Too many payday loans consolidation -Consolidate cash advance loans in Minutes
Cash loans granted by numerous private companies can often help us in a difficult situation. Payday loans, i.e. loans usually granted for lower amounts, shorter repayment periods and based on a relatively small amount of formalities, have become very popular among Poles. They give us the opportunity to cope with a difficult random situation – in the event of a sudden loss of a job, the death of a loved one or when some household equipment breaks down and requires immediate replacement. Then payday loan allows you to obtain the funds you need, almost immediately. Most often, after providing basic information, we receive money, often on the same day. These are usually small amounts, however, if we are in a difficult situation and do not expect to improve our finances, even paying a small amount, it can be a real difficulty. It also happens that new payday loans are used to pay back old ones. Unfortunately, sometimes there is also a situation in which the repayment of more obligations puts our financial stability under a big question mark and our budget stops being tightened. Repayment is then not so much difficult as impossible. What to do if we find ourselves in this situation? Who and how can we help us?
Consolidate cash advance loans in Minutes
What to do if the commitments exceed our capabilities? We must try to restructure them before we fall into a spiral of debt. IMPORTANT! Even inexpensive payday loans can be problematic. The worst thing we can do is avoid repayments and hope that things work out somehow. However, this is not how it works. We will have to give back the money that we borrowed sooner or later. Everything also suggests that you do it as soon as possible. Why? Even payday loans, the cost of which is small, is subject to considerable interest due to late repayment. This means that in a very short time interest on late repayment may exceed the borrowed capital. In this situation, every day matters. So it’s not worth putting it all off until the last minute. If there is a spectrum of problems, we should immediately act and look for a solution to pay back payday loans as soon as possible. The way to get out of the payday loans loop is to change the loan terms and, above all, pay off your debt. One of the methods of such restructuring is a consolidation loan to pay back payday loans. Payday loan consolidation through paydayloanconsolidation.net website involves taking a new loan to pay off all other liabilities – so as to sort out our debts and get one, smaller monthly installment.
People who pay back many loans at the same time are surely aware that there may be a moment when they fail to pay on time for any of their obligations. Unless the delay is due to an oversight or short-term problems, e.g. due to a late transfer, we will not suffer major consequences. However, when the deterioration of the financial situation is not only a short-term obstacle and there is no indication that in the near future our home budget will again be sufficient to cover all loan installments, time will not work in our favor. So let’s find a solution in advance that will help you pay your debts on time.
If most of our liabilities are payday loans, we will not be able to take advantage of the traditional bank consolidation loan – they do not want to settle liabilities incurred in non-bank institutions. Yes, more and more branches agree to include payday loans also in the consolidated liabilities, however, most often only those that are recorded in the BIK register. What’s more, we won’t combine it with a consolidation loan, but only payday loans. The banks stipulate that each time the liability incurred in a traditional bank must also be subject to consolidation. Here, however, debt consolidation loans come in handy. Parabanks that grant them do not disqualify customers due to the fact that they have loans taken not only in traditional banks. Thanks to the consolidation loan, it will be possible to consolidate non-bank loans, payday loans not recorded in the BIK register, as well as bank loans.
Debt consolidation loans operate on the basis of a classic mechanism for consolidating liabilities: the amounts that remain to be repaid are added together and then divided by the number of months for which the loan repayment will be extended. Due to the fact that it is usually a longer period, a single, monthly installment automatically decreases, and our home budget gets a little breath. Many people see this as a disadvantage of a consolidation loan without creditworthiness. However, it should be remembered first of all that we are looking for a solution to the problem, which is the lack of sufficient funds to pay off all monthly installments. To this end, we care primarily about reducing monthly costs, which is possible due to the extension of the loan period. What’s more, such a solution will be definitely cheaper than paying off interest caused by delays. There is, therefore, no doubt that a non-bank consolidation loan is a good and effective solution that will allow us to deal with excessive debt.
I am in debt. Where can I look for help?
Consolidation loans without creditworthiness are granted almost exclusively by non-bank institutions. Of course, you can go to the bank, because their approach to loans taken out in loan companies and to people whose credit history is negative may be different depending on the circumstances and the possibility of presenting other collateral for possible consolidation. As it was said above, some grant consolidation loans only to pay back payday loans taken in companies cooperating with BIK, and some do not help debtors in non-banking companies at all. So it’s best to go to an institution similar to the one that previously granted us a loan – most of them have in their offer a consolidation loan to pay off payday loans, so without major problems, they undertake such restructuring and do not require any additional collateral. The obstacles will not be delays in repayment of previous liabilities, which appear in the Credit Information Bureau, or bad credit history. Non-bank institutions have a much more liberal approach to creditworthiness. We cannot say that consolidation loans will be granted to us without proof of any information, e.g. on income, but we can be sure that the requirements are much less stringent. However, this should not confuse us. Regardless of whether we go to a bank or a lending institution, we must be aware that we incur a financial commitment, which involves a subsequent obligation to repay installments. A consolidation loan for indebted is to help us deal with our debts and not lead to even bigger problems. Therefore, if you do not know much about finance and loans, you should use the professional help of advisors who will help negotiate favorable conditions, not only for loans but also for non-bank consolidation loans.
Problems with financial liquidity do not disqualify a potential borrower, however, they may affect the final cost of a new consolidation loan. It is worth getting acquainted with the offers of various parabanks, compare the conditions and requirements, and then choose the one that suits us best, or immediately hand over the matter to professional intermediaries who will take care of all possible formalities for us. We should remember that a debt consolidation loan allows dividing even a large debt into lower installments – installments that are more convenient and easier to repay, and which, in addition, we must remember only once a month. The financial “breath” obtained in this way is a good moment to organize our property matters and to exit the spiral of debt.
People who have numerous liabilities in non-bank institutions and therefore fall into excessive debt, however, may have some resistance to another loan in a private company. Then what? At this point, you should once again mention the possibility of consolidation in the bank. Of course, a bank consolidation loan will require more commitment and time from us, but it is still possible to obtain. You just need to know how to prepare for it.
So before we go to the branch we should know some important issues:
– consolidation in a bank is worth trying through a credit expert. This solution gives us real opportunities for a positive bank decision. First of all, a professional consultant has the necessary knowledge of all financial products. In addition, he is perfectly aware of the current offers of individual institutions, as well as practices that they apply and knows where we will have the chance to obtain financing. He will also advise you on how to improve your credit standing. What’s more, a credit expert not associated with any particular bank, represents only our interest,
– it is worth downloading the BIK report to check the credit history. An experienced adviser can quickly analyze the situation and determine what steps should be taken to obtain financing in the bank. The repayment history visible in such a report is our “CV” of the borrower – it is worth paying off liabilities on time to make it the best,
– credit inquiries should be avoided – each application for a loan leaves a mark in the form of an entry in the BIK. The more such queries, the more difficult it is to get a loan. What’s more, the refusal to grant a loan to one bank is a signal to another that our creditworthiness is not in good shape. Therefore, let’s not treat loan applications as something irrelevant, and each time before submitting a question to the bank, let us prepare for it carefully,
– it is worth ensuring the highest average salary – bonuses, overtime, rewards. Each additional PLN increases the creditworthiness, which translates into a higher loan amount and better conditions. This means that if the salary for 3 months is taken into account, another maximum loan amount may be offered to us in June, when the preceding months we received only the basic payment and in February, where the salary will also include a holiday bonus and overtime.
What does it look like in practice – will I get a consolidation loan?
The credit decision can be issued at the level of analyst or bank director. Thanks to direct negotiations with these people, there is a real chance to obtain a consolidation loan, but also for individually tailored products and better credit conditions. However, we cannot do it personally. Only the credit advisors have the opportunity to negotiate, and thus increase the chances, not only for a positive decision on a consolidation loan for those in debt but also for better credit terms.
A consolidation loan in a bank, with the help of a professional advisor, is, therefore, possible to obtain. Converting all liabilities into one, be it in a bank or loan institution, however, works on similar principles. Regardless of which institution you will seek to consolidate loans, you must do it consciously and prudently. Certainly, both exits will give you the necessary breath and help you get out of the debt loop.