Debt from payday loans

Too Many Payday Loans?

If you have too many payday loans, you are probably dealing with quite a bit of fees and possibly an overdrawn bank account. We have a possible solution for you. While not right for everyone, one of our lenders might be able to offer you an installment loan that you can use to consolidate those loans into just one. Even if you have bad credit, you may be able to qualify. In any case, it is free to find out, so why not see what kind of offer you can qualify for?

Get Your Loan Quote

Loan quotes take just minutes to complete. With just a little basic information, you might have a loan offer in front of you. Our lenders are used to dealing with bad credit and one may be able to make you an offer that will allow you to consolidate your payday loans into one installment loan. There is no obligation and no fee. So, there is really no reason not to give it a try.

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About The Loan Network

The beauty of working with a loan network is that it makes it much easier to get a loan, even with bad credit. This is especially true if you have three or more payday loans out there. Having multiple open loans, makes you a riskier borrower. Still, you may be able to qualify for a single installment loan that you can use to pay off all of your other ones. Here is how it works.

First, you will complete the quote form at the top of this page. It will take just a few minutes but be careful to enter your information correctly. Incorrect information will just slow the process down. Once you have the form completed, review the terms and then submit it to the network.

Next, your information will be securely sent to the loan network. It will go from lender to lender until you run through them all or until one is found that wants to make you an offer. We can not guarantee you an approval but you have a better shot with a loan network than with an individual direct lender.

If a lender is located that wants to make you an offer, you will be sent the offer or transferred to their website. Be sure to review all of the details of the loan before accepting it, you would not to make matters any worse than they are now by selecting a bad loan. If you like the terms, accept it and your lender will get you your money as soon as possible.

You will then be able to pay off your multiple payday loans and begin paying on the new single loan. Hopefully, it will allow you to get your finances back in order quickly.

Getting Out Of Payday Loan Trouble

That is the whole reason that you are here, so let’s talk a little about getting rid of your payday loans.

First, although there are many lenders out there that our less than ethical, you must admit that this problem is yours. You need to take ownership of it and most importantly learn from it. It is never advisable to take out more than one payday loan at a time and if you have more than one loan out, you have just been asking for trouble. So, once you get out of this jam, be sure to never get into it again. Preferably do not take out a payday loan again, even if you need money right away. But, if you must, only take out one at a time.

One option to get out of your payday loans is the option presented at the top of this page. If you can qualify, an installment loan could allow you to satisfy your payday loan debt. You could then pay back the new loan at a slower pace that might be much easier on your budget. While you might pay higher interest with bad credit, it is typically much lower than that of a payday loan. You will be paying the interest for a longer time though so the interest will add up. Take this into account before accepting a loan offer that you receive.

Another option that might be available is an extended payment plan. Some states require lenders to offer you an EPP. This would allow you to pay back the loan at a much slower pace. In addition, many lenders are members of the CFSA which as a best practice requires members to offer an extended payment plan. There should typically be no fee to obtain an EPP but you might incur fees if you break it. As long as you are in good standing with your plan, you should not be harassed or reported to credit bureaus while it is in effect. To obtain an EPP. contact your lender and see if they offer one.

Debt settlement is another option that might be for you. If you can find one, there might be anon profit organization that would be willing to help you. You can also go about it yourself but this does involve dealing with collectors. It your bank is overdrawn and lenders have no ability to get their money, they might be willing to listen to and consider your lump sum offer. Just make sure that you get any agreement in writing and maintain records of your payment. If the lender is local, a cash payment is not advisable. Make sure you use a money order or some form of payment that you can maintain proof of.

If all else fails, a final option to consider is bankruptcy. Bankruptcy will have a lasting impact on your credit but it could eliminate your debt completely and give you a fresh start. As a bonus, as soon as you file, creditors must immediately cease collection efforts or they may face steep penalties from the court. Bankruptcy is a complicated topic and one that you should seek professional advice about before you consider it. Luckily, many bankruptcy attorneys offer free consultations. Set up a meeting and see if this is the best option for you.

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Posted by
James Car

James Car is a finance, loan and budget expert based in the United States. After attending Brookhaven college, he went on to become a successful entrepreneur. He now enjoys writing articles that help people save and make the most of their money.