Posts Tagged ‘Consolidating’

Q&A: Where do I need to go to find help with consolidating payday loans?

Question by Karrie M: Where do I need to go to find help with consolidating payday loans?
I have taken out too many payday loans and now I am having problems paying them all back and paying my bills at the same time. I am now late on most of my bill because of the payday loans…..please help!!!

Best answer:

Answer by Sean
Nothing you can do to consolidate them. Pay day loans are designed so if you don’t pay it off in full then they accumulate interest at a very high rate. They basically design them so that you take your first one out, then you have to pay it back, but you need more money so you take another one out and so on. It’s a vicious cycle… I’d say take out a small personal loan from a bank to pay them off that way you can consolidate them into the one loan…but banks are not really lending out money right now… Sorry…

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Who is the Best Company for Consolidating Payday Loans?

Question by Robert Billiot: Who is the Best Company for Consolidating Payday Loans?
Gotten into a real bind with too many payday loans…I need help fast! I have heard that there are companies who provide payday loan help by consolidating loans. Is this true? Are these companies trustworthy?

I don’t want to lose any more money and I don’t know where else to turn. Help!

Best answer:

Answer by MVD34
Nope. Not really. Most consolidation companies are run by the same kind of pond scum that run payday loan companies.

Your best bet is probably credit counseling. If a good option exists that you qualify for, they are probably going to find it.

http://www.nfcc.org/

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