Can you consolidate payday loans? Payday loan consolidation simply involves combining all of your payday loans together into one larger loan. When this is done, the borrower makes direct payments to the payday loan consolidation company that, in turn, then pays off all the payday loan lenders you’ve borrowed from.
Payday Loan Consolidation
How much does it cost you to consolidate? Most people simply pay one payment per month to the payday loan consolidation company. You can even get a rate that will save you money. You may also be able to consolidate many loans at once without much of a charge, depending on how many lenders you’re paying back. And if you’re having trouble making your payments, there are other options that may help.
What about getting a consolidation loan from a bank? You can use your checking account to make the payment – of course, you’ll need to make regular deposits to the account to make sure the payments are being made. You can also contact several payday loan lenders and make payments in hopes that all of them will agree to a single consolidated payment and that payment will be made on time. However, most lenders won’t agree to make multiple payments to one bank account and some lenders don’t accept checks.