Payday Loan Consolidation

While it is generally very easy to apply and get approved for a payday loan, it is also easy to fall into a financial rut because of it. The availability of short-term loans online has made it convenient for many Americans to get instant cash to fund any personal or emergency purchase. However, when the loans  multiply and the interest rates pile up, the situation gets stressful. Thankfully, there are payday loan help company that can assist you in simplifying your money problems.

How Payday Loan Consolidation Works

When you are juggling loans left and right and struggling to track payment schedules, your smartest next move would be to combine everything under one umbrella. This is what debt consolidation is all about. There are payday loan agencies that offer consolidation services to help individuals keep up with payments and get out of financial trouble. They combine all your existing loans and convert them into just one loan.

Take note that you are not taking out a new loan. It merely consolidates all your old ones into one payment, which translates to about 50% to 70% less than the total amount of your previous debts. This product not only gives your combined debt amount a new interest rate, it also affords you the convenience of tracking just one record. You can say goodbye to the stress of always looking at the calendar and computing different rates.

How To Apply

Payday loan consolidation firms usually require three basic things to assess your application: a government issued ID, an active checking account, and a proof of income. All these are submitted online and applicants normally have to wait only about 30 minutes to an hour to get a result. Once approved, the agency lays out its fees and you are free to accept or decline it. You can expect the cash to be wired to your account within 24 hours.

If you want to know more about how to consolidate loans and get out of debt, it’s best you talk to a qualified advisor to know your options and risks. Note that there will be those types of firms that will hold your money for a few months before paying your previous debts. Steer clear of companies that have this practice, because it could place you in more financial (and legal) trouble with your previous creditors. Before signing any agreement, be sure to ask plenty of questions, do your research, and read the fine print.