If you’re hoping to pay off your debts in a short amount of time, but aren’t sure how to go about it, you’ll be glad to hear that you’ll generally have quite a few options available. One of these is short term payday loan consolidation – and many have been able to escape the clutches of debt and live without the stress that can come with it.
What is a short term payday loan consolidation?
These types of financial loans are generally able to combine your payday loans and credit card debts into a one-time monthly payment plan (often, a lender will offer a monthly payment plan that they believe is best for you). In addition, they’ll often assign a debt negotiator to help you with your financial situation, too.
In most instances, all you’ll be required to do is open a separate account (made specifically for the loan consolidation program), then your debt negotiator will be able to pay off your credit card debts and payday loans and set up a new payment plan for you.
While not too dissimilar from ordinary debt consolidation loans, there is a difference between the two – which is why doing research on both can often be a wise idea. With more knowledge on what each will have to offer you, you’ll generally be better equipped to make the right decision.
Do you qualify for a payday loan debt consolidation program?
Not just anyone can get a debt consolidation loan. In general, there are quite a few requirements that you’ll need in order to be deemed eligible. Fortunately, most of these kinds of companies won’t require too much to determine whether or not they’ll offer you their help. Often to qualify, you’ll need:
- To be at least 18 years old
- An email address and active phone number
- A certificate of employment or proof of a stable job
- To provide your latest paystub or pay slip from your employer or company (which the lender will use to determine your level of income)
Note that while these are some of the most common things that a lender will require, you may find that certain companies will need more or different information before they make a decision.
Fortunately, there are many companies that allow you to take care of all of this online, so in most cases, you won’t even need to leave the comfort of your own home. In addition, this can often help to make the application process much simpler, too.
Keep in mind that it’s best to stick with one payday loan debt consolidation company. While working with more may seem like a good idea in some cases, it’s often essential to have just one lender to establish a monthly payment plan that works for everyone.
How to find the best payday loan debt consolidation program
There are quite a few different companies that could offer you these kinds of services – so how do you choose the right one?
It’s usually a case of doing your research and seeing which companies have the best to offer. Once you’ve got an idea of which lenders might be able to help, the next step is often to compare your options to see which one is right for you.
One of the best ways to find reliable companies is to search online – and if you really want to save time, you might even want to consider using a comparison tool to find out which lenders offer the best payday loan debt consolidation programs.