Payday loan is a short term loan to manage the unexpected expenses at the end of the month before your next paycheck arrives. It is not difficult to get approval for payday loan as the applicants are not required to undergo credit check. Therefore, borrowers with poor credit report can apply for payday loans. People continuously take out loan to avoid the exigent repayment terms so it becomes difficult for them to get out from the vicious cycle of debt. If you are in a similar situation, then you can enroll in payday loan consolidation program.
Here are a few ways to manage your multiple payday loans:
1. You can approach the lenders to rollover or prolong the loan repayment terms till you get your next paycheck. Many lenders will allow you do so if you pay the fee for the cycle. This will help you pay off the large amount of payday loan first and then you can deal with the rolled over loan.
2. You can borrow money from your relatives and friends to pay off the payday loan. Your family members or friends might not charge interest on the loan they provide you to pay off the debts. It will be easier to pay off the payday loan as the accruing high interest on the payday loan will make it unaffordable to pay off.
3. You can consolidate you multiple payday loan into a single low interest monthly payment. You can hire services of a professional debt consolidation company as the debt arbitrators can negotiate with the creditors. When you consolidate your multiple bills then you can make a single payment each month.
4. You can take out a personal loan from the bank to pay off your multiple payday loans. Make sure that you obtain enough money to pay off your outstanding balance. You can eliminate your high interest debts effortlessly if you take out personal loan. So you can manage your single payment to the bank instead of your multiple payments to the lenders.
5. You can take up a second job to use the money to pay off your lenders. Try to give a room of your apartment on rent so that you get some extra income to pay off your debts. Increase the source of your income so that you can use the money to pay off the owed amount.
Therefore, these are the five effective steps to manage your multiple payday loans. If you follow the above mentioned steps sincerely then you can regain control over your financial situation.