Good morning, where to consolidate payday loans? I have 4 liabilities, 3 payday loans in banks and one loan in a bank for a total amount of about $ 11,100 I would like to consolidate it into one installment. Can you consolidate payday loans at all?
Is it possible to consolidate payday loans into one installment
Saving through consolidation, of course, we will incur certain costs, because by splitting the total debt into more installments (thus reducing their amount), we will extend the repayment period of these obligations …
And the longer the loan period, the more interest we pay on a consolidation loan. Personally, I think that a consolidation loan is a last resort, unless payday loans or loans were taken on extremely bad conditions – then maybe financially it will not go so badly.
Or maybe you will try to lower the payday loans installments you have taken directly from the lenders? perhaps it is enough to submit to the loan company an application to divide the payday loan into installments, thereby reducing its monthly amount?
Application for payment in installments
Dividing the payday loan into installments – application 10.00 USD – I am buying access to the design Click to pay or choose another pattern Added to cart
Also, know that with debt in payday loans, banks often turn their noses to provide a consolidation loan. For some reason, having unpaid payday loans means a higher risk client for the bank.
The second issue is creditworthiness and BIK report. Of course, the bank will check your BIK profile and calculate your creditworthiness, unfortunately you did not mention anything about earnings, so it’s hard for me to say anything more here.
My advice is, before you decide on a consolidation loan, try to spread the payday loans you have, into more installments, apply to a loan company and wait for the decision. You may have found debt-friendly loan companies and your application will be recognized.
Then, the fight in the bank for a consolidation loan will not take place and you will save yourself not only nerves, but also money … it is also worth considering borrowing money from your family.
I also encourage you to read the e-book of Ms. Alona Mendel. The e-book is called: How to get out of debt 12 steps to freedom. For me and many people who have read this e-book, this is a must read for every debtor! If you manage, you’ll get a 50% discount on the price of the e-book.