Wondering how debt consolidation for payday loans works? One Focus Financial can consolidate all your payday loans into one affordable monthly payment.
Debt Consolidation for Payday Loans
Many people take out numerous payday loans to fix a financial emergency that didn’t anticipate. They don’t realize that this will only get them deeper in debt and is a short term fix. A long term fix is debt consolidation for payday loans. Having too much debt can be stressful and ruin your credit. Debt consolidation for payday loans allows you to make one low monthly payment to your a debt consolidation company. The payday loan debt consolidation company will set up a trust account in your name that you will make your payments to. Then they will make payments to many different creditors for you with this monthly payment. Payday loan consolidation companies can negotiate settlements and affordable repayment plans on your behalf. By eliminating high excessive fees and high interest rates on your loans. You will be able to afford repaying all your payday loans in a reasonable amount of time. Many payday loan consolidation programs are between 4-12 months based on the debt amount and monthly payment. Many people pay three times what they borrowed over a 2-4 year period if they try and repay the payday loans on their own.
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