Pay day loans are a service that can be appreciated when a family is facing a financial problem.
They are also expensive.
Paying back payday loans as soon as possible is great, but if you are still strapped when your pay day rolls around; your loan payments are due; and you are faced with paying high finance fees which allow you to do nothing more than refinance those loans back into more bad credit payday loans with more high interest and extraordinary finance fees to pay, you might want to consider debt consolidation for payday loans.
If you don’t know much about how to consolidate payday loans, don’t worry. It’s not hard to do it yourself, and even if you need professional help, there are good companies that consolidate payday loans for you.
Here’s a look at several ways you can consolidate pay day loans, some good and some not so good but available for your use.
How to Consolidate Pay Day Loans
Search for better pay day loans online, get one, and combine your small loans into the one best pay day loan you can find.
These kinds of loans to pay off pay day loans may still be expensive, but if you find a good lender that offers better rates than the one you took in a time of emergency when you really weren’t looking at terms so closely, this might be an option that could make enough of a difference to help.
Look for no credit check pay day installment loans that might be at least comparable to, and hopefully better than, your individual cash advance fees. Then use that cash IMMEDIATELY to completely pay off your small payday loans, and keep the installment loan where you can actually pay off debt as you go.
This might be an option for saving money overall if you can find a pay day loan lender with an installment plan with rates that beat what you have. It is also an option for those who are more concerned with getting the principle paid off than just the monthly or bi-monthly payment amount.
While no credit check installment loans are still expensive, you might shave a little off your payments if you get a better rate (not always smaller payments though since there is principle now included), AND you’ll be able to pay off pay day loan debt instead of just paying finance fees and refinance costs every pay day period.
Contact and compare some bad credit finance companies and see if you might be able to get a secured personal loan (with either collateral or a co-signer’s signature) to cover repayment of your payday loan debt, and see if what they offer works better than what you have now.
There are still some bad credit finance companies that can provide acceptable no credit check installment loans or even bad credit personal loans with collateral. If you can make the payments with such a loan, and you have something to provide assurance to the lender you can and will, the lower payments might be just the pay day debt relief you need.
Speak with your local credit union, or even a national-level credit union, to see if they might offer no credit check loans or debt consolidation loans for people with less than perfect credit.
It’s worth your time to do some searches and speak with a few CUs, even if you feel like you have egg on your face while you’re talking with them. There are SO many good and decent people who have simply been through rough financial times that you might be surprised just how many lenders may have some sort of option for you!
Seek out help from pay day loan debt consolidation companies.
These companies are going to know the ins and outs of cash advance pay day loans, what exact obligations you have with your current loans, how to handle pay offs with online pay day loans and cash advance stores, and what rules apply to each one (and which don’t).
Many also know how to settle payday loan debt and can give you a choice as to whether you want to simply consolidate your loans or if you might want to look at payday loan debt settlement as well.
You can see examples of these kinds of companies here:
The question isn’t whether you can consolidate pay day loans or not.
You CAN consolidate pay day loans!
The question is what path will work best for you and your family.
Getting a no credit check pay day loan with bad credit and during a time of emergency doesn’t mean you have to have bad credit and pay day emergencies for the rest of your life!
Start now with a small step that will help you eat that entire elephant someday soon, and you’ll begin experiencing that sense of relief you need so you can enjoy your family… and life itself… a little more.
This is the 11th article of a series of articles on no credit check loans for people with bad credit.
The first article with links to subsequent articles begins here: Do You Need Cash Loans with Bad Credit? Read This.
Please also feel free to check our related posts below for articles in this series or search our site for more articles that will help you with your family’s finances, lifestyle, faith, and home.