January 26, 2020

Payday loan consolidation program -Payday loan consolidation: Get Started Now

Hello, how to consolidate payday loans? my problem is that I have 3 payday loans that I would like to consolidate in one installment. At the bank I will not get a consolidation loan because I have too low income, I receive alimony in the amount of $ 500 and a 500+ benefit.

The number of loans to be repaid in about 20,000, I can pay back $ 600 per month. I don’t know how to solve the problem.

Payday loan consolidation: Get Started Now

Consolidation of non-bank loans

The consolidation of payday loans is very much possible. This can be done by a bank or other loan companies. Since you write that the bank in your financial situation will not grant you a consolidation loan, then only private loan companies are at your disposal.

For those who do not yet know payday loan consolidation lets you combine all payday loans into one monthly installment. Payday loan consolidation very often extends the repayment period of our debt, which often increases the overall cost of debt. Consolidation is most often carried out when we are unable to regularly pay installments of our loans, then in order to avoid falling into even larger debts, we consolidate the debt.

How to consolidate payday loans?

How to consolidate payday loans?

Alimony, 500 plus, and other benefits and allowances will not affect your creditworthiness in any way because they are temporary and it is known in advance that the time will come when the borrowers will no longer be paid. The exception may be banking (there are few) that accept maintenance awarded to a spouse, you can then look for a bank that will recognize such maintenance against your creditworthiness.

The bank not only analyzes what credit or loan we can afford, but the bank also considers whether the income we receive when applying for a loan will be invariably generated in the future, in an amount not less than when applying for a loan.

Consolidation of payday loans by private loan companies

Consolidation of payday loans by private loan companies

There are many private loan companies on the market that will gladly undertake to consolidate your debt. These companies are not subject to the control and supervision of the Polish Financial Supervision Authority, which is why each of these companies may have completely different requirements for the borrower.

What are the most common requirements of loan companies?

  • fixed-income
  • contract of employment
  • ownership of real estate as the collateral
  • appropriate age

Loan companies are not as restrictive as banks, they do not look into BIK, BIG, ERIF or KRD, but borrowing with them is much more expensive, this is the price to pay for reasonable requirements. “Something for something” right?

What to consider when deciding to consolidate in a loan company?

The interest rate on the loan

This is an extremely important element of any loan or credit! Do not decide on the first better consolidation loan, check the offers of other loan companies. Choose consolidation with the smallest percentage and one that increases the cost of consolidated payday loans as little as possible!

Additional fees

Before you decide on a private consolidation loan, check the “fees and commissions” section of the agreement. You may find additional fees that are not necessary and can be safely canceled.

Installment loan consolidation amount

If you already know the monthly installment of a consolidation loan, then think carefully about whether you can afford such an installment each month!


Do you have any collateral that can lower your installment loan installment? maybe you should consider securing a loan? Decide on it, only if you are 100% sure that you will not encounter problems repaying this loan! otherwise the house or flat may fall!


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