Payday loan consolidations -See more and then consolidate cash advance loans
As you know, payday loans are not installment loans. The entire borrowed amount (plus interest, commissions and other additional costs) must be returned in one go, usually after 30 or 60, and in some cases 90 days. We can call the consolidation of payday loans in installments. It works in such a way that under the consolidation loan (or a consolidation loan, although banks usually do not decide to consolidate payday loans), the existing liabilities are repaid.
Therefore, the claims of the companies that gave us payday loans are satisfied and we no longer have any short-term liabilities, only one long-term loan, ie a consolidation loan. Thanks to this, we don’t have to worry about paying off huge amounts within a dozen or so days, because they will be spread into installments, which we will be able to pay back on time.
See more and then consolidate cash advance loans
Payday loans in Poland are very popular. These are very quick and convenient loans, thanks to which you can easily borrow a small amount. They are not dangerous in themselves and can be very profitable and profitable if we contract them with caution. Often, however, when it comes to paying back payday loans, there is a problem. It turns out that one-time repayment of the entire debt is simply impossible.
It may happen that we will take another payday loan to pay off the previous one and before we look back, we will have a few, if not a dozen different payday bucks on our napes. In this case, payday loan consolidation via https://www.paydayloanhelpers.com/payday-loan-consolidation/ can help us. Only is a consolidation of payday loans really profitable?
Is it worth consolidating payday loans?
If we are unable to pay back payday loans taken on time, consolidation may be a solution that will finally allow us to get out of debt. It should be remembered that any late payment of payday loans will probably result in high-interest rates or other unpleasant consequences. We can avoid this by paying them back on time with a consolidation loan.
However, a consolidation loan is uneven, therefore it is worth comparing as many different offers as possible, and then making decisions. It may be a good idea to use the services of experienced credit experts, who will be able to negotiate the best possible conditions for us.
By consolidating debts, of course, we increase their total cost, but this is because we extend them for a longer period (ie longer interest accrued). In this way, we are able to get a very low monthly installment, which is extremely important if we are heavily indebted and have a small budget available every month.
An alternative to the consolidation of payday loans – cash loan
If for some reason we cannot or do not want to receive a consolidation loan, there are other solutions.
One of them is to take out an ordinary cash loan and then use it as a kind of consolidation loan, ie to pay off all payday loans. It will be easier for us to get such a loan than a consolidation loan, although it will still be a difficult task if we have low creditworthiness and we have been late with paying installments earlier.
Obtaining such a loan may be beyond our reach, but not necessarily beyond the reach of a credit expert. Therefore, in this case, it is also worth contacting him – this will significantly increase your chances of positive consideration of our loan application.
Declaration of consumer bankruptcy
What if we can’t get such a loan? We always have the option of declaring consumer bankruptcy, although this step should be taken only in a hopeless situation when there is no other way.
The declaration of consumer bankruptcy will involve the seizure of part and bidding part of the property in order to cover the debt. In addition, it may be necessary to create a repayment plan if the auctioned property was too low. Following the repayment schedule (although sometimes it is possible to skip it) will eventually lead to the cancellation of debts and total debt relief before debts due to consumer bankruptcy.
Often this is the only solution that will allow you to go straight, but on the other hand, it is potentially associated with many unpleasantness – for example, the loss of real estate, if you have one.
The only good news is that if our house is seized and auctioned, we will receive from the sum obtained in this way funds for renting the flat for the next year. Of course, the loss of a house will still hurt, but less than if it were taken and auctioned by a bailiff, from whom we would not get the money to rent an apartment.
As you can see, there are several ways to deal with payday loans. They are not perfect and have both their pros and cons, but they may be the only way to solve your debt problems.