When you are faced with the difficulty of making payments on your payday loans, there are options available to consolidate them into one low monthly payment. This will help you to pay off your debts sooner without having to remember to write multiple checks each month and getting further behind. Read on to learn more about how you can consolidate your online payday loans today.
Calculate Your Total Loan Debt
The first step to consolidating your payday advance loans is to calculate your total current debt owed. Because the cash advances were for different amounts taken out at different times, you will need to find out exactly what is currently due. Once you have calculated this amount, factor in your interest payments and any other unsecured debt you currently have, such as credit cards or personal credit accounts. Then you will be ready to approach a payday loan consolidation firm with the right information to get in the right program.
Find a Payday Loan Consolidation Company
There are a wide range of reputable debt consolidation companies available both locally and on the Internet. Start researching these companies by reviewing their websites and checking them through the Better Business Bureau, a watchdog organization that alerts consumers to companies that have had multiple consumer complaints. Approach each consolidation company and ask about consolidation of payday advance loans and debt settlement. Make sure to take advantage of companies that offer you a free initial consultation.
Negotiate for the Best Rates
Once you have selected a debt consolidation company that provides solutions for payday loan debtors, start the application process and work closely with debt counselors to reduce your fees. Once you are presented with a debt consolidation plan, negotiate for the lowest rate by stating you are shopping around with other competitors. Remember: you will want to find a rate that is lower than the current interest you are paying on your payday loans in order to reduce your monthly obligations.
Set Up a New Repayment Plan
Now that you have selected the best debt consolidation program to meet your needs, it’s time to accept the terms and set up a realistic repayment plan that fits your current budget. Choose a plan that will not max out your resources and leave you requiring more cash advances in the future to avoid getting into more trouble financially. In addition to setting up an easy repayment plan, payday loan consolidation companies can send out cease and desist letters to collection agencies and will work directly with the payday loan companies to get a reduced repayment amount.