Is it worth taking a loan to pay back payday loans?

Is it worth taking a loan to pay back payday loans?

Payday loans belong to such loans that can be obtained very simply and quickly. Unfortunately, the repayment of such a loan is not always so easy and simple, and there are often situations that it is through such a quick loan that we fall into an even larger debt and credit loop.

If you have had the opportunity to read one of my articles before, you know that I am not one of the opponents of payday loans, but at the same time I am in favor of borrowing money with my head. I think that many things are for people, but only if they are skilfully used. In the case of payday loans, I had the opportunity to write about these most important things in the article online payday loan for $ 0 .

 

Debt in payday loans

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What should we do when we get into debt in payday loans companies. What to do if we have several loans from several different companies and we have no way to pay them all on time. If we have already reached such a moment, we should first think – how to repay these obligations without incurring further financial obligations, subsequent loans or credits.

 

Paying off payday loans is to start talks to divide them into monthly installments

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The first step we should take towards paying off payday loans is to start talks to divide them into monthly installments. If we have several different payday loans, the extension of their repayment date, which is available in this type of offer, will not be a good solution for us, so we should do everything possible to break down the repayment of these loans into monthly installments. To this end, we will have to talk to each individual company where we have a payday loan. We can do it by e-mail, making a request in which we describe our problem in detail, or by phone. However, I have to sensitize you that not all companies are eager to spread the repayment of such debt in installments. The good news is, however, that nearly half of the companies decide to cooperate and make it possible to pay their debts in installments.

Another way to get rid of the payday loans is to pay them all off at once. It is known that this will be the best possible solution because in one go we get rid of the problem with payday loans. The only question is – where can you get so much cash from? Here, the consolidation loan that would most often be given at banks to pay off other financial liabilities would work best. However, the majority of people who have debts in payday loans are not able to obtain additional credit through banks due to their poor credit history or poor credit standing.

The only alternative in this situation is to look for a long-term non-bank loan, i.e. a loan that will allow us to pay off all our liabilities. Thanks to it, we will get rid of several different debts and we will have only one, which in addition we will be able to repay in monthly installments. It is a good solution, but only on one condition – that we will find a loan that will be relatively cheap for us. It will also be a loan that will have high monthly installments, the amount of which will not be too much of a financial burden for us, which we will be able to repay in monthly installments without major obstacles. It should also be a loan with the shortest repayment period possible, because on such a loan we will definitely lose the least, and at the same time its amount and monthly installment must be tailored to our financial capabilities. Here, my article describing the cheapest non-bank loans for a year, i.e. with a 12-month repayment period, can be a great help.

 

A consolidation loan for repayment of payday loans

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This is the non-bank equivalent of a consolidation loan, unfortunately only available in a few companies. We can find it in the offer of such companies as Provident or Hapi loans, which allow to obtain cash loans up to $ 15,000. The same company is responsible for both brands, and the only difference is that Hapi is a brand that specializes in granting loans exclusively via the Internet. Other non-bank companies, in which we can also get small loan costs (of course, for non-bank conditions) are such names as Batka, Paglaom Credit, Saplo or Nonga (currently the cheapest installment loan available on the market). Each of these companies allows you to check the cost of the loan before applying for a loan. This means that we can calculate the exact amount of the monthly installment through the websites of these companies, so it will be easier for us to know the decision to choose a specific offer.

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