Payday loan consolidation -You need payday loan consolidation loans, we have it
June 9, 2019
You need payday loan consolidation loans now, we have it
Consolidating all your payday loans in a single monthly payment, with a fixed rate until the end of the contract, payday loan consolidation via https://paydayloan-consolidation.com/ is an option with numerous advantages that must be taken into account.
Quite interesting for those who have more than one credit, credit consolidation allows you to collect all of your various credits in a single monthly payment and pay less, in some cases up to minus 60%.
This is an ideal option for people who have personal loans and credit cards that want to simplify their credits, taking advantage of simultaneously to save, and for people who are over-indebted or at risk of over-indebtedness, who in this way achieve some financial slack.
Very practical, since it includes all personal credits, credit cards and lines of credit in your name, with a single repayment term to always know what to count for extended periods that can go up to 120 months (10 years) or more.
In more practical terms, this means that if you opt for a consolidated loan, all the credits you currently have are written down, creating a single one with a more competitive and lower monthly payment. And for no surprises, the rate is fixed until the end of the contract, so you will always pay the same unless you choose to amortize at a certain time.
To find out if it is the solution for you, use the simulator for this purpose.
Five advantages of consolidated credit
- Monthly savings: consolidating your credit allows you to reduce the previous total of monthly payments, in some situations up to 60%, concentrating them in a single, lower. This guarantees you some monthly financial backlash, which you can use to increase your savings or emergency fund or apply on a new project.
- Greater convenience: you only have a single monthly payment, to a single creditor, at a fixed date, always knowing what to count on. You also do not need to change banks.
- Interest rates: The final interest rate on consolidated credit is generally lower than the average for all loans so you will pay less in total.
- Maximum speed and simplicity: approval is a quick and simple process for those who request the consolidation of their credits.
- Access to more financing: in case of need, you can request additional credit, moving naturally with the monthly installment.
Disadvantages of consolidated credit
Among the disadvantages of consolidated credit may be, for some, the longer repayment term, which means that in principle it will take longer to repay the loan. In compensation, it pays less every month, which allows it to take advantage of the difference between the sum of all previous installments and that of consolidated credit for a savings fund or for other projects that would otherwise be unthinkable. It’s a matter of doing the math and pondering. As a result of the extension of the term, in the end, may also pay more interest.