Payday Loan Consolidation Companies | CitrusNorth
Payday loan consolidation companies will often encourage you to transfer your loan to a new loan if you cannot repay your loan in full by the due date.
Payday loans are short-term loans. They allow you to borrow a small amount of money and agree that you will pay it back along with any additional fees at your next paycheck. These loans are a quick way to get cash, but they can also be a trap that will lead you to debt.
Payday loans are bad for you
Payday loans have a few significant drawbacks. They are expensive and require short repayment terms. Payday loan companies will often encourage you to transfer your loan to a new loan if you cannot repay your loan in full by the due date.
This is typically within 14 days. You’ll be charged more for each rollover and additional interest, which can quickly add up to a large amount of debt.
You also run the risk of your payday loan being taken to collections if you default. This could negatively impact your credit score and make it harder to get loans in the future.
How to get out of payday loans
There is no magic way to make payday loans disappear. However, there are some strategies that you can use to reduce your debt. These are some options to deal with payday loans.
A Personal Loan to Consolidate Debt:
To pay off your entire payday loan, you will need to get a personal loan from a lender like your bank. You can use one personal loan to pay off multiple debts that have different due dates. This allows you to organize your monthly payments into one payment. Personal loans usually have a longer repayment term than payday loans so that any rollovers won’t be. You will still need to pay any fees or interest associated with the loan.
Working with a Debt Consolidation Company
involves working with a trusted debt relief company to consolidate payday loans. A new account will be set up, and you’ll make a monthly deposit. A debt negotiation specialist will work with you to negotiate a new settlement. This is usually lower than the original amount you owed. Once you have enough money in your designated account to cover this new settlement, you can use that money for your debt repayments. You should look for legitimate consolidation companies with five-star reviews accredited by the BBB, such as CitrusNorth.
Do you think debt consolidation is right for you?
Consolidating payday loans can help you get out of debt, depending on your financial situation. Consolidating debt is not the right choice for everyone. If any of these are true, consolidation may be an option.
- It’s not clear if you will ever be able to pay the entire amount you owe.
- To get out of debt, you might consider bankruptcy.
- You are still trapped in the cycle of payday loans and need help to get out.
FAQ Payday Loan Consolidation
Can I consolidate payday loans?
Yes. CitrusNorth is a trusted debt consolidation firm that can provide expert guidance and additional support. Our team has managed to negotiate better terms for clients in most cases. This allows them to pay less than they originally owed.
Is it possible to consolidate payday loans?
Yes, payday loan consolidation is possible. It can end the payday loan cycle, lower your monthly payment, and reduce the high-interest rates associated with payday loans.
How can I consolidate payday loans?
CitrusNorth has assisted many people struggling with payday loans to consolidate and receive lower monthly payments through its debt consolidation programs. Our team develops custom plans for each client, helping them overcome debt and keep more money in their pockets.
CitrusNorth Payday Loan Assistance
CitrusNorth has been BBB Accredited with an A+ Rating since 2014. We have helped many people across the U.S. get back control over their debt.
Our experienced team of debt consolidation professionals is ready to evaluate your payday loan situation and determine the best debt relief options for you. Get out of the cycle with payday loans today! Contact us to schedule your no-obligation consultation.
credit card debt
debt management plan
type of loan
payday loan borrowing
payday loan borrowing
payday loan lenders
multiple payday loans