Niall Mcclelland

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Payday Loan Consolidation helps borrowers get out of the debt trap. It reduces the average age of the accounts and gives the borrower a fixed monthly rate over an extended repayment period. The benefits outweigh the drawbacks, and with timely payments it can even boost your credit score.

How long do payday loans stay on your credit score?

You can choose between five payday loan consolidation options that will save you money and put you in a better financial situation. All of them are worth looking into, but the best one will depend on your specific situation. Check this out :

First, you should check your credit to see if you qualify for any of the consolidation options mentioned in this article. Many lenders will not offer you a loan unless you have a decent credit rating. If you do, you can qualify for a lower interest rate than you might find with a traditional lender.

Next, you should look into debt management plans and other debt relief options. These are often used to help people eliminate credit card debt, but they can also be used for other types of debt.

Finally, if you have the cash, you can consider taking out a personal loan. These are short term loans that generally have an interest rate of between 4% and 36%. They typically have terms of up to a year. These can be an excellent way to pay off any unsecured debt.

Depending on your particular circumstances, you may also be eligible for a bankruptcy. But, the last thing you want is to end up in this scenario.

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