Find a Payday Loan debt relief with low-interest online Personal Loans for Payday Debt Consolidation.

Table of Contents:

How to pay off multiple Payday Loans?

What is a Payday Loan Consolidation?

How does Payday Loan Consolidation work?

What are the benefits of payday loan consolidation?

Compare Personal Loan companies for Payday Loan Consolidation

What are the disadvantages of a debt consolidation loan?

How to pay off multiple Payday Loans?

Many people who have taken out a Payday Loan online usually cannot pay it off on time. Most often, this problem is associated with high interest rates that the borrower cannot pay. Unfortunately, more than 80 percent of people who take out a Payday Loan cannot pay it off on a specified salary day. Is there any way to solve this problem?

Yes, of course. Payday Loan Consolidation can help you avoid unexpected problems with payment of fees and loan debt. Payday Loan Consolidation gives you the opportunity to get a new loan with low interest rates and regular monthly payments that you can pay off.

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What is a Payday Loan Consolidation?

A Payday Loan is a short-term type of loan that helps you get emergency money to cover your needs. You need to repay this loan on the day of your next paycheck. Moreover, the loan is unsecured, so you do not need to provide collateral. With a Payday Loan, you can get from $ 100 to $ 1,000. However, a Payday Loan often has huge and unfavorable interest rates that prevent the borrower from paying off the debt.

This type of loan can worsen your credit history. If you missed a payment or were unable to repay the loan on time, this will be reflected in your credit report and the lenders will see this when you want to take another loan.

Less than 20 percent of payday loan borrowers can pay off their debt on time, as commissions and high-interest rates on a loan drive the borrower into debt. Fortunately, a new loan with fixed payments and a low-interest rate can help you sort out your debts.

How does Payday Loan Consolidation work?

When you get a payday debt consolidation loan, you will be able to get money and pay off the loan with high interest rates. This will help you get rid of excess interest on the loan, and you can also maintain your credit rating without deterioration. After paying off your payday loan, you will be able to pay off your consolidation loan. This loan has a lower interest rate and more convenient repayment terms. You have to pay off the Payday Loan on the day of your next paycheck, which is difficult for borrowers who have financial difficulties. When obtaining a debt consolidation loan, the repayment terms will vary from 12 to 84 months.

  1. In order to get a debt consolidation loan, you need to find a good lender. You can apply to both the lender's store and use the services of online lenders.
  2. As a rule, online lenders conduct a credit check and study your credit history. This check does not affect or worsen your credit history.
  3. After examining your details, the lender will offer you the repayment period and the loan amount you can apply for.

However, before you apply for a debt consolidation loan, you need to know for sure you will be able to repay the loan on time. Otherwise, you may get another debt that will be difficult to pay off.

Payday Consolidation Loan

What are the benefits of payday loan consolidation?

If you are facing difficulties in paying off your Payday Loan and want to take out a debt consolidation loan, you should thoroughly study all the advantages and disadvantages of this offer before applying. What are the benefits of payday loan consolidation?

  • Convenient payment terms. Unlike a Payday Loan, you can pay off a debt consolidation loan from 12 to 84 months. This is a good opportunity for borrowers who cannot repay the entire loan amount on payday.
  • Fixed monthly payments. You will repay the loan every month in regular installments. This way, you will always know how much to pay.
  • Low-interest rates. Payday Loans have very high-interest rates on the loan. A debt consolidation loan gives you the opportunity to get rid of unwanted interest rates.
  • Improving credit history. If you repay this loan on time, you can improve your credit history and qualify for lower interest rates on the loan in the future.

Compare Personal Loan companies for Payday Loan Consolidation

LendYou will help you get the cash you need when you need it. You can apply for Payday Loans, Installment Loans or Personal Loans, etc. Compare the lenders and get matched with the best one.

  • MIN Loan Amount: $100
  • MAX Loan Amount: $35000
  • Terms: Varied
  • Rates and fees: Starting at 4.99% APR
  • Turnaround Time: 1 business day
  • $100 - $1000 Payday Loans
  • $1000 - $5000 Installment Loans
  • $5000 - $35000 Personal Loans
  • 18 years of age or older
  • U.S. citizenship
  • Valid checking or savings account with direct deposit
  • Minimum regular income of $1,000 per month
  • Not be a regular or reserve member of the Air Force, Army, Coast Guard, Marine Corps or Navy (or be a dependent of someone who is,) serving on active duty under a call or order that does not specify a period of 30 days or fewer.
Pros
  • High up to $15,000 loan amounts. 
  • Minimal restrictions on how you can use your loan.
  • No collateral or guarantor.
  • Bad credit is OK. 
Cons
  • It's not a direct lender, so you'll need to clarify rates and terms with the company you are matched with. 

 

Check Into Cash offers Payday Loans, Title Loans, Personal Installment Loans and other money products at affordable rates with convenient repayment. 

  • MIN Loan Amount: $50
  • MAX Loan Amount: $3000
  • Terms: Vary by state.
  • Rates and fees: 261% to 782% APR
  • Turnaround Time: 1 business day
  • Payday Loans
  • Online Payday Loans
  • Title Loans
  • Installment Loans
  • Online Installment Loans
  • Line of Credit
  • Flex Loans
  • Other Services
  • Check Cashing
  • Bill Pay
  • Western Union 
  • U.S. Money Card
  • Cell Phone Top-Ups
  • Sell Us Your Gift Cards For Cash
  • Active checking account open for 90+ days
  • US citizen or permanent resident
  • Personal and work phone number
  • Valid email address
  • 21+ years old (19+ in Alabama)
  • Social Security number (for Indiana residents only)
Pros
  • You can get even as low as $50.
  • Quick funding on the next business day.
  • Money can be used for any personal needs.
Cons
  • Not available in every state.
  • APR can be more than 153.73% depending on your state.
  • High late payment fees.

 

Instant Loans USA will help you get the cash you need when you need it. You can apply for Payday Loans, or Personal Loans online. Choose the best rates and terms and get the same-day financing.

  • MIN Loan Amount: $100
  • MAX Loan Amount: $35000
  • Terms: Varied
  • Rates and fees: Starting at 4.99% APR
  • Turnaround Time: 1 business day
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  • $100 - $1000 Payday Loans
  • $5,000 - $35,000 Personal Loans
  • 18 years of age or older
  • U.S. citizenship
  • Valid checking or savings account with direct deposit
  • Minimum regular income of $1,000 per month
  • Not be a regular or reserve member of the Air Force, Army, Coast Guard, Marine Corps or Navy (or be a dependent of someone who is,) serving on active duty under a call or order that does not specify a period of 30 days or fewer.
Pros
  • High loan amounts up to $35,000. 
  • Minimal basic requirements.
  • No collateral or co-signer.
  • Bad credit is OK. 
Cons
  • High interest rates.

 

Greenlight Cash created an online platform to connect consumers like you with reliable lenders across the country. They partner with a large network of professionals so you get a chance to work with one of them and meet the challenge of improving your financial situation in the most effective way. Once you tap submit, you get one step closer to receiving the funds.

  • Payday Loans
  • Installment Loans
  • Personal Loans
  • be a legal U.S. resident
  • be at least 18 years old
  • have a stable source of income
  • be currently employed
  • have an active bank account
Pros
  • Unrivaled flexibility and accessibility.
  • Predictable monthly payments

  • Quick and simplified borrowing process

  • Any credit is welcome
Cons
  • Not a direct lender.

 

 

 

What are the disadvantages of a debt consolidation loan?

Of course, every loan has its drawbacks, so it is important to study them carefully before applying. Otherwise, you run the risk of worsening your financial situation and acquiring additional debt.

  • The risk of missing a payment. This loan is the last chance for those who already has problems with Payday Loan repayment. Thus, if you are late or miss the payment of a debt consolidation loan, you may have big problems and debts that will be hard to overcome.
  • Interest rate. As you know, lenders do checks before they give you money. Thus, your interest rate will depend on your creditworthiness and your ability to repay the loan. Typically, you can get between 4 and 36 percent. Of course, the interest rate of debt consolidation loan will be lower than the rate of the Payday Loan, but lenders are not always ready to provide favorable conditions for people with bad credit. Before submitting an application, compare offers from different lenders and choose the most profitable one.
  • Before applying for a debt consolidation loan, you should think carefully. On the one hand, this loan gives you the opportunity to repay a debt to a lender with high interest rates, on the other hand, you pay off this loan and acquire another. Even though a debt consolidation loan is more attractive and profitable than a payday loan, it still has fairly high interest rates. Moreover, a missed payment on this loan will create a lot of problems. It is up to you whether the loan is right for you or not.