At times, payday loans may seem like a simple way to get out of debt. The truth is payday loans trap more people into debt than any other loan option available today. Lenders that offer such loans are known as loan sharks because of the outrageous interest rates (APR) which are charged.
If you find yourself drowning in loan debt, we can help you find a respectable payday loan consolidation company that will help you find a way out…all without having to pay outrageous rates.
How Can Loanshark Help With Payday Loan Debts?
At Loanshark.co, we can help you by finding the right company that can help you…quickly. We’ve partnered with attorney’s throughout the United States and UK, as well as lenders who can help you erase your payday debt once and for all. Why let unscrupulous lenders take advantage of you for one second more? We will help you find an attorney that can determine of the payday loan given you was within the law, and if not, can help you work toward paying the principal only. Even if the loan is legitimate, we can help you work with the lenders to create an affordable repayment plan that will satisfy all parties involved.
Table of Contents
- What is payday loan consolidation?
- How does payday loan consolidation work?
- Should I consolidate or get a loan?
- How do payday loan consolidation companies help?
- How to choose a payday loan consolidation company
What is payday loan consolidation?
If you’re currently juggling multiple payday loans, then you can rest easy knowing that a consolidation will take all of your loans and wrap them into one single, monthly payment. All at a reduced fee. Imagine having that stress of paying multiple loans back disappear. Not to mention the fact that you’ll have more money to spend as you wish. We can work with you to find a company that can help you get out of this madness.
How does payday loan consolidation work?
It’s easy. This type of program works just like normal debt consolidation. Companies will work with you to manage your payday debt by collaborating with your current creditors to reduce your APR, monthly payments, and in many cases to completely erase any interest you owe…thereby leaving you with just the principal to pay back. The interest payday loans is what keeps many people trapped in a never ending debt cycle. Once there is no interest, paying the loan back becomes much easier. The second option which is available, is to obtain a low APR loan an immediately pay the multiple loans back. Many people choose this option as to not have to deal with the creditors ever again, all while reducing their monthly payments as well as stress.
Should I consolidate or get a loan?
Before you dive head first into either option, it’s best to know the benefits of each.
Advantages of a payday loan consolidation program
- Reduce interest rate on your loan/s
- Merges all loans into one easy monthly payment
- Reduces all late fees and overcharges
- No more harassing phone calls
- Slowly increases your credit score
- Avoid bankruptcy and Chapter 11
Advantages of payday loan consolidation loans
- Your loans become resolved in a shorter period of time
- Credit score increases and returns to normal faster
- One low, monthly loan payment
Warning: The last option should always be a last resort, as collateral is needed to obtain the loan. Should you fail to pay the loan back as agreed, you stand to lose your home.
How do payday loan consolidation companies help?
You can get out of payday debt very quickly by enlisting ht help of a qualified and registered payday loan consolidation company. These companies work hand in hand to get you back on the right financial track as quickly as possible. They will work with all of your creditors to slash your current interest rates and make it so you are paying only one monthly payment per month. This monthly payment is usually much less than if you were paying multiple loans. It’s possible to resolve debts within a matter of months, versus years having to pay outrageous interest rates along with principal. The greatest thing about this, is you don’t have to provide collateral to qualify.
How to choose a payday loan consolidation company
Not all companies are created equal. If you’re tired of paying multiple bills per month and you’re ready to become debt free, then here are some things you should know before you choose a company.
Free Consulting? – If the company offers you a free consultation, then this is a step in the right direction. This usually means you are dealing with a credible source. If you are ever asked to pay a fee, it’s best to avoid that business. Look for another business that offers a free and stressless consultation to determine the best route you should take.
Reviews? – What kind of repuation does the business have? Are they widely touted by consumers like you…or do they have a bad reputation? You can easily determine this by doing a simple Google search for the lender in question and include the word “reviews” in the search query. If you find any bad reviews, keep looking. You don’t want to get caught up in that. There’s legitimate companies out there.
What’s their fee? – Credible businesses will have a transparent fee structure in place that will tell you exactly how much their services are…while others blatantly hide this fact. Always ensure you’re working with someone that has your best interest at heart and also how much they charge.