Payday loan consolidation in Alabama, Arkansas, Florida, Georgia, Kentucky, Louisiana, Mississippi, North Carolina, South Carolina, Tennessee, Virginia, West Virginia

In the Southeast Region, Payday Loan Consolidation is an Option.

Consolidating payday loans is an option for consumers who reside in Alabama, Arkansas, Florida, Georgia, Kentucky, Louisiana, Mississippi, North Carolina, South Carolina, Tennessee, Virginia, and West Virginia.

A payday loan can seem like a great option when your facing unexpected bills, home repairs, a medical emergency, or some other obligation. These types of unsecured loans are usually available immediately which makes them a popular choice when dealing with a financial dilemma. It is not long after receiving a payday loan that the consumer begins to realize that payday loans have a hefty repayment schedule, including extremely high interest rates, short due dates coupled with large late fees and other penalties.

The deadline for repayment of a payday loan is generally when you receive your next paycheck. If you are unable to pay the balance at that time, the balance is carried forward while the interest keeps being charged. The next course of action is often to receive a second payday loan to pay off the first, then the downward spiral is set in motion, creating a vicious cycle, making it very difficult for you to keep up with timely payments and fees.

Consolidating Payday Loans in the Southeast Region

Payday loan consolidation is a viable solution for individuals who have accumulated these sorts of unsecured short term debts. After researching for a reputable payday loan consolidation company that is properly licensed in the state where you reside, you’ll be ready to proceed with an experienced debt counselor.

The counselor will first evaluate your financial situation, including reviewing all active loans. After an evaluation, you’ll be presented with a program that often is presented as one new payment with new terms of repayment. Experienced companies that assist with consolidating payday loans will be able to stop all interest charges, penalties, and late payments. Going forward in your new program, you’ll only be responsible to make that new monthly payment which will certainly be lower and more manageable than before you enrolled into the relief program.

Why Consolidate?

Payday loans are consolidated often due mostly to their extremely high annual interest rates (APR) which is typical of this type of loan. Another reason is their very short terms, often only 1-2 weeks. The consolidation company you select will represent you in lowering that APR and re-mapping the loan term so it is spread over a longer term. This will result in a single monthly payment that is greatly reduced.

  • Peace of Mind: A consolidation plan eliminates the need to remember to pay multiple bills each month.
  • Lower Monthly Payment: Rather than pay multiple bills for high amounts, a consolidation plan lets you make one payment that you can afford.
  • Eliminate Additional Fees: Consolidations usually halt all interest, penalties, and late fees.
  • Flexible Terms: With payday loan debt consolidators, you will have more flexibility with repayment terms and not be bound to very short terms.

Options in the SE Region

You can attempt to consolidate your payday loans on your own, or you can be represented by a payday loan consolidation company. If you choose the latter, you should find an organization that has all the proper categorizations for your needs. The organization should be deemed as legitimate by findings such as: BBB accredited, A+ rated, national presence, a properly defined non-profit organization, with a track record for legitimate and well reviewed business in your state.

Payday Loan Consolidation Expectations

Southeast states including Alabama, Arkansas, Florida, Georgia, Kentucky, Louisiana, Mississippi, North Carolina, South Carolina, Tennessee, Virginia, West Virginia, like most other U.S. states, support the consumers ability to consolidate payday loans and other unsecured debts when it is in the best financial interest of the consumer. While it is important to understand the consolidating does not write off your debts, it is equally important to realize that an affordable payment is well worth it for multiple reasons such as maintaining good credit, lowering expenses, peace of mind, ability to make timely payments, etc. By working with your lenders through a reputable consolidation company, both parties will benefit as opposed to falling into the downward spiral often associated with such aggressive loan types. 

Take Consolidation Action

If you reside in one of the aforementioned states (AL, AR, FL, GA, KT, LA, MI, NC, SC, TN, VA, WV) and have accumulated one or more payday loans, you are likely a candidate for a consolidation. If you are unable to repay the loans or if you are receiving phone calls or letters demanding payment, it may be the right time to schedule a free counseling session with a payday loan consolidation company. An experienced and reputable loan consolidation company can help you get your personal finances back in control.

Southeastern states that BSI provides services in include: Alabama, Arkansas, Florida, Georgia, Kentucky, Louisiana, Mississippi, North Carolina, South Carolina, Tennessee, Virginia, and West Virginia.

BSI also serves states in these regions: Northeast, Midwest, West.

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Facts and Figures: Consumer Debt in the Southeast

In 2020, the average national consumer debt balance was $92, 727, down just 0.3% from the previous year. Although stabilization may seem encouraging, the average is at its highest level over the past decade, and is anticipated to trend upward as consumers continue to face economic uncertainty. Of the twelve states BSI services in the Southeast region, only Virginia had a consumer debt balance above the national average in 2020. However, it is also the only state that showed a decrease from the previous year. The following shows the most current annual data available at the time of this posting. 

State 2020 Consumer Debt (in thousands) % Change vs. 2019
Alabama $69.6 +2.0%
Arkansas $67.0 +2.0%
Florida $81.5 +2.7%
Georgia $84.3 +1.0%
Kentucky $67.0 +3.6%
Louisiana $73.2 +0.8%
Mississippi $58.2 +1.2%
North Carolina $84.3 +5.9%
South Carolina $81.2 +3.3%
Tennessee $79.9 +3.1%
Virginia $118.8 -1.4%
West Virginia $59.1 +1.5%