Payday loans are commonly short-term loans for a minimal amount, normally starting from $500, of which interest is payable on next payday. They’re being promoted as a beneficial connection across salaries. Whenever you need quick cash, a payday seems to be the best option. But the interest rates of payday loans are very high that you can’t imagine at that time. Which means you will pay a lot of money at the time of repayment which will put you in deep stress.
Debt consolidation loans are intended to merge various high-interest loans such as payday loans and other forms of unsecured loans into a single loan at a lower rate.
This will decrease your interest rate on monthly re-payments and help you pay off your loans more rapidly. If you are a student and thinking that “can I consolidate my student loans? The answer is yes, you can consolidate your student loan.
Here are some reasons why you should consolidate your payday loan and how it would be helpful during the holiday season.
Fixed Monthly payment
Whenever you consolidate your payday loan, there will be a fix monthly amount you have to pay. This amount will be the same until the complete repayment of your debt. With the help of fix monthly payment, you can manage your holiday’s budget easily.
You can’t renew loan after paying back
Once you completely pay your payday loan, then the loan account will be closed. If you need the loan again, then you have to apply again and your request will proceed again as before.
Why you should consolidate your payday loan?
Many people were making their life easy by consolidating their payday loans. For certain Americans, the fact is that they have to choose between money payments or making other expenditures. Stress is huge, and most people work long hours of overtime every week to get out of stress. The repayment tenure is flexible; you can
choose months starting from 12 months up to 84 months. This will reduce monthly installments and the installments are very easy to pay. The consolidation process will combine all of your debt into a single loan.
Let Solid Ground Financial help you with your payday loan consolidation.