Have you ever taken out a payday loan to help you in a financial bind? Maybe you needed a bit of extra cash for an emergency medical bill, or perhaps to fix an unexpected part on your vehicle. We have all been a part of stressful financial situations and payday loans can really help. There are companies in your area that we can connect you with who specialize in a process known as payday loan consolidation. In this article we will give you a little bit of information about what they do.
The downside of payday loans is the high interest rates and penalty amounts that typically come with missing a payment. These amounts can suddenly turn a seemingly feasible payment plan into an overwhelming mess of debt. So, where do you turn when this overwhelming debt takes over? We can help with that!
When you hire a payday loan consolidation company they will take a look at all of the outstanding payday loans that are currently in your name.
This includes any online payday loans or payday loans that you may have obtained by walking into a store front.
After the evaluation process the payday loan consolidation company will ask you to begin setting back a certain amount of money per month in an a new savings account that they will open in your name. While you are depositing this monthly amount the company will be negotiating with your lenders to reduce your balances.
Payday Loan Consolidation
Once the payday loan consolidation company has reached agreements with your lenders they will estimate an amount of time that it will take for you to pay your debts back. You will make a single monthly payment to your payday loan consolidation company and they will bear the responsibility for correctly disbursing it to your payday loan lenders. Once you have completed the payment plan you will be free of payday loan debt and on your way towards financial freedom!
If you think that a payday loan consolidation program would be beneficial to you then don’t hesitate – let us set you up with a company in your area today! All you need to do is call our toll free number listed on our website or fill out our no obligation application and we will handle the rest!