Payday Loan Consolidation
posted May 4, 2011, 6:56 PM by waterlily waterlily
Going with the first debt consolidation loan lender you can find, certainly it is not the best way to start your path back to a healthy financial state. It is by comparing different debt consolidation lenders and applying certain criteria that you will be able to figure out the best debt consolidator that meet all your very own requirements.
Your own personal circumstances determine the right way to go, getting a well designed debt consolidation program is a must, the amount you will be borrowing and the interest rate to pay are such important that, it is advisable work with a debt counselor before to make any decision. For example, are you going to turn unsecured debt into secured debt? if there are collaterals involved then you probably know that there are risks associated to this action.
How about your credit score? your credit report plays an important role while applying for a loan. Then, in order to work with a highly provider you should;
1. Going with a trusted and reputable debt consolidation loan agency, these ones have been usually in the market for long time.
2. Works with a seasoned debt counselor and design a specific debt management plan that meets your very own financial situation.
3. Be sure you meet debt consolidation lender requirements, because if you are turned down own your application this has a negative impact on your credit report. Again, this should be analyzed with your debt counselor.
4. Going for a monthly payment that you can afford to pay back, once again, a good debt management program should consider this important point.
5. Do as much as possible in order to get the cheaper interest rate you can find.
Which one is the best rated debt consolidation loan company? the one that meet your personal financial situation in excess, that has proven to be effective resolving customer problems and that has gained a name in the market.
By the way, there certainly are reputable debt consolidation companies in the market, so you must research and compare several services in order to to determine the one that meets your specific financial situation, plus the cheaper interest rates offered. Nonetheless, it is advisable going with a trusted and trusted debt counselor before making any decision, this way you will save time through specialized advise coming from a seasoned debt advisor and money by getting better results in a shorter span of time.
Hector Milla runs the Reputable Debt Consolidation Company website - where you can see his best rated debt consolidation company recommendation.
Visit for further information and read our full review of the best debt consolidation service, plus articles and video training about how to get the most of your debt consolidation process.
posted May 4, 2011, 6:53 PM by waterlily waterlily
Here is a common story: My friend, Nick, is badly in need of money but can't get a loan. He has several payday loans that he can't pay off. He has been trying to pay them back for a long time now, but due to lack of money he is just able to renew them. He wants to cash out his 401k. That way he'll have enough money to pay off the payday loans. And he'll even have enough money every month to put back in his 401k plan.
He has learnt his lesson the hard way. He is sure he never wants to get involved in payday loans ever again. You might also be in a situation of cash crisis and wondering what to do. Before you decide to go for payday loans, get to know what it's all about.
Payday loans are also known as cash advance loans, check advance loans, post dated check loans or deferred deposit check loans. They have been referred to as 'costly cash' by the Federal Trade Commission. There are over 10,000 big and small lenders dealing in payday loans, and as per an estimate they earn more than $2 billion a year in terms of fees and interest.
The procedure for getting a payday loan is very simple. You just need to write a check for the amount of the loan that you want, plus a fee. The amount of the fee depends on the amount of the loan. Most of the loans, including payday loans, are governed by usury laws. These laws limit the amount of interest that can be charged on a loan. Surveys revealed that payday lenders charged interest ranging from 390% to 871%. The average APR was found to be 474%. In spite of the federal Truth In Lending Act, most of the payday lenders don't want you to know the exact amount that you would be paying. In the survey, only 37% of the lenders quoted an accurate Annual Percentage Rate.
It's a known fact that people go for payday loans only when they have failed to arrange the money from every other source. Even a cash advance on a credit card would cost them less. A cash advance on a credit card would cost you somewhere between 35% and 50%, which is obviously much better than paying more than 400% APR.
Instead of payday loans, borrowing from your 401k plan would be a better idea. It would provide you with instant money for your need, and allow you to pay it back through payroll deduction. You need to speak with the human resources department of you organization to find out more about a 401k loan. The best part about a 401k loan is that money borrowed is not subject to tax penalties. Also, it won't be added to you income for tax purposes unless you repay the loan.
Mary Wise, a professional consultant with twenty years in the financial field, helps people in the process of securing personal loans, mortgage, refinance or consolidation loans and preventing consumers from falling into the hands of fraudulent lenders. At here you will find more useful tips and interesting financial articles on this and many other related topics.
posted May 4, 2011, 6:51 PM by waterlily waterlily
Inflation is talking point amongst the executives and the laymen alike. And the corporate domain all over the world is in dock where achieving a certain growth parameter is concerned. This is the prime reason behind the reduction in monthly expenditures so that the colossal amounts of debt are reduced. The debts are usually accumulated due to the wasteful expenditure and mismanagement of funds which is the bane of corporate world and otherwise. It still is in the interest of an organization to go for the debt consolidation lead which benefits them immensely. Through amounts consolidated in this way, one is able to easily pay off the bills and all unsecured debts in the form of credit cards, cell phone bills, medical bills, legal bills, and other expenses are collected together under one schedule. This step is beneficial in sanctioning up of a single check in the name of borrower instead of several ones and saves him from unnecessary problems.
In this case, a debt counselor is of immense help. A borrower is assisted with the suggestions and an in-depth study of your debt problem. With proper guidance you are guided towards a perfect lead which reduces the interest rates in the long run. The debt rates quoted by the lenders under this specific category are usually high than the secured debt category. Debt consolidation lead is procured through the medium of internet as web generated leads are usually considered as used leads. Only authorized lead providers like banks, and other registered financial institutions need to be contacted in this case to secure a deal which is legal in all respects. Debt consolidation lead shows the way towards reliable sources of bringing in the business and thus being ahead in the competitive market conditions.
Since quality is byword while selecting the perfect leads provider, it is important to not get trapped in the tempting offers. These very offers can prove to be fraudulent in case one somehow contacts unauthorized finance institutions who are out to dupe the people. Debt consolidation lead comes with the flexibility for a replacement but one has to submit a letter citing valid reasons behind the application. Applying for the loan facility requires a thorough investigation to know about the source of leads. This is because often the quality of leads generated in doubtable ways end up damaging the reputation of organizations. Also, one needs to check whether the leads generated are all yours or you may end up in sharing them with others. The accuracy of contact information is of paramount importance as the borrowers wish to associate with lenders who know how to handle the cases.
Debt consolidation lead requires a planned study by the lenders as the borrowers wish to go for authentic leads only. The borrower needs to check the rating of each service provider and also the number of registrations which they have made so far. Log on to the websites on the internet to select preferred leads provider and fill the application form. Personal details are required to be filled up by you to gather precious information and other sundry details. Make sure to check with each and every detail to nullify the fraudulent clauses, terms and conditions of uncertified service providers.
Thomas Charlie is an expert loan broker. His extensive knowledge about Secured Loan Leads, Unsecured Loan Leads, Payday Loan Leads, Debt consolidation lead and various other leads help him in making people understand their needs and accordingly helps them to get their desired loan. If you want to know more about these loan leads or any other loan leads you can visit
posted May 4, 2011, 6:49 PM by waterlily waterlily
Payday loan debt consolidation, allows you to manage all your debts in a systematic manner. The interest rate, on the merged amount is much lower than the clubbed rates of each debt taken together. However this facility is available only for large debts. Petty cash requirements do not qualify under this scheme.
You will qualify for this loan only if you possess a house or any other property. Most of the lenders consider the credit score as an import determinant while calculating the loan amount. The credit score is calculated by factoring your income against all amounts due by you. This score will also determine the interest rate charged on your loan.
Debt consolidation will test all your negotiation skills. Different companies offer different interest rates and the rate you finally get would depend upon your skills at the table. In order to find the best rate available, send your application to as many companies as possible. Do not neglect this, as the interest part of the total debt forms a substantial part of the total payment.
Payday loan debt consolidation shifts the interest burden from multiple debts to a single debt. This reduces the interest amount considerably. However, take into account your paying capacity while settling for a scheme. Remember that your house is on the line and any failure in repayment can render you homeless.
Credit card is also a viable option if you want to consolidate your payday loans. The benefits are a lower interest rate and lower monthly payment. However, the lenders will shut the door on you if your credit history is poor. Even if you manage to get a loan the interest rate would be excessive, making it nonviable.
It is important that you give yourself a reality check before going ahead with a plan of action. Financial consultants are well versed and you should take their help if you find yourself lost in the world of debt consolidation.
Finding a good low interest debt consolidation is not always easy. Payday Loan debt Consolidation can help consumers who are struggling under the burden of too many payday loans and can help in shifting the interest burden from multiple debts to a single debt.
posted May 4, 2011, 6:46 PM by waterlily waterlily
In case you find yourself unable to repay a payday cash advance on time, payday loan debt consolidation is an option to help you out. Many of you need to take cash advances from loan companies for various reasons. You may have some urgent financial payments to make. The payday loan is a short term cash advance which you can repay when you receive your next paycheck. If you are unable to repay the loan by the due date, you are able to extend the advance for another month. The problem with this is that the amount payable by you may accumulate to a very large sum. This makes it more difficult for you to repay the cash advance.
How Does Consolidation of Debt Help?
There is a way to help you out in such a situation. You can approach a debt management company to provide you with a payday loan debt service. Once you contact the debit consolidation company, they will communicate with the cash advance company on your behalf. Their job is to get the loan company to agree to a consolidated repayment amount which is advantageous to you. This amount will be lower than the amount you had to pay earlier. The consolidation loan amount will be calculated with a lower interest rate and will give you a lower monthly payment amount.
When To Contact A Debt Management Company
You should always keep in mind that a loan till pay day is a short term loan. It has to be repaid on your next payday which is usually after a month. If for any reason you cannot repay the amount on the due date, the cash advance can be extended with additional fees. This could lead to the payable amount to become very high. You should contact a debit management company as soon as you extend your advance. By doing so, you can prevent the debit amount from becoming too high and more difficult for you to pay. The sooner you use this service, the easier it will be for you to repay the cash advance.
When you take a debt reduction service, you do not need to communicate with the lending company any further. The company will contact them on your behalf. If the creditors want to get in touch with you, they will have to do so through the debt reduction company.
If you have taken multiple payday cash advances and cannot repay them on time, the payday loan debt consolidation service can help reduce the repayable amount. This would make it easier for you to repay the loan.
The payday loan debt consolidation service is offered by debt consolidation companies to reduce the payday loan amount repayable by you. This is helpful when you cannot repay the loan on time and have to extend the loan term with additional fees.
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