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Payday loan consolidation help
payday loan consolidation loans
You should NEVER take out a New Payday Loan in order to pay off an Existing Payday Loan.
Payday Loans aka:
- Cash advance loans
- Check advance loans
- Post-dated check loans
- Deferred deposit loans.
- Faxless cash
These are short-term loans with a high fee that represent the worst and most expensive type of borrowing. The faster you can dispense with them the better.
Payday Loan Consolidation Product?
It should be made clear that there is no special payday loan consolidation product (or specific named payday consolidation loan). What there is are various loan types that may be used for payday loan consolidation.
A payday consolidation loan is therefore any loan that you can get that enables you to use the funds to pay off the payday lender. The list of loan alternatives that may be available to you includes "Debt Consolidation Loans" (DCLs).
A Payday Loan is simply one type of debt that can be handled through DCLs, along with many other types.
! You should NOT use any "Payday Loan Consolidation Service", many of which are scams.
Payday Loan Consolidation Loans Options
You may have several payday loan consolidation loans alternatives. Any type of loan used for consolidation will have the effect of "transferring" the debt to a new lender, and getting rid of the original creditor (payday lender). The goal is to payoff the payday loan entirely and immediately - using funds from an alternative loan. Afterwards, you have a cheaper debt obligation to the new loan lender.
Almost ANY loan alternative will be cheaper than a payday loan. Other loans have a longer duration or payback period and are much less expensive. A payday loan is considered a very short term loan and is expensive for this reason (otherwise there would be no incentive for the lender to lend). The problem comes when you begin rolling them forward.
If you are having immediate financial difficulties then a new type of loan through payday loan consolidation can give you the time that you need to get your finances in order, so that you never need to approach a payday lender again.
Potential Loan Funds For Payday Loan Consolidation
The following loan options are ways to acquire funds that can be used to payoff the payday loan lender and so achieve payday loan consolidation. There are other non-loan ways to obtain monies to make the payoff. There are also further alternatives for dealing with payday loan debt that we discuss later.
1. Debt Consolidation Loan (DCL)
One advantage with the DCL type loan is that the provider will sometimes payoff the payday lender (debt) for you - otherwise you take the new loan proceeds and simply payoff the Payday Loan yourself.
2. Small Loan
A small loan for payday loan consolidation. Loans are granted by licensed small loan lenders in your state or signature loan lenders. Loans may last for several months or more. As with all payday loan consolidation loans options they will be cheaper AND allow you time to sort out your budget.
3. Home Equity Loan or LOC
4. Refinance Mortgage
5. Savings Loan or Credit Line (uses any type of savings as collateral for payday loan consolidation)
6. Auto Refinance For Payday Loan Consolidation.
(NOT a "Car Title Loan") This option is vehicle refinancing for payday loan consolidation A vehicle refinance loan allows you to roll bills into one payment and pay off a payday loan. Consolidation occurs where a new lender pays off your auto loan as part of a "cash out" loan that releases monies that you then use to payoff the payday loan.
7. Margin Loan
Do you own any stocks or bonds that can be used as collateral for payday loan consolidation.
8. Collateral Loan
Do you have an asset that a lender can use as security.
9. Credit Card
Can you payoff the Payday Loan using a credit card, or can you get a credit-card-cash-advance and use it to payoff the Payday Loan. Even a relatively expensive advance is cheaper than a Payday Loan.
10. Signature Loan
11. Personal Credit Line
12. Friends or Family Loan for Payday Loan Consolidation
If you are open and honest about the debt situation and agree to make things formal in writing; this is a possible option for some.
13. 401K Loan for Payday Loan Consolidation. If you have a 401K then you could have the option to borrow from your plan in the form of a loan. Check with your employer HR.
14. Life Policy Loan
Payday Loan Consolidation Loans Providers
-Peer to Peer Lender (Social Lending Service)
-Debt Consolidation Company
-Small Loan Lender
-Credit Card Company
First apply for any credit card or small loan at the institution where you have a bank account. You might also go in to talk with a banker. You should consider all of the above as potential payday loan consolidation loans. Once you have decided on one or two possible options then start looking for providers. Payday loan consolidation help: This website explains your options for dealing with this type of debt. Further payday loan consolidation help is available from the Consumer Federation of America and local credit counseling agencies.