The average interest rate charged for unsecured sub-prime credit cards is 20.73% compared to an average rate for middle-market or prime cards of 14.22%. Reduce your ATM fees. Use your bank’s ATM rather than another bank’s.
When it comes to payday consolidation loan, you can contact your payday lenders and seek negotiation on your own. In many instances, your lenders will be willing to come to a negotiation. The simple reason is lenders would prefer to get their money back instead of losing their entire amount. Hence, they will come to a negotiation with a reduced amount of debt with a low rate of interest. If you are not able to negotiate with your lenders, you may take the help of payday loan consolidation companies. A number of such agencies could be found that offer payday loan debt assistance.
A payday loan is just like any other credit facility, so the minimum requirements are pretty much standard. The borrower must be an adult with legal status in the country. He or she must also be employed with regular monthly income. The source of income must be verifiable. The bank account provided by the applicant must be the same one that is used for crediting their salary. There are three major factors that distinguish cash advance loans from other credit facilities. First and foremost, payday lenders do not consider the credit score of the applicant. Most mainstream lenders normally give strong consideration to the applicant’s credit rating. Secondly, the loan is disbursed very fast (usually in a matter of hours, not days or weeks). Thirdly, the loan application is done completely online.
Many lenders are more than willing to work with your financial situation. Always communicate with them and show a good faith effort of paying back the loan. These companies are there to help you get through difficult financial times and they would like the same courtesy from their customers when it comes time for payment of the loan.
Be very careful if a lender is offering a payday loan rate that is lower than the prevailing market rate. It is a sure sign of being a scam. Some lenders use such incredible offers only as bait to lure unsuspecting borrowers. Do not fall for false promises. Use your common sense to avoid dealing with a scam company. It is not that difficult to find a reputable payday loan lender when so much information is available on the Internet. A little bit of research will help you avoid lots of problems in future.
Some people get into vicious cycle of borrowing payday loans. A time comes when payday loan debts become unmanageable. It starts affecting personal finances. However, there are ways to solve this problem. It is important to reduce unnecessary expenses as much as possible. Cheaper products and services should be used to lower general expenses. If even after all these measures the debts cannot be cleared or controlled then it is time to look for some special solution. Loan debt consolidation is one such solution.
There are high chances that creditors may not listen to anything the debtor has to say as it may seem like an attempt to avoid paying the debts. Payday debt helpers, whether institutions or single practitioners, can talk to payday creditors on behalf of the debtor, asking the creditors to give the debtor more time to pay off the loan. The helpers may also request the creditors to cease further interest rates so that the debt may cease increasing; enabling the debtor to pay off the existing amount.
In conclusion, its best to make a log of who you owe and how much, then either approach the lenders or hire a legitimate payday loan consolidation company.