Many people have used consolidation loans to resolve their debt problems. In a nutshell, consolidating payday advances can be done by taking out a single big loan to pay off multiple loans. It is an easy, convenient way to pay back outstanding loans. If you're having a difficult time making payments on your payday loans, then you may consolidate them and make pay a single payment each month. This will help you pay off loans faster without having to pay several bills a month. Here are the steps you can take to consolidate and pay off your outstanding payday loans:
Instructions
1. Determine how much you owe: Calculate the outstanding balance on your payday loans and sum up your total monthly payments.
2. Find a consolidation company: Contact a debt consolidation company which can help you consolidate your payday loans. The company will talk to you about their services and how they can help you resolve your financial problems.
3. Present your financial case: The loan consolidation company will analyze your current debt situation and design your consolidation loan to meet your financial situation.
4. Negotiate for reduced rates: Negotiate with the loan consolidation company in order to get you lower interest rates on your payday loans.
5. Work out a suitable payment plan: The loan consolidation company will come up with a repayment plan that is extended over the long term, designed to lower your monthly payments and make it much more manageable for you.
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