You took out payday loans because you needed the money right away. It seemed like a great idea at the time, but now you find yourself in over your head in debt.
Don’t let getting out of your payday loans become a never-ending cycle. There is a way out of the never-ending accruing interest and demands for large payments. You can consolidate your payday loans with a personal loan. An unsecured personal loan gives you one payment and one interest rate, allowing you to get out of debt faster.
The right personal loan can pay off all of your payday loans (as long as you qualify), putting you back in control of your finances. Keep reading to see how a personal loan can help you too.
An unsecured personal loan is a great way to consolidate your payday loan debt. You don’t have to put up collateral and all you need to qualify is a stable income and a decent debt ratio. With the personal loan paying off your payday loans, your DTI will decrease, giving you a good chance at approval.Compare Personal Loans To Consolidate Payday Loans
Once you pay off your payday loans in full, they are satisfied. You don’t have to deal with them any longer. Now you have a personal loan with a fixed monthly payment that you pay at the same time each month.
The personal loan process takes only a matter of minutes once you apply. You’ll know instantly if you are approved and how much you can receive. As soon as you satisfy the conditions (which are only a few), you may receive funds within 24 – 48 hours.
Consolidating your payday loan debt simplifies things for you. You’ll enjoy:
• One monthly payment – You don’t have to worry about making payments every pay period. You make one payment each month that covers the principal and interest payment required.
• Lower interest rates – Personal loans have significantly lower interest rates than payday loans. You’ll pay less for borrowing the money and get out of debt faster.
• Longer terms – Personal loans typically have terms ranging from 12 months to 60 months (sometimes longer). This is in vast difference to the payday loan term of two to four weeks.
• Easier to budget – You know your monthly payment every month, allowing you to budget easier. You don’t have to worry about excessive fees or demand payments that eat away at your entire paycheck.
Payday loans are a great way to consolidate your payday loans and put some financial certainty back in your life. Whether you have one or multiple payday loans, take yourself out from under the pressure they cause and give yourself the flexibility of a personal, unsecured loan.