Payday Loan Consolidation Is The Ultimate Solution
Payday loan consolidation is necessary when borrowers apply for more than one payday
loan but cannot pay each of these payday loans on time. When you apply for
payday loans with Purple Payday Loans, we will submit your application to
our network of lenders and get you the cash you need fast. You’ll know in seconds
if you’re approved and for how much.
If you would rather apply for your payday loan by phone, you can simply call us
at (800) 515-2429.
- Our 2-minute application is fast and easy to complete.
- Bad credit is not a problem. We specialize in bad credit loans!
- You’ll know instantly if you’ve been approved, for how much, and what the fees are.
When you are in need, applying for multiple payday loans is one of the only solutions
that makes sense to you. When you apply for more than one payday loan and the payments
are due on the same date, keeping up with the payments seems nearly impossible.
As time passes, you choose to extend your loan and only pay interest so you can
use the money you have made to pay your piling bills. As the days pass, the accrued
interest rates start to build, leaving you in a pile of debt you think you cannot
dig yourself out of. Understand what payday loan consolidation is, how to
apply for it, and how it can benefit you and tackle your payday loan problem.
What is Payday Loan Consolidation?
Cash advance lenders give most borrowers a maximum of 30 days to pay their loan
balances off in full. If the borrower cannot pay the loan off in full, they may
have the option to file for an extension by paying off a specified amount stated
in the contract terms and conditions. When extensions are filed, high interest rates
accumulate and penalties are assessed. If you still have not paid your balances,
the balance due is sent to a collection agency where it can affect your credit.
In these cases, payday loan consolidation is the ultimate solution.
Companies who offer debt consolidation loans for payday loans will contact your
lenders to negotiate balances due and to construct a repayment plan that makes sense
for your budget. The negotiation process is designed to lower your interest rates
and will ultimately lower your monthly payments so you can catch up with your balances
due. If you choose a debt management company, the company will deal with your lenders
for you so you do not have to take any harassing calls while you are at work. If
you ever have any concerns about your accounts, you can contact the professional
managing your account and discuss your concerns and queries.
Choosing A Reputable Company Offering Payday Loan Consolidation Services
Now that you understand the process of payday loan debt consolidation, you need
to choose a company that specializes in providing these types of services. Always
choose a consolidation company that has many years of experience in the industry.
The company should have at least 5 years experience in the industry and they should
be in good standing with the Better Business Bureau. If a company only has one year’s
experience in the industry, they could have operated under another business name
and closed their doors because of complaints. The experience factor is very important
when you are choosing a trustworthy consolidation service. You should also hire
a company that will negotiate your debts for you and manage your accounts. Most
companies require you to pay them each month according to the repayment agreements
you have signed with your lenders.
Payday loan consolidation is very much like any other type of debt consolidation.
When you apply for payday loans, you are applying for short-term signature loans
that must be repaid. You should always borrow responsibly when you are applying
for any type of traditional or sub-prime loan. If you cannot repay your accumulating
interest rates and you have been sent to collections, contact a consolidation service
provider and resolve the issue before it comes back to haunt you.