If you’ve ever been put in a tough financial spot like needing a sudden repair on your home or an unexpected medical expense, you have likely taken out a payday loan since this is the easiest and fastest way to have instant cash on your hands.
Though payday loans can be a big help in your time of need, it can also become a big financial burden, especially if you fail to pay it off on time. Payday loans usually have a high-interest rate, which means you will be spending more when you pay it back. It also has a huge penalty in case of missed payments, which can set you back even more.
Though it may seem like you have dug yourself a huge financial hole, there’s a way to dig yourself out of it. We can help set you up with financial institutions in your area that specializes in payday loan consolidation to help you pay off your debt. Here’s some information on what they offer:
Assessing Your Debt Situation
One of the very first thing that a company who specializes in payday loan consolidation will do is to assess your current debt situation.
They will evaluate all of the existing payday loans under your name to see how they can help you pay it off properly.
Discussing and Negotiating with Your Lender
Once they have a grasp of the situation, they will talk to all of your lenders and discuss with them possible solutions that can allow you to pay off your loan. The payday loan consolidation company will also be asking you to open a new bank account under your name and set aside some money per month that you will deposit in the account.
Consolidating All Your Payday Loans
After discussing with your lenders and an agreement has been met, your payday loan consolidation company will provide a timetable on how long it will likely take you to settle the debt. Once everything has been agreed upon the company will now ask you to make a monthly payment to them in the amount that you will be able to manage. The payday loan consolidation company will be the one to distribute your payments to the different lenders that you owe money to.
Now, you don’t have to worry about talking to each lender, as the company that specializes in payday loan consolidation already did it for you. You just need to pay them the agreed upon amount on-time every month and they will do the rest. If you’re in need of a company that specializes in payday loan consolidation, you can approach us and we’ll set you up with a company that is within your area.
Just call us at our toll-free number or visit our website and fill out an application form. Don’t worry, the form is non-obligatory so there’s it’s not yet a binding contract. Once done, we’ll do the rest!