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Payday Loan Consolidation: Choosing the Best Debt Company

These are people who can’t manage their loans or can’t repay all the fees and rates (apr) on time. If you are one of them, then you know how frustrating it can be.

You have to deal with high credit card balances, home loans, or debt for medical treatment.  The sad part is that most of them get to live from payday to payday.  Lucky enough, there is a way to get real help – take out a debt consolidation loan.

This kind of quick loan provides tremendous help to all debtors with unmanageable personal debt.

Be careful when choosing a company to consolidate your debts

Personal loan borrowers should be careful as working with an illegal company to consolidate your payday debt can get you into even more serious financial problems. Remember that the consolidation program is meant to improve your financial life and not to further damage your credit report.

This is why we’ve decided to share some financial concerns about real personal loans for consolidation. We provide you, the borrower, with tips to keep in mind so you don’t get scammed. This will also help you get the real deal when it comes to choosing a financial company that offers debt consolidation services.

Payday Loan Consolidation - How does it work?

Want to consolidate your payday loan debt? How the process works

Companies offering payday loan help combine all existing payday loans that you (borrower) has already taken and converts them into a single loan.
 It should be noted that this consolidation loan, which is usually a personal loan, is not a new one.  It consolidates the existing payday debt balances into one payment. This payment plan for the consolidated credit amount to around 50 to 75 % less than the combined amount of your existing loans.
 Note that borrowers are also allowed to refinance the loan and get manageable interest rates.
 The aim of the credit consolidation loan is to help you live debt-free with a sensible loan payment plan. Once you complete the program, you can notice a good credit report improvement. The consolidation of your short-term personal loans will help you focus on debt settlement to break the payday loan cycle.
 Your checking account and credit card debt can be optimized to pay down your unsecured debt in the repayment period. With the help of an experienced credit counselor and a healthy consolidation plan, your credit report content will be much more appealing when you view it.

Consolidate all your PDL debt into one payment

Payday loan consolidation is a financial instrument used to provide repayment for your current debts by combining them into one debt with a new interest rate (apr). This minimizes the number of bills and the interest rate you are obliged to repay.

Usually,  consolidation loans are unsecured. They are based on your promise to return the whole amount. Of course, there are companies that will offer you secured personal loans. Such loans are guaranteed with valuable assets such as a car, home, or insurance policies in your name. You can only get your assets back once you clear the whole amount. However, you should feel free to refinance the loan if you get better financially. This will help you get more convenient interest rates and terms.

What are the benefits of consolidating my payday loans?

You can view the real benefits of debt consolidation in multiple ways.

One is that the terms of repayment are more flexible than regular payday loans. The loan borrower gets a few months or years to make repayments.

Secondly, the loan repayments are monthly and fixed. The terms are much more predictable than what is seen with other types of personal loans.

Thirdly, your capacity to repay the consolidated loan is analyzed. That means the pdl consolidation company will not help you with a loan that you cannot afford to pay. So, there are fewer chances of you losing your home or car due to defaulting.

You can also refinance the debt consolidation loan. This will help you get a newer loan with the best terms and rates.

Lastly, the rates and fees for consolidation loans are lower than payday loans.

Would the payday loan consolidation company take control of my credit?

The answer to this question is most certainly no. We won’t take hold of your money. As soon as you pay us, we will pay your lenders the outstanding loan.

However, bear in mind that there are other PLD help companies out there that get to hold your money for up to 3 months without making any payment to your lenders. This way, they pay themselves first, not your creditors.

This is not only a bad business practice, but it can also get one into real financial problems with lenders.

How much principal and interest rates will I get every month for consolidation?

With payday consolidation, the amount of money that you pay every month varies.

  • Firstly, you need to take into account the number of outstanding loans.
  • Then, you have to consider your ability to return the borrowed amount. One can go with a really aggressive loan repayment schedule. But that won’t be useful if you cannot make the payment each month.
  • And thirdly, the size of your outstanding loans also matters

A debt consolidation calculator can help one determine how much one will eventually pay.  This calculator will, first of all, help you determine whether debt consolidation is the best option for you.  The pdl calculator will also suggest the most effective way to consolidate your payday loans. It also estimates how much you will save if you apply for a personal loan for debt consolidation.

How recognizing a legitimate payday loan help company

A trustworthy company won’t take hold over your money

Check whether the company is legitimate

This is the most important thing that clients who need credit help should find out.
A trustworthy company will help you get out of debt and not hold your money.  It is prudent to check if the company is a member of the Better Business Bureau (BBB).
 Legitimate pdl consolidation companies won’t take hold of your money. This is the first sign of business honesty.

The best payday loan help companies take over your existing loans

The second sign of honesty is whether the debt consolidation loan provider would actually take over your existing loans. This means that the company name will stand on your loan documentation. A scam company most certainly won’t do that.

The reason for taking over your loans is that we have become the loan holder, and your former lenders will now have to deal with us.

In case you decide not to make the necessary payments to our company, the contract between you and us becomes null and will be void automatically.

This means that we become the sole loan holder and thus free ourselves from any further payments to your lenders. In other words, you return to where you were at the beginning and have to deal with your lenders all by yourself.

Can I close my bank account during the loan consolidation process?

This is one important question to ask before you consolidate pdl.  It has a simple answer – no, it isn’t. All you need to do is go to your bank branch and ask to cease the automatic payments from your account to your lenders.

Discontinuing them would not affect your account in any other way. This means that if you have automatic deposits or other automated payments, they will not be affected.

90% of our clients stop the auto withdrawal while the other 10% simply close their accounts, but this is not necessary.

Keep in mind that closing a bank account may have a negative impact on your credit report and, eventually your credit score.

What is your fee for payday debt consolidation?

fee calculated based upon personal financial situation
The rates and fees are calculated based on your personal financial situation

The fees to consolidate payday loans depend on the individual pdl debt situation of every client. It may vary based on the various debt amounts.

When our client requests a free quotation, he will be provided with our fee which is calculated based on his personal financial situation.

Once you complete our program, we will provide free credit counseling to help you live a  debt-free life in the future.

How do you collect your payday loan fee?

When we help you consolidate credit, our company will collect fees through the payments you make after enrolling in our pdl consolidation program. For example, the first payment is our fee. Every other payment goes to your lenders until your payday loan debt is completely cleared.

What is the payment schedule for paying off my debt?

If you want to consolidate payday loans, the payment schedule for the new personal loan depends on the total amount of your debt.

Based on the debt level, your payment schedule maybe 6, 12, or 18 months. Once enrolled in our consolidation program, it is up to you to decide when you prefer the repayment procedure to start.

What should I do if the payday loan debt company is misleading?

  • always check the credibility of your potential lender
  • Always check the credibility of your potential direct loan lender. They should have a good BBB rating.
  • It is also important to check the lender reviews on their website. Most part clients usually leave a review on their website.
  • If you get help from a company that insisted or advised you to take doubtful actions that are not completely clear to you, reconsider your financial relations with that company.

Do not forget to always review the credibility of your potential pdl lender. Never approach institutions that have a doubtful past with clients’ complaints or legal prosecution. The best company should also offer free credit counseling services to ensure that one does not get into debt again.

Remember that the market is large, and there is always an alternative consolidation loan provider out there.

Is the payday loan consolidation asking for too much information upfront?

If your potential lending company is asking for unnecessary information like a social security number, account details, or some other personal data, you should reconsider your decision to work with them.

The same applies to those companies that offer free credit counseling services. As said before – it is a large market, and there are a lot of best consolidation companies to work with.

A debt consolidation company does not need to know all your information prior to providing you with their loan consolidation services. Therefore, avoid providing your card details, among other delicate information.

Is a payday (pdl) loan lender authorized to send the borrower to jail for non-repayment?

No pdl lenders cannot send a payday loan (pdl) borrower to jail if the borrower does not make payments. However, authorized lenders can sue a borrower in court.

Do I need to pay an upfront fee for a payday consolidation service?

Bear in mind that upfront fees are not mandatory, and if a company asks for a very high upfront fee for their service, you should simply move on to the next consolidation loan provider.

The best company does not ask its clients for an upfront fee. It is common that they provide you with their services first.

Hopefully, this article has answered the most important questions that you may have about payday loan consolidation. Nevertheless, if you need a debt consolidation loan and have any other questions, please do not hesitate to contact us by email or call 800-522-9222.

 

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Author: Julie Snearl

Editor and writer for over a decade , she has written and edited finance for both national technical and consumer readership, Julia Snearl is the editor for Personal Finance in KashPilot. Her experience in editing business books also includes working as the editor of charts of Ahead of the Curve. More than 3 years' experience in editing content for finance on KashPilot, Julie is interested in learning about how to use digital content to assist people make better financial choices.


Types of Loans We Offer

Installment Loans

Receive your cash and repay it in equal monthly installments. Each payment will include interest, and prepayment is any time without penalty.

Payday Loans

Payday loans online are loans given to people who need money in the short term. Most payday loans are meant for small expenses, such as utility bills or vehicle repairs

Loan Consolidation

KashPilot Offers Loan Consolidation Online for Bad Credit, these are people who can’t manage their loans or can’t repay all the fees and rates (apr) on right time.

Title Loans

KasPilot Offers Title Loans, Your vehicle’s title serves as collateral for a loan you may think of as a secured loan. When you use your car as collateral for a loan



FAQ's

A Payday Loan can be used to cover costs until your next income arrives. Whether you need to pay rent, cover an unexpected medical bill, or purchase groceries, Payday Loans can provide you with the quick cash you require.

You must produce identity, proof of income, a bank statement, and a personal check in order to qualify for a loan. If you do not have a personal check, you can offer a debit card or ACH authorization in several jurisdictions. There is no requirement for personal property to obtain a Cash Advance.

Payday loans are short-term loans owing on the borrower's next payday. Timing is contingent upon your pay schedule.

KashPilot's Payday Loans are accessible to all credit types. When KashPilot evaluates a Payday Loan application, a credit history is among the many elements analyzed.

Yes, Cash Advances are often referred to as Payday Loans. This is a short-term, personal loan that is payable upon receipt of your next paycheck.

State legislation establishes the maximum amount of money you can get through a Payday Loan. In addition, you will qualify for a specific loan amount, within the permissible range, based on your current income.

When evaluating your Cash Advance application, we may use information from third-party data sources to determine your creditworthiness.

Typically, your Payday Loan is payable on your next payday. We provide numerous payment alternatives, including in-person and online payment choices, to make the repayment of your loan easier (varies by state).

KashPilot has assisted thousands of individuals with poor credit by offering a number of financial options, such as Payday Loans, Online Loans, Installment Loans, Title Loans, and Personal Lines of Credit.