If you have taken a payday loan, you must be now experiencing the high-interest rates and additional fees they charge. With payday loans, you can easily get trapped in a debt cycle dueto the high interest rates they charge.
However, there is a possibility for a payday loan debt relief. Through payday loan consolidation,you can borrow a new loan that charges a lower interest and sets a monthly payment that you can pay off over time. Ready to consolidate your payday loan debt? Call us immediately(877) 769-0109.
What are Payday Loans?
They are usually short term loans of about $500.Payment is due on the next payday. They possess very high annual percentage rates(APRs). Research done shows that just 14% of the borrowers are able to repay their loan. Payday loans prove to be unmanageable because of their high costs. Getting another lower interest loan could be very important to you in settling your payday loan debt.
How Affordable Payday Loan Debt Consolidation Services Near Me Work
Do you have a debt consolidation loan? You can then get a loan with a lower rate of interest and use the money to pay off your high-interest debts. You can then repay the debt consolidation loan over time.
The monthly payments can easily be made compared with payday loans due to the low-interest rates on debt consolidation loans and longer payment periods that can range from one to seven years.
Debt consolidation loans are usually reported to the credit bureaus which suggest that paying your loan on time will definitely improve your credit over time.
Need help with a debtconsolidation loan to cater for your payday loan debt? Encompass recovery groupis here to help you with that.Call(877)769-0109.
Benefitsof Debt consolidation loans
You can borrow a debtconsolidation loan to pay off your payday loan debt. The loan offers;
● Predictablemonthly payments. With a personal loan, you will only payonce a month until you pay off the loan. In case the interest is fixed, yourpayment will remain the way it is all through your loan’s lifespan.
● Flexiblerepayment terms. With a personal loan, you areguaranteed repayment conditions that can start from one to seven years. This isvery good putting in mind that payday loans should be paid on your followingpayday.
● Lowerfees. You can be able to get a personal loan thathas no upfront charge. However, there are some personal loans that come with anoriginal fee that is about 1 to 5%. Of the loan amount.
● Norollovers. After you complete paying back all therequired amount, you are completely done. You are supposed to apply for a newone in case you need more money.
If you are out there lookingto consolidate your payday loan debt but don’t know how our payday loan consolidation expertsat Encompass Recovery can help you. Call us now at (877)769-0109 and we willhelp you regain your financial status.
