The consolidation of payday loans and non-bank loans is an important issue. Among the most common problems among our clients, the first place is the excessive crediting of non-bank loans. While banks always guard this fact and do not grant loans, if the ratio of installments to loans exceeds about 60%, payday loans do nothing about it.
A customer who wants to choose a non-bank loan, even if his monthly installment is approaching his income level, can get it. As a result, customers fall into the credit loop unable to pay it back. There are clients with installments many times higher than their income. All this is caused by too many loans.
Click here to find online payday loan consolidation companies
As we mentioned above, basically every bank. However, if the number of liabilities incurred in the non-banking sector is more than 3, we recommend contacting a credit advisor or agent. Clients who do not have detailed knowledge about bank offers go from one to another, making credit inquiries, which only worsens their situation.
trapped by payday loans? The consolidation of payday loans and other loans becomes easier with us. We invite you to contact our advisers. Call, ask how we can solve the problem with your loans. Like these expensive commitments, those signed for short periods can be converted into one loan.
If I have already fallen into the whirlpool of payday loans, how do I get out of it?
Unfortunately, in most cases, the client gets to us 2-3 months after he should report. Until the last moment, a person is convinced that he will manage somehow himself. He chooses another loan to pay off earlier. He takes payday loans not to fall behind in installments on other loans. Such a vicious circle, unfortunately, leads to the sinking of his financial situation. From the initial 3 loans for a total repayment of 10,000 after a few months, it becomes 50,000. The installment that would have to be paid for this amount is USD 4,000. How to endure such burdens with an income of USD 2,500? Where’re the other expenses?
In this situation, it is best to report to a proven credit intermediary. Despite the obvious lack of creditworthiness, there are banks that will agree to a loan. It is possible to exchange USD 50,000 with an installment of USD 4,000 spread over a short period into one large loan. The bank loan, spread over 120 cities, for USD 50,000 will fluctuate around USD 700 installments, depending on the client’s situation. Such an installment will certainly help the customer go straight and in the future no longer use quick non-bank loans.
Is consolidation of payday loans and loans always a good idea?
Briefly answer the question in the header: Not always. When consolidating payday loans is a good idea and when not? We will try to answer the issue in more detail.
If the loan amount is not high, eg we have no more than USD 7-10 thousand to pay, it is worth thinking about another way to solve the problem. With up to 3 loans, we are able to “get along” with companies lending us. It is worth to talk to them, write an e-mail with a request to restructure the commitment. Spreading installments over an additional 6 or 12 cities can mean that you will not have to consolidate your liabilities. It should be remembered that consolidation also means costs (bank commission), so let’s try to minimize or avoid them as often as possible.
Amounts higher than USD 10,000, it is worth consolidating on more than three loans. There would be too much effort to set up a repayment plan with each institution. Consolidation with one bank loan for a long time will allow us to get rid of the problem.
Does each bank consolidate loans and payday loans?
Yes, every bank has in its offers consolidation of non-bank liabilities. However, not every bank is able to help clients with, for example, 5 loans. Depending on the policy chosen, there are banks that can consolidate 2-3 loans and if the client has more, they refuse to help at all. Some banks count all installments on loans visible in BIK and then check their ability. So if a customer pays 3 thousand installments and earns 2800, they will definitely not agree to a loan. In this case, the consolidation of payday loans or loans becomes unnecessary.
A good credit intermediary in his portfolio of banks always has those that most liberally approach the topic of loan consolidation. We are such an intermediary, thanks to which we are able to help all those in need. Then the client obtains the consolidation of up to 10 loan commitments, which are converted into 1 bank installment spread over 10 years. Of course, when the client’s financial situation improves, it is possible to overpayment the loan and closes it even in 4 or 5 years. Therefore, remember not to look in the dark. Making inquiries will only make our situation worse. It is determined that the maximum level of bank inquiries is about 2-4 of the last 3 cities. If there are more, they can be a reason for refusing to consolidate loans and payday loans.
How to consolidate payday loans, non-bank loans?
Many clients don’t know how to deal with the topic of consolidating their liabilities. First of all, we encourage you to list your commitments in detail or to take the BIK report. Only a meticulous list of commitments, their summary will help us realistically close the problem. Then, it’s a good idea to turn to your credit counselor with this information. In the case of a large number of loans, not every bank will be able to help, and a specialist will immediately direct us to the right bank.
Consolidation of payday loans and loans without creditworthiness, where?
Very often asked by our customers. it is logical that one or two payday loans taken by us destroy our creditworthiness. Not all banks will be able to consolidate them, citing lack of creditworthiness. Similarly, we recommend talking to a specialist in consolidation loans.