The holiday season is upon us, which is a fun and exciting time of year. Unfortunately, it can also be a very expensive and stressful time for consumers who are already in debt. If you are one of the millions of Americans stuck in a cycle of payday loan debt and in need of relief, now may be the perfect time to consider payday loan consolidation or other payday debt solutions.

Payday Loan Consolidation

If you are ready to get out of the payday loan repayment trap, payday loan consolidation may be a good option. Debt consolidation combines payday loans and other types of unsecured debt into a single loan at a lower interest rate. It’s a fairly simple process to determine if you qualify for the new loan, and if you do, you’ll enjoy the benefit of:

  • Lower Fees
  • Less Stressful Repayment Terms
  • Predictable Monthly Payments

Unlike payday loans, the new consolidated payment plan is paid over time at a set rate. You can’t renew a personal loan by paying only the fees and not paying the balance, like you can with some payday loans. Reputable financial institutions who offer consolidation care about your ability to pay back the loan, unlike most payday lenders that give you quick and easy access to cash knowing you may find it difficult to repay.

Payday Loan Consolidation is often a good solution when looking for payday loan relief, but some consumers might not qualify based on their financial situation and inability to pay back the new loan. Here are some other payday debt solutions that might offer relief:

  • Extend your payday loan: in some states, payday loan lenders allow borrowers to extend the repayment period beyond their next paycheck, and repay the loan in smaller amounts. If this an option, still beware that additional fees might be incurred.

  • Work with a credit counseling service: a reputable organization can work with you to examine your financial situation, identify areas for improvement, and help create a plan of action to pay down your payday loan debt.

  • Speak with a legal aid attorney: legal aid offices provide free legal advice to low income individuals. If you qualify, they can provide you with legal options and help you understand your debt-settlement rights based on your personal and financial situation.

Working with BSI

Payday loan consolidation might be an optimal solution if you are in need of payday debt relief. If you do not qualify, there are other debt-relief solutions that might be better suited for your needs. Now is the perfect time to evaluate your financial situation and take action to get back on the path to financial health.

BSI is a BBB rated company with an A+ rating. We are a non-profit payday relief and loan consolidation company with a national reach. We invite you to contact us for a free evaluation of your current payday loan debts and learn how you may benefit from our consolidation program.

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Published On: November 9, 2021 / Categories: Payday Loan Consolidations, Payday Loan Relief /

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