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I Need Help To Consolidate Payday Loans
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I Need Help To Consolidate Payday Loans

Taking out a payday loan probably seemed like a great idea at the time, you had a financial emergency pop up and you just didn't have the resources to cover it.

If you’re like most people you tried to get a traditional short term loan – but with the crackdown at all major financial institutions getting a short term loan is a lot harder to get then it used to be.

Now you have to have great credit – where before average credit would do, and of course you need a substantial amount of collateral to support the loan – which many people do not have.

Oh sure you may have a car or truck but in most cases those are not accepted because in many cases they have been financed and you can’t use property that has a lien on it as collateral.

So what do you do? You get a payday loan – the loan gets you out of the financial emergency – but without really knowing it – you have set yourself up for the payday loan trap.

Most financial emergencies are under $500 – so getting a payday loan for that amount seems like no big deal – but remember (well you know this now) on average it will cost you $650 (this includes the fees and interest) to pay that loan off in full in two weeks’ time.

Then two weeks comes around and you don’t have the $650 to pay the loan off because you have other bills to pay, so you're offered a roll over.

A rollover is where you pay just the interest and fees plus a roll over fee and you can now extend your loan for two more weeks – and this is how the payday loan trap works.

Many people end up continuing to roll over their loan for as many times as they can hoping to come up with the money to pay it off – when they can’t many people will go get another payday loan from another company to pay off the first loan – but now they have a new payday loan but they are still in the same mess as when they started.

Some people even have two, three or even more payday loans – now all they are doing is paying fees and interest on all these loans and never paying them off – it turns into a nightmare. Thus the payday loan trap.

Unfortunately many people opt for bankruptcy – there is no need for that, you can consolidate all your loans with a consolidation company.

Consolidation companies are not banks so you don’t have to worry about your credit or having collateral to qualify.

The consolidation company will contact all your lenders and negotiate a new re-payment plan. Now you will make just one low monthly payment to the consolidation company and in turn they pay your lenders.

They will stop all the fees and interest on your loans and if you’re getting collection calls – they will stop all those calls as well.

Getting out of the payday loan trap is easily doable if you know what your options are. And the absolute best option is contacting a consolidation company right away – you can end payday loan debt today!!


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