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Payday loan consolidation: Ends multiple pdl debts and saves money

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.

loandebt process

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?
Monthly payment you can afford
($)

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
Fri Jan, 2015 Review: MA saved $300
Client satisfaction level:
      
* Client names have been changed to protect privacy


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

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Pages

How to spot and avoid debt consolidation scams

How to spot and avoid debt consolidation scams

Date: 03:40 am 27th May, 2015 Article Rating: 
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Scam debt consolidation firms mainly hunt on people who are desperate in search of a way out to their mounting debt problems. People whose credit scores are bitter or already ruined often fall prey to debt consolidation scams. While the legitimate ones help you keep calm and stay afloat, the scam [...]... Read more


Say NO to debt consolidation loan and other balance transfer methods

Say NO to debt consolidation loan and other balance transfer methods

Date: 11:36 pm 3rd Nov, 2014 Article Rating: 
Rating: 
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For many years now, debt consolidation loans and balance transfer methods have remained the sole resort for numerous debt ridden individuals out there. These two debt relief ways boast of offering you the most convenient ways to get out of debt by offering a relatively lower, single and an [...]... Read more


Frequently Asked Questions on Debt Consolidation

Frequently Asked Questions on Debt Consolidation

Date: 11:19 pm 9th May, 2014 Article Rating: 
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1. How can you consolidate debts? You can consolidate your debts on your own with a debt consolidation loan, or you can sign up with a debt management company that offers debt consolidation services. 2. What is a debt consolidation loan? A debt consolidation loan is a low-interest loan that you [...]... Read more


Debt Consolidation loans: Pay off your debt with a low rate loan

Debt Consolidation loans: Pay off your debt with a low rate loan

Date: 05:25 am 30th Apr, 2014 Article Rating: 
Rating: 
4
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Debt consolidation process helps to merge your multiple bills into a single low interest loan. Debt consolidation loans are available both as unsecured and secured personal loans. Here are some essential facts about debt consolidation loan given below: Table of contents When a debt consolidation [...]... Read more


Christian debt consolidation: A solution based on Biblical principle

Christian debt consolidation: A solution based on Biblical principle

Date: 09:21 am 12th Jun, 2013 Article Rating: 
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“The rich rule over the poor, and the borrower is slave to the lender.” (Proverbs 22:7) Therefore, if you are in debt, your indebtedness compels you to become a slave to the lender, which is utterly conflicting to the Biblical principal of single master. According to Christianity, God is the [...]... Read more




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