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Payday loan consolidation: Ends multiple pdl debts and saves money
- How does payday loan consolidation work
- What will be your new monthly payment?
- Payday loan debt consolidation pros and cons
- Why consolidation program is the best payday loan debt solution
- Compare pdl debt settlement, consolidation program & loan
- Can you go to jail due to legal or illegal pdls?
- 4 Tips before you get assistance with payday loans online
- Payday loan consolidation FAQ
This debt relief option comes in when you’re struggling to pay high interest pdls even after making your best efforts. Payday loan consolidation program helps you pay off cash advance loans and get control of your finances yet again.
When you should go for it
- You want to get rid of high APRs
- You want to save your paycheck from pdl lenders
- You want to get out of pdl cycle
How does payday loan consolidation work
Having problems with online and storefront pdls? If yes, then try to consolidate payday loans as soon as possible. But before you make a final decision to consolidate payday loan debt, let's check out how this process actually works:
Here, a payday loan consolidation company offers a payment plan you can afford. The consolidators work closely with your lenders to bring down the interest rates and possibly waive off all the additional fees and extra charges. Most companies that consolidate payday loans will offer a free counseling wherein your current financial situation will be evaluated properly. This will help you get a payment plan which is affordable.
What will be your new monthly payment?
Your new monthly payment amount will depend upon:
- How much lenders are ready to reduce interest rates
- How many outstanding loans you have
- The amount you can afford to pay
How much can you save?
Payday loan debt consolidation pros and cons
pros
- No advance fees
- Don’t have to pay high interest rates
- Don’t have to pay late fees and extra fees
- Don’t have to endure automatic debits
- Only one pocket-friendly monthly payment
- Less collection calls & chance of getting sued
Cons
- Need to avoid pdls in future
- Need to act as per consolidator’s advice
- Your collateral is at risk in secured loans
- The loan term can be long
Why consolidation program is the best payday loan debt solution
Typically, you can get payday loan relief in 2 ways:
1
Consolidation program
This payday loan debt relief option is a better choice since you get a monthly payment plan that fits your budget. You don't have to manage multiple payday loans anymore. Neither do you have to put your assets at stake.
2
Consolidation loan
This is not a good payday loan debt solution since your asset is at stake. Yes, in case of a secured consolidation loan, you've to pledge a collateral as security. If you want to go for the unsecured option, then be prepared to pay higher interest rates.
Compare PDL Debt Settlement, Consolidation Program & Loan
| Comparison | Settlement | Consolidation program | Consolidation loan |
|---|---|---|---|
| What it does | Reduces total debt | Lowers interest rate | Shifts debt to another lender |
| Payoff term | 2-4 years | 2-5 years | May stretch to 30 yrs |
| Mode of payment | lump sum payment | monthly payment | monthly payment |
| Requirements | Save an amount before negotiation | Make monthly payments | Collateral |
| Credit score | Drops initially | Improves gradually | Improves gradually |
| Verdict | Best when you’re wondering how to pay off multiple payday loans through a lump sum payment. | Best when you want to get out of debt by making single monthly payments. | A good option when you can pledge a security as collateral. |
Can you go to jail due to legal or illegal pdls?
Neither authorized payday loan lenders nor illegal lenders can send you to jail when you don’t make a payment. While they can’t send you to jail for pdls, but they (authorized lenders) can sue you at court. There is a risk of default judgment when you lose the case.
4 Tips before you get assistance with payday loans online
If you want to go for the payday loan consolidation online option, then check
- 1 If the company has a valid physical address
- 2 If the company has good online reviews
- 3 If the company has budget-friendly fee structure
- 4 Review the state payday loan laws carefully
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Still have doubts regarding how to pay off payday loans?
Want to know how to get out of payday loan debt?
Call us at (800) 530-OVLG
Want to know how to get out of payday loan debt?
Call us at (800) 530-OVLG
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