Yes, consolidating your payday loans is the best and most suitable way of repaying your payday loans. If you have accumulated debts, consolidating can be a good option.
The only thing you need to do is to understand what consolidation is all about. There are many experts you can seek advice from. The advisors will help you in the evaluation and validation of your loans. Consolidation will help you pay off your loans and you will only be left with one debt to pay. Payday loans are associated with high interest. A consolidating company will first find ways to reduce the interest rate that you are being charged.
This will also help you avoid additional fees and charges. With consolidation, you have sufficient time for your to pay back your loan. You will be paying back at a lower interest rate and have more time and reduced monthly repayment installments.
Can you go to jail for not paying back a payday loan? Lenders will list you as a defaulter and may submit your name to the regulatory agency in your state. The regulatory agency may then send your name to other lenders and therefore you will not be able to access loans. You will be listed and other lenders including banks will view you as a defaulter.
Can payday loans be included in Chapter 7? Yes, you can include the loans in Chapter 7. This chapter gives you the opportunity to write off your unsecured loans including payday loans. With chapter 7, you will be required to list all your assets and debts. All these will be faced off in the bankruptcy discharge.
However, choosing to file chapter 7 should not be the immediate option. This is because even though you have filed bankruptcy, you still have debts on your back. You will still be required to pay your loans at some point in the future.
The numbers payday loans you can get can be more than one. This is because the lenders are independent and will deal with you as an independent customer. They do not ask for your credit history and will offer you the loan based on their current evaluation of your profile with them. However, it is recommended that you stick to one payday loan at a time. It is difficult to keep track of several loans and you are most likely to lose track.
You will also not be able to pay them all on time and therefore you will have to pay extra fees for late repayment. Where are payday loans legal? Payday loans are not legal in all states. Therefore, it is important for you to research before you apply for a payday loan in your state. Do your research before applying for a payday loan and you will always find yourself on the right side of the law.
You will also find the lender who suits your financial status. Can you be taken to court for not paying a payday loan?
Yes, but the lender will first send you several reminders so that you are able to communicate back and pay them their due loan. Most of the time, your loan will incur additional interest and an extension of the repayment period.
The lender will require you to confirm that you will pay the loan together with additional late payment charges. Can they garnish your wages for a payday loan? No, this is because lenders will only get the required amount as you directed your bank to give. Your wage does not go directly to the lender and therefore the lender has no control over your wage.
Which states have banned payday loans? There are several states that have maintained their stand on payday loans as being fraudulent. It is important to know the current laws governing payday loans in your respective state. This will ensure that you only access your loan from an approved agency and keep you away from becoming a victim of fraud.
What is payday loan help and how we provide it? We are a consolidation company that assists individuals who have multiple outstanding payday loans. We help people combine their loans into one easy-to-manage monthly payment and escape the debt trap. Cash advance loans can quickly get out of hand and cause severe financial distress. If you find yourself in a tough situation, we can help you and provide immediate relief if you qualify for our debt consolidation program.
What is payday loan help A debt consolidation loan is a financial instrument that is used to provide repayment of the debts you already have. This is achieved by combining them into a single and easily manageable monthly payment with a new interest rate. Thus, you can decrease the number of different bills you have to repay and the interest rate. Usually, new consolidated loans are unsecured.
Of course, it is most common that unsecured loans are taken. Normally, secured loans would come with a lower interest rate. To decide whether debt consolidation is the right thing for you to do, you should keep in mind both its advantages and disadvantages. This is a common mistake and usually leads to damages on your credit score. How can taking out a payday loan lead to debt consolidation? It is a short-term unsecured loan.
This means that it has a shorter maturity period hence should be repaid quickly. No property is attached to it as a guarantee in case the debtor fails to repay. Instead, the payment is based more on trust. However, in desperate times you may find yourself applying for another loan if the previous one did not actually meet your set obligations.
Many people also choose to renew their loans by just paying the interest. This starts a vicious cycle that can be extremely difficult to get out of. In the event that you fail to make payments promptly, the collection calls and threats of lawsuits from your creditors start. Instead of renewing the payday loan it is advisable to turn to a debt consolidation company. How to know whether you qualify as a loan borrower?
There are only three equally important conditions that determine whether you qualify for our consolidation program or not. First of all, you should have a source of income that would guarantee your ability to repay. Secondly, you have to be obliged to at least two preceding payday loans. Identification A valid national identity card or passport 2.