Finding the best company for payday loan debt consolidation can be difficult. Even if you come across a couple of really good options, it doesn’t guarantee that you will find a company that is right for you.
However, it is important to choose wisely and do your research. This is because you will be dealing with this company for a while until you pay off all that debt.
Payday Loan Debt Consolidation: Realistic Scenarios and the Right Company
Here are some examples that can put payday loan debts in perspective for you:
Example 1: You experience a sudden need for home repairs and are short on cash. You apply for a payday loan and another one to meet the demands. Your car also breaks down in the same month, and you don’t have enough money to get it back on the road. You take another payday loan to keep afloat. Now you have three payday loans to manage.
Example 2: You have had five payday loans piled up for a while now. It has been some time since you paid an installment or dues. You decide to take a personal loan to pay off all the loans piled up. Once you get those dues out of the way, you focus on paying off that one personal loan as time progresses.
Which situation would you choose? If you don’t like being caught up in an endless cycle of debt, having just one bill to pay each month will be ideal. This can easily be possible through payday loan debt consolidation.
Debt consolidation allows you to pay multiple loans in one go. All you need to do is combine them in a single loan through a personal loan. This is followed by paying off that personal loan for the next couple of months or years (duration depends on the terms set by the lender).
However, it is essential to trust the right company for your future. After all, loans have a significant impact on your credit history. Ensure you are taking the right loan at the right time. Here are some things to consider before you choose;
1. Trust
Do you think you can trust the company? Does it have good reviews online? Do they provide enough security and privacy assurance? Your personal information is of the utmost importance, and you must entrust the right company with it.
When you apply for payday loan debt consolidation, you must submit your social security number, account number, name, address, and other details. With a trusted company, this information will remain safe.
Go online and search for authentic reviews for the company. Check if any previous clients have had any issues with the company, especially regarding privacy. If the company is registered with financial bodies or has multiple certifications, that should be your green signal!
Check if the company has your best interests in mind. If it promises unrealistic results, that is a red flag and should prompt you to stay away.
2. Goals
Are your goals being met through this organization? To answer this question, it is also important to list your goals for this company. Do you need a personal loan, debt settlement, or consolidation? Understand what the company offers and if it aligns with your needs.
This also includes the amount of loan you need. Not every company will offer you a large enough loan for all your needs to be met, and you don’t want to be caught up in multiple loans again. Also, ensure that the company provides you with manageable interest rates and terms that are sustainable for you in the long run.
Ideally, this interest rate should be lower than your current interest rates so that you have a better chance of paying off those loans this time. The terms should also be short enough so that you aren’t caught in the debt cycle for a long time but long enough for you to be able to pay the monthly installments.
3. Qualifying
Before you apply to the company and put your trust in them, understand whether you align with the candidate they are looking for. Are you going to be able to qualify for debt consolidation? If you have a bad credit history, you may have a hard time qualifying for personal loans, so it isn’t worth the hard inquiry on your credit history.
4. Customer Service
Figure out if the company is offering you enough support to be able to get through these times. Payday loan debt consolidation companies should be able to offer unparalleled customer service and representatives that are always available to answer all your questions.
You should be able to reach out via phone, email, live chat, and forms. They should also be available throughout the day when you can easily reach out to them.
5. Flexibility
Debt consolidation shouldn’t be the only thing this company should offer. They should be able to provide you with the financial literacy you require to get back on your feet after consolidating your loans.
Look for any additional services that they offer. You should also look for blogs that educate you on how you should manage your finances. If they offer multiple ways of managing your loans, that is also a big plus!
Final Thoughts
Solid Ground Financial can get you out of debt in no time. Opt for payday loan debt consolidation and pay off all your debt with one easy-to-manage loan. Haven’t found the right company to work with yet? Contact us today!
