Payday loans are short-term loans that give you a small amount of cash with the agreement that you’ll pay it back at your next paycheck. Payday loans are an easy way to get cash fast, but they can quickly catch you in a cycle of debt.
After you get a payday loan, you’ll need to pay the amount you borrowed back on your repayment date, plus fees. If you can’t pay it all back, the payday loan company usually lets you roll over your loan into a new loan. They’ll also add more fees and excessive interest charges. Each rollover leads you deeper into debt that’s hard to pay off, even if you originally only borrowed a few hundred dollars.
Debt consolidation is a method of paying off debt by combining existing debts into one monthly payment. The goal is to make debt easier to manage so you can focus on paying it off. Consolidating payday loans can be a good option to get out of the payday loan cycle.
There are several methods to consolidate your payday loan debt. If you’re wondering how to get out of paying back payday loan debt, consider one of these options:
Consolidating your payday loans helps you pay off your debt and get out of the payday loan cycle. Instead of renewing your payday loan and adding more fees every couple of weeks, consolidation helps you start making real progress toward paying it off.
It’s easier to manage your debt when you’re making just one payment a month. Additionally, paying off payday loans each time you get your paycheck usually leaves you with little to no money for your other needs. Consolidated debt payments are the same each month so you can create a budget that leaves money for other things.
Payday loan debt consolidation isn’t for everyone. You might be able to pay off your payday loans without consolidating. Reasons you might want to consider consolidating your payday loan debt include:
Working with a BBB accredited business that can help with your payday loan consolidation can be a helpful way to reduce the amount of debt you have. Accredited Debt Relief has been BBB accredited with an A+ rating since 2014. Our team of experienced debt consolidation professionals will listen to your payday loan situation to suggest a method that’s best for you.
As you decide what debt consolidation service could be right for you, consider these other tips to help reduce your payday loans.
Accredited Debt Relief can help you pay off your debt quickly, so you can finally take the first step toward financial freedom. Get a free consultation today!
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* The company is an affiliate of Beyond Finance, Inc. Beyond Finance, Inc., is a servicing provider for most debt consolidation services offered by the company. Beyond Finance's clients who make all monthly program payments pay approximately 68%-75% of enrolled debt (including fees) upon successful program completion. Programs range from 12-48 months. On average, Clients receive their first settlement within 4-6 months of enrollment. Not all Clients complete the program. Estimates are based on prior results and may not match your results. We cannot guarantee that your debts will be resolved for a specific amount or percentage or within a specific timeframe. We do not assume your debts, make monthly payments to creditors or provide tax, bankruptcy, accounting, legal advice or credit repair services. Program is not available in all states; fees may vary by state. The use of these services will likely adversely affect your credit. You may be subject to collections or lawsuits by creditors or collectors. Your outstanding debt may increase from the accrual of fees and interest. Read and understand all program materials prior to enrolling. Additional information for Maryland residents, click here.
Certain types of debts are not eligible for enrollment. Some creditors are not eligible for enrollment because they do not negotiate with debt consolidation companies.
The company and its affiliates are not lenders, creditors, or debt collectors. This is not a loan. Referral arrangements with our partners make it possible for you to apply for a loan. Annual Percentage Rates provided by partners range from 5.99% to 35.99%.
Testimonials reflect the individuals' opinion and may not be illustrative of all individual experiences the company or its affiliates.