to obtain a home equity loan; you can get this loan at a significantly much lower rate and with more favorable terms, such as with the convenience of making the repayment in small monthly installments without the risk of being charged a hefty amount of penalty charges for this convenience (which usually happens in case of payday loans). You can repay all your payday debts using the money thus received from this big loan. This way, you will end up having just one loan account, which is obviously quite easy to manage, which you can repay on easy terms. This option thus provides you a great opportunity not only to manage your payday debts but also to bring your finances back on track.

Eliminate Your Debts Through A Debt Elimination Program

This specific option for payday loan consolidation is applicable to those payday debtors who are going through extreme financial hardship, such as loss of job because of a severe illness or accident. In such extreme cases, the debtor can contact a debt consolidation agency and sign up for a debt elimination program, which is also commonly referred to as debt settlement. As part of the process, the agency then talks to your creditors and convince them to accept a much reduced of payment in full and final settlement of the entire debt. If the creditors get convinced that your case is a genuine one, they may agree to accept anywhere around 30-70% of the total outstanding debt and write off the remaining balance.

Hire A Debt Consolidation Agency To Manage Your Debts

If none of the above two options work for you, you can consider hiring a payday loan consolidation agency and sign up for a program, where the agency will represent you and manage your debts on your behalf. They will handle everything. For example, they will first negotiate a better repayment plan with your lenders and convince them to write off hefty penalty charges. The agency will then do a thorough calculation and ask you to make a single consolidated monthly payment to them. The agency will receive those payments and then disburse the same to your respective creditors. This way, debt management can become much easier for you. You get more time to work on your finances to improve your situation and to get better control of it. The agency will charge a certain amount of fee for their services. Make sure that the fee is a reasonable one.

Overall, it is not without reasons why the above three methods of payday loan consolidation. They have been designed in such a way that can help you not just to manage your payday loan debts effectively but also to pay off the same without any further trouble.

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What are the pros and cons of debt consolidation?