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Introduction to Payday Loan Consolidation

Are you familiar with payday loans consolidation? If your answer is no, then now is the time for you to know what it is all about and how it can help you financially in no time.

Are you drowning in credit card debts? Do you want to be debt free? Do you find yourself relying from credit cards whenever you purchase stuff?

Do you want to change your current financial situation? Worry no more, help is here at Citrus North!

What types of debts are the cause of consolidation?

In case you didn’t know, hundreds and thousands of people across the globe are drowning in debt. You are not alone in this type of financial situation. Having said that, people who are deep in debt usually suffer from the following scenarios:

  • Piles and piles of pending payday loans
  • Credit card debts due to the usage of several credit cards
  • Default loan payments
  • Mortgages
  • Unpaid utility bills

Given the following pointers above, we at Citrus North understand how hard it is to come up with a well-thought payment plan for debt settlement.

Especially if you are dealing with the harassing collection calls of payday lenders. Plus the long list of credit card debts that you have due to your poor spending habits. Thus, you find yourself drowning deeply in debt because of it the things on the list.

Payday Loan Consolidation

That is what payday loans consolidation is all about. To help you eliminate debt by creating a strategic financial plan for you to repay your payday loans without the hassle and pressure of doing so.

Having said that, consolidating your payday loans will help you achieve the following below:

  • The reduction of payday loan balance and monthly payment
  • The actual payday loans consolidation of several payments into one monthly payment plan

What is a Payday Loan Consolidation?

Payday loan consolidation is also known as debt consolidation loan. It is a type of personal loan for people with bad and/or poor personal credit scores. This loan guarantees you to get the debt settlement and consolidation services that you need for your current financial situation.

What are the 2 components of payday loans consolidation?

Payday loan consolidation program

    • A consolidation service is a better option for you, we highly recommend it here at Citrus North. This financial program involves giving the borrower a monthly payment plan that perfectly fits their financial capacity (budget). With that being said, you as the borrower do not have to manage and handle multiple payday loans or surrender collateral (property, asset, goods, etc.) at stake is the payday loan debt consolidation company.

A Debt consolidation loan

  • Debt consolidation loans involve surrendering collateral  against the payday loan debt consolidation company. Yes, when securing this type of personal loan, you must surrender a collateral for security purposes. If you want to get unsecured loans as you consolidate payday, then you will pay higher interest rates, annual percentage rates (APRs), and other fees that come with the loan.Payday Loan Consolidation Services

Do I have to provide security?

A payday loan debt consolidation company offers debt relief services (such as this one) either on-site or online such as here at Citrus North.

This type of loan is not secure. Meaning to say, there is no physical collateral (such as your property, goods, assets) that you need to surrender. All you have to do is to provide a written agreement which states your promise to pay it on time or before the maturity date (due date).

In some cases, some consolidating companies still require the borrower to provide one of your assets as collateral. Such collateral that these companies typically require are as follows:

What sort of assets can I secure a loan on?

  • House and lot
  • Car (outright ownership)
  • Accounts under your name, such as bank account, debit card, and even insurance policies
  • Other properties under your name (outright ownership as much as possible)

Provided that, consolidating all your payday loans is the best (and may even be the only option left) solution for clients with a bad personal credit score (also called as debtors) with a large amount of debt.

What are the Requirements and Qualifications?

As a borrower, the basic terms and conditions that will determine whether you qualify for this debt assistance So, without further ado, to qualify for a payday loan consolidation, you must have the following requirements below:

Requirements and Qualifications to Obtain a Payday Loans Consolidation
Basic Information Your basic contact and personal information (see online application form above)
Identification Government-issued valid IDs
Active accounts under your name Bank and/or checking account
Proof of employment Certificate of employment (COE) or any proof that you have a stable and/or regular job
Proof of income Latest pay stubs or payslips from your company and/or employer. This is to state the level of your financial capacity. Your proof of income also
Collateral The majority of the consolidating companies only require the borrower’s signature (electronic signature if you apply online, such as here on Citrus North) as the collateral. However, some still require their borrowers to surrender one of their assets, properties, goods, etc.
Co-signer co-guarantor, co-maker The co-signer serves as a representative of the borrower. In case the borrower fails to repay the payday loan consolidation program, the consolidating company will contact the co-signer to write and sign a promissory note.

What is the Payday Loans Consolidation Procedure?

  1. First and foremost, upon receiving your application, we will review your financial concern.
  2. Then we will connect you to a reputable loan debt consolidation company.
  3. The payday loan debt consolidation company will offer a variety of monthly payment plan options that they see fit to your financial capability. If the borrower is a first-timer, the majority of the consolidating companies (such as we at Citrus North) offer free credit counseling. They will closely evaluate your current financial situation and help you narrow down the list of the most affordable monthly payment plan options for you. This is so that you can choose what is best for your financial capability.
  4. Once the borrower chooses a monthly payment plan, the consolidating company will assign a loan consolidator (also called as a debt negotiator). The consolidator will give you the debt assistance and relief that you need. With that being said, the debt negotiator will be the one who will work closely with your payday loan lenders (pdl lender); they will be responsible for negotiating with the lenders to lessen the rates and potentially waive off the additional fees and service charges.

To sum it up, this debt settlement and consolidation service is the best solution if you find yourself struggling to eliminate all your pending loans. We guarantee you that this financial program will help you repay all your loans (including payday loans) and be debt free again.

When Should You Consolidate Your Payday Loans?

The payday loans consolidation program of Citrus North comes in handy if you are currently in the situation where:

  • You are having a hard time to repay all your pending payday loans (and other loans in particular) with high interest rates and annual percentage rates (APRs).
  • You wish to protect your next paycheck from the payday loan lenders.
  • You are feeling stressful about the financial crises that you are in due to debts in bad payday loans.

 How Much do I have to Pay Every Month?

The upcoming monthly pay for the payday loan debt consolidation program varies on each and every borrower. With that being said, your monthly payment amount depends on the following factors below:

  • How many payday loan lenders are willing to lessen the interest rates and annual percentage rates (APRs)
  • How many outstanding payday loans that the borrower has.
  • The amount of money funded in the separate account (for payday loans consolidation program purposes only)

How to Start with the Payday Loan Consolidation?

 Asked Questions (FAQs) on Payday Loan Consolidation

In case you have any more queries concerning the payday loans consolidation. We list some of the most frequently asked questions (FAQs), read on below and see if we have included one your questions.

 Can I go to Jail for not Paying a Payday Loan?

No. Payday lenders will only list borrowers who fail to pay on time as a defaulter. Then, depending on the lender, they may require you to submit your name and some personal details to the regulatory board agency in your local state.

With that being said, the regulatory agency may send your name to other payday lenders. Thus, you are ban to access payday loans until you settle your pending payday loans.

Once you are on the list, other payday lenders, including lending companies, banking institutions, and other financial companies will list you as a defaulter. That is why you you must consolidate all your payday loans in as soon as possible.

We make it possible here at Citrus North because applying and getting one is purely done online. Plus, we guarantee that you will get the debt relief and assistance in no time.

Can I go to Jail Because of an Illegal Payday Loan?

No. Neither payday loan lenders nor the illegal ones who have authorization can put you to jail if you have defaulted a payment (fail to pay on time or missed a payment).

Can a Lender Take me to Court for not Paying a Payday Loan?

Unfortunately, yes. But the payday lender will make collection calls to constantly remind the borrower about his debt. Nevertheless, cash collection calls allow a borrower to tell the payday loan lenders the reason why you are unable to repay the loan yet. Then you can also give them an extension date as to when you plan to repay the loan and arrange a debt settlement with them.

Most of the time, your payday loan will incur additional rates and fees plus an extension of the monthly payment. The payday loan lenders will then require the borrower to confirm that you will pay the payday loan together with the additional late payment fees and/or charges.

While payday loan lenders cannot put you in jail for your unpaid payday loans, they have the authorization to sue you in  court. Thus, you will still have a criminal record. Plus, there are higher chances of a default judgement should you lose the case.

Should you have any more questions about consolidating your loans, please feel free to call us. Here on Citrus North, we are more than willing to help you get the debt settlement and consolidation service that you need the most today. If you do not have any concerns about this, please do not hesitate to fill up and submit an application to us.

Why Choose Citrus North for Your Payday Loan Consolidation Program?

Citrus North provides payday loans consolidation program in the following ways:

  1. One of our financial advisors here at Citrus North will discuss how to consolidate your payday loans in detail. Having said that, if this is your first time to do this, our financial advisor will explain all the policies such as the No Result Fund Policy; the fees that come with it; and the Community Reinvestment Act (CRA) who will deal with the creditors.
  2. Our financial advisor will ask you as a borrower if you want to be a client of Citrus North after answering all your queries regarding this debt assistance.
  3. The Community Reinvestment Act (CRA) will check and analyze your pending payday loan problems immediately. This includes checking if your payday loans are legal or not. If your payday loans are legal, our CRA here on Citrus North will determine the maximum rate that you need to pay.
    On the contrary, if the payday loans are illegal, our CRA will immediately report it to you and you only have to pay for the principal amount. Aside from the debt assistance that our loan consolidation program offers, we will also take legal actions on the illegal payday loans.

Bottom Line

Are you still in doubt about this? Then stop having second thoughts whether you will try the payday loan consolidation. Please do not hesitate to give us a call so that we can answer all your inquiries about it today.

Finally, here at Citrus North, you will no longer drown deep in your debt problems. We guarantee you that you will be debt free from now on, because we also offer free credit counseling apart from our debt relief services, debt consolidation programs, secured and unsecured loans.

With that being said, we highly assure you that you will be debt free from now on if you avail one of our payday loans consolidation program. Aside from that, we also offer a variety of debt consolidation programs and debt relief services (such as our consolidation service) whatever your financial situation is.

So, what are you waiting for? Just fill up our online application form here at Citrus North, we will connect you to a reputable consolidating company in no time.

We have a long list of consolidating companies and a network of debt negotiators that are more than willing to help you. Get the debt settlement and consolidation services that you need right now with us here at Citrus North.