Thousands of Americans are drowning in payday loans. The high interest rates and fees charged on payday loans make it impossible for many to repay their loans on time.
Dependency on loans has become the norm for many. Luckily, Encompass Recovery Group, being America’s best debt consolidation company, has been at the forefront in ensuring that you are able to recover from debts and live a more fulfilling life free from debts.
Struggling with payday loans is a clear indication that you need help, especially when you have several debts. Rolling over your loans or taking another payday loan will only make the matter worse. At Encompass Recovery Group, our debt recovery strategies have proven to work, thanks to the thousands of clients that we have served over the years.
Some of the accounts that we provide include advances, installment loans, unsecured personal loans, past-due utilities, repossessions, credit cards, and many more.
This kind of account is designed to help people survive through challenging financial times as they await their subsequent paycheck. They require a significant level of financial responsibilities to avoid the consequences that come with non-repayment and late payment of loans.
How Can I Consolidate My Payday Loans?
The most effective strategy to deal with payday loan debt is by consolidating them through our help at Encompass Recovery Group. This entails taking a consolidation loan and using the funds to pay back your multiple payday debts. Afterward, you are required to repay your consolidation loan at a reduced interest rate and lowered monthly payments.
The main goal of consolidating your payday is to achieve a streamlined repayment method.
However, an impressive credit score is vital in getting a consolidation loan. It may be difficult for a person with a low credit score to get this type of loan. Timely payment of payday loans is recommended in ensuring your better credit score.
How Can I Consolidate My Payday Loans With Bad Credit?
Consolidating your payday loans when you have a low credit score may be an uphill task. A poor credit score implies that you hardly pay your payday loans on time, and your history is not impressive. In this scenario, it may be hard for you to get a consolidation loan to repay your other loans. It is advised that you improve your credit score by timely payment of your loans.
People with high credit scores tend to quickly get a consolidation loan from Encompass Recovery Group and a reduced interest rate instead of those with bad credit scores. Many people tend to look for a secured type of loan to cater to their accumulating loans.
However, a secured type of loan requires that you put a lien against your valuable assets. You put collateral as security on your loan, and if you fail to repay your loan, your property may be seized.
Payday Loans Rollovers
Due to tough financial times, many borrowers cannot pay back their payday loans on time. Many opt to negotiate with their lenders for a possible extension of the repayment period, referred to as a rollover. However, they attract high additional costs, which may make the loan much challenging to pay. According to the State’s rules, you are not allowed to roll over more than twice an outstanding payday debt.
When you roll over your monthly payday loans, you are supposed to be provided the full information regarding the additional charges and the extension period by the lender.
When you are in a financial position to repay the payday loan on time, it is advised to avoid rolling over because of the additional charges incurred.
It is always recommended to maintain a perfect credit history to get help whenever you need it. No lending agency is willing to offer unsecured loans to a borrower with a bad credit score. Better your chances of getting loans in the future through timely payment of your payday loans and better your credit score.
Do Not Wait, Go Debt Free Today
If you are struggling with unpaid payday loans you are not alone, at Encompass Recovery Group, we have helped thousands of Americans get through various financial problems by providing viable solutions and strategies.
Call us today and get financial help!