A consolidation loan from Evolution Money offers customers with high interest loan debts such as Payday loans an opportunity to combine all of their debts in to one manageable consolidation loan.
This type of loan could help customers manage their debts more effectively.
Q: I owe several payday loans and can no longer make the payments.Should I consolidate these loans with one of the debt consolidation companies?Before you choose a debt consolidation loan think about anything that might happen in the future which could stop you keeping up with repayments.For example, what if interest rates go up, or you fall ill or lose your job?Find out if the lender is a member of the Community Financial Services Association of America (“CFSA”), which represents payday lenders.
Under CFSA’s best practices guidelines, a borrower who cannot pay back a loan when it is due has the option of entering into an extended payment plan.
You will have a single monthly repayment, rather than several, so you will know exactly how much is going out of your bank account and when.
As a result, your finances will become far simpler and you’ll also find it easier to plan ahead, however, your debt level may increase if you chose to extend the term of the loan.
If you’re looking for a debt consolidation loan, you can talk to a Personal Account Manager today.
Or if you want to see how much you can save by taking out a consolidation loan then why not try our handy loan calculator?
It’s likely that when you took out the payday loans, you signed a contract that prevents you from closing your bank account.