Facing Financial Distress? Don’t Worry Payday Is Here
Have your finances have gone beyond your control? Are excessive debts taking away the largest chunk of your salary?
If you have landed in a condition where you are not able to handle the debts and finances on your own, do not panic. PayDay is here to help you.
What is PayDay Loan Debt Consolidation all about?
There occur some situations in life, when you end up taking multiple loans. It is never a planned decision but sometimes excessive debts get the better of you. Each loan with a varying rate of interest and all eating up on your salary can definitely put you in a financial dilemma.
This is where PayDay Loan Debt Consolidation comes to your rescue. This is a simple way by which you can manage your finances in an organized manner. A consolidated loan PayDay simplifies multiple loans by consolidating all your debts.
It gives you a single loan amount, which is sufficient to pay out all your existing debts. In this way, you have just one single debt to repay.
How can PayDay Loan Consolidation help you out?
After PayDay has paid off all your existing loans, instead of having multiple rates of interest and debts, you have just one debt to pay off and PayDay Loan to manage your finances.
The loan amount is set with an affordable rate of interest and has a comfortable repayment time frame. This brings a huge relief, and you can once again handle your finances in a same manner.
What is the motive behind PayDay Loan Consolidation?
The PayDay loan consolidation mainly aims towards making managing your finances easier to handle. When PayDay pays off any overdue credits that you owe, you have a far simpler single debt to repay. This kind of debt also brings great relief from the burden of many loans, installments and rate of interests among other expenses.
How do multiple debts dent your salary?
Let us consider non-repayment of credit card bills. If you have an existing credit card bill to pay off. Often the rate of interest hikes with all other penalty charges etc. Your credit card installment, without your knowledge may cover only the rate of interest and other costs. And your existing loan may still remain intact, thereby putting you in deeper monetary constraints.
You may also have an existing home loan, car loan or even a personal loan going on. And you would soon realize that your salary disappears before it is even credited.
In cases of failing to pay expensive debts, bank loans etc. you may end up giving up on your collaterals that you submitted against your loan. In such situations, not only do you end up in financial distress, but also lose out on important assets like a house, car etc.
Can a PayDay loan consolidation bring an end to this distress?
Some of the salient features of a PayDay loan consolidation scheme are:
• You have just one single loan to repay
• The rate of interest can be adjusted to suit your financial situation
• The period of repayment can also be set so you can manage your finances in a better manner
• A PayDay loan is an unsecured loan which means, you need not give up any collateral against your loan. So in case if you are finding loan payment difficult, your assets still remain safe.
• Instead of varying rates of interest and different installments you pay just one single amount every month which turns out to be far less in comparison.
• PayDay pays off all your existing loans on their own, and you need not worry about them anymore.
• At the end of the PayDay installments, you will be free of all your debts.
What are the benefits brought about by opting for PayDay loan consolidation?
If you choose PayDay Loan Consolidation to ward off all your existing debts, you get numerous advantages. Some of them are listed below
• Your monthly installments will reduce considerably, since you will not be paying interest to different companies
• You will get a far more comfortable time frame to manage your finances.
• PayDay loan consolidation puts an end to troublesome collection calls from debt collection companies.
• You then need not respond or pay off multiple bills. Simply one payment and you’re sorted for the month.
• Your finances become clear, and you are in a better situation to manage your budget.
How much money does PayDay give at a time?
The exact sum that PayDay will give a person completely depends upon the amount of existing loan a person is currently under. Also, the person’s financial situation and their monthly income can decide how much loan amount PayDay can approve for you.
How to go about the PayDay loan consolidation application?
The application procedure is fairly simple. When you approach a lender for a PayDay Loan Consolidation option, you have to give them detailed information of how much money you owe and to who all you owe it. You also provide them information about your financial status, your personal details, monthly income etc.
Once your total approved loan amount is decided, you then sign the contract and loan agreement with lender. After having done that, paying off all your loans to various creditors becomes their responsibility.
They then fix an amount that you have to pay your PayDay loan lender. And this gives you a new chance to manage your finances and start afresh.
However, one must always remember that, PayDay loan consolidation scheme will only consolidate your loans to bring relief in the form of excessive rate of interest, paying various creditors and other mental harassment that is faces.
But the loan amount still exists. Though the mode of repayment may get better, but you cannot escape that. And if a person still does not take care of the situation despite of getting the PayDay relief, they may face further financial distress.
It so, it is always advisable to handle finances with care right from the beginning. One must refrain from indulging in expenses that are way beyond your means of repayment. If one feels their finances are running beyond their control, seeking timely financial advice and following the same can help greatly.