If you have one or more payday loans, you may be having trouble keeping up your payments. Payday loans usually come attached to very high interest rates, so if you have too many payday loans you are likely paying a very large sum in interest each month.
When your loan payments get to be too high, one thing that people in your situation think of is to consolidate your installment cash loans.
If you are wondering, "Can you consolidate payday installment loans?," here are 3 things you should know:
Consolidating payday loans means that you are essentially having a new lender (a debt consolidation company) pay off all of your existing loans. Then, that lender extends you a new loan - usually at a lower interest rate. Consolidation is also beneficial because it is easier for most people to plan and pay a single loan payment each month, rather than paying multiple payments to different lenders.
Consolidation companies are out there and ready to do business with you. You will want to run an online search for "debt consolidation companies" to gain access to a list of companies that are ready to help.
Before you consolidate your loans, consider improving your credit score first. Just as with other types of installment loans no credit check such as credit card loans, debt consolidation companies will check your credit score when determining the interest rate they will offer you. By spending just a few days or weeks doing the right things to improve your credit score before you consolidate, you will likely become eligible for a much-lower interest rate - which could save you thousands in interest payments.
Yes, you can consolidate your payday installment loans. Before you do, consider working smart to raise your credit score in order to get a better interest rate.
www.installmentloansonline.org
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