Consolidating payday loans is the way to go if you have more than one bill to pay. There are several different options for consolidating your bills into one loan. The following is a quick guide to help you get started.
To apply to at least three of them
When you apply online, you are already presented with many different loan companies. The best way to sort through them is to apply to at least three of them. This way you have a lot of different loan companies to compare and work with.
Make sure that you compare the fees on each of the different company’s websites. You don’t want to get a consolidation loan from a company that will take all of your money up front and charge you an expensive monthly fee.
Be careful about fees that you pay upfront. In some cases they can add up very quickly.
Check to see if you need to do a credit check before applying. Most companies that offer consolidation loans will run a credit check before they will approve you. Just be sure to tell them what your credit score is before you get started.
Paying on time and making the minimum payments
Try to keep the monthly payments as low as possible. Some consolidation loans include a prepayment penalty. By paying on time and making the minimum payments, you may be able to lower the amount of the monthly payments you have to make.
The longer you have had credit, the more of a chance you have of getting a consolidation loan. If you’ve been unable to make the monthly payments on previous loans, then you might be given a good chance by the company you choose.
If you have been a good customer in the past, you may get a loan a very small time frame. It may take six months to a year before you can qualify for a consolidation loan.
Comfortable with the monthly payments
There are a few other tips to help you find out if you can consolidate payday loans. First, read all of the terms and conditions carefully.
Make sure that you understand what it is you are agreeing to and how much of a monthly payment you have to make. Make sure that you are comfortable with the monthly payments before you sign any papers.
Make sure that the lender is reputable and works with other lenders for their consolidation loans. They may be able to give you a great deal if they work with another company for their services. It may also help to ask friends and family if they know of a good financial institution.
Consolidating payday loans is a great way to get out of debt without having to file bankruptcy. With a little research and a little work, you can find the right option for you.