At Encompass Recovery Group, the best consolidation company for debts in America, we are devoted to ensuring that you get out of debt and live a more fulfilling life of financial dependency. We offer a wide range of services that have helped thousands of people to regain their financial position by easy payment of their various payday loans.
No one desires to be drowning in a pool of debt, and that’s precisely what we aim at, ensuring that you are debt-free. Payday loans attract high interest rates and fees that may be devastating and stressful for the debtor to pay. Many end up being stuck in an accumulating pile of unpaid loans. Failure to pay your debts on time comes with consequences.
At Encompass Recovery Group, our mandate is to ensure that you don’t get yourself into any financial difficulties by offering solutions for your debt recovery. We provide various accounts such as installment loans, unsecured personal loans, past-due utilities, repossessions, collection accounts, credit cards, and many more.
What Payday Loan Entails
A payday loan is a short-term type of loan that attracts a high interest rate depending on a person’s credit profile and income level. They are usually repaid within a period of two to four weeks immediately when one gets his paycheck. They are very similar to check advance loans and cash advance loans.
At Encompass Recovery Group, this kind of loan aims to help people during emergencies or survive tough financial times as they await their next paycheck. However, this type of loan has been widely misused by individuals who use them for unnecessary things and end up being unable to repay them on time. They thus end up being trapped in the continuous chain of unpaid debts and risk being sent to the debt collectors.
Payday loans are an unsecured type of loan. They do not require any collateral when taking one, unlike secured loans, which necessitate one to produce collateral that could act as security when one fails to repay the loans. The collateral is mostly in terms of valuable assets such as vehicles and personal properties.
Due to the fact that they are easily accessible, many people tend to take them unnecessarily and for the wrong reason.
Many find it hard to repay their loans, mostly when they have wasted them. Many may seek to get out of the cycle of continuous payday loans, and the question is, “how do they consolidate their payday loans”?
How do I Consolidate my Payday Loans
One of the perfect and easy strategies offered by Encompass Recovery Group in getting out of the trap of payday loans is through the consolidation of debts. You take a consolidation loan from us, which you then use to pay back your various payday loans from multiple lenders. You are then required to repay your consolidation loan at a reduced monthly payment and a lower interest rate.
Making payments to different lenders may be tedious and stressful due to the different payment dates and the various interest rates charged. A streamlined payment method is achieved by consolidating your payday loans into one; thus, you will only be making one single monthly payment. Dependency on payday loans leads to poor financial decisions as you may not plan for your budget.
Alternatives to Easy Repayment of Payday Loans
You opt to put an emergency fund in place that you have cash in hand when you require it. Start saving small, and this will go a long way in ensuring you regain financial dependency. Small monthly savings will result in a large amount of money that you could use to pay back your payday loans.
You could also opt to improve your credit score to secure loans when they are available.
A bad credit score will significantly lower your chances of getting a loan from any lending institution or a bank.
You could improve your credit score by timely payment of your loans. An impressive credit score will guarantee that you get financial help when you need it.
Get Started Now
You may be asking how I consolidate my payday loans. Wait no more! Call us today at Encompass Recovery Group and get the financial help that you need.
We have been helping thousands of people get out of debt and regain financial control. We could help you to contact us today!