Is there a consolidation loan to pay off payday loans?
I made a huge mistake in using payday loans to help pay bills during a rough time. Now I can’t get from under them and it’s hard to pay on my regular bills. My credit is 495 therefore it has been hard to get a loan.
Is there help for me? Once i can get these loans paid I can make the monthly pay’ts.
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5 Responses to “Is there a consolidation loan to pay off payday loans?”
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By N2H
Yuck…payday loans stink. There’s a reason they’re popping up all over in lower income areas—they’re very profitable.
I’m sure there are loans that you could use to consolidate. I would try to get a 0% APR credit card, but you’ll have trouble with your marginal credit score–just like with any other loan.
You should consider selling assets–car, junk on ebay, etc to pay this thing off ASAP.
I went through something similar. The best thing to do is each time you go pay your paydays, don’t re-loan for the highest amount. Keep borrowing less until you have paid the loan off. This takes discipline, but it can be done. You cannot consolidate, using a consolidation program. if you default, they will eventually send it to a law firm. I don’t know how many you have out but try using one to pay the other and then getting yourself down to one, and then start paying down, borrowing less until you can get rid of those nasty things.
A small loan consolidation with low interest is the best I found interesting information about your answer & options here. http://all-debt-consolidation-loan.blogspot.com/2007/07/loan-consolidation.html
Yeah but it is a dumb idea though. I think you should start with the smallest debt pay it off take the money you were using on the smallest debt and throw it at the larger debet until it is paid off, and so on(debt snow ball) then just live within you’re means and the problem won’t resurface.
You are unlikely to get an unsecured loan with your credit score. But there are some companies out there who can work with you to get these payday loans paid off. Most debt consolidation companies don’t work with payday loans but a couple of companies do. One is Langhorne Debt Solutions. Their services are not free but they are very good at what they do. Also, it is likely you have paid your payday loans off already but with rollovers, etc. it just keeps you in a cycle of debt. Do some research on the payday industry and you will see that several states are taking action against payday loans due to illegal interest rates and other shady business practices. Good luck to you.