Reduce costs by consolidating your payday loans
In these harsh and uncertain economic times, it can be quite challenging to be financially stable.
To quickly solve these problems, many small to medium-income earners have taken out payday loans with extremely high-interest rates.
However, payday loans can be extremely expensive, and if taken out for more than a month can be a large burden.
Consolidating payday loans into one personal loan can be a solution to get manageable monthly payments that are affordable.
So what is payday debt consolidation?
Its the process of taking our one larger unsecured loan to pay off all smaller payday loans.
The core purpose is to greatly reduce your monthly loan repayments, to make them manageable and sustainable moving forward.
It should be noted that debt consolidation is not a method of reducing the amount of money you owe in total, but a means to provide an easier and more convenient payment arrangement for the money owed.
Consolidating loans also have the benefit of less paperwork; you will no longer have to individually monitor multiple payday loans, but one simple payment per month.
- Find out more about the concept of debt consolidation by clicking here.
A consolidation loan
There are loans to those with bad credit that are significantly cheaper than a payday loan
If you have a guarantor with a clean credit file, these could be as low as 39% APR.
If you take out this loan to pay off your payday debts, this could greatly reduce your monthly outgoings, which should enable you to eventually pay off your new loan.
If you would like more details on the loans available and the costs, please see our main website.
- Find out more about the attainable alternatives to payday loans by checking out the following article – Considering a payday loan? What are the alternatives
For more information on debt consolidation
See our blog posts
- Debt Consolidation: 3 Tips To Bringing Your Debt Under Control
- Can Borrowing Ever Help? Debt Consolidation Discussed
If you’ve done your research, and decide that a debt consolidation loan is not right for you, then please see some of the other options:
IF YOU ARE THINKING OF CONSOLIDATING EXISTING BORROWING YOU SHOULD BE AWARE THAT YOU MAY BE EXTENDING THE TERMS OF THE DEBT AND INCREASING THE TOTAL AMOUNT YOU REPAY