Consolidate Your Payday Loan Today - Avoid Bounced Checks

In the sinking economy of today, many people have had to turn to the payday loan of cash advance as a means to make ends meet until their next payday. This is very understandable - groceries are through the roof, gas costs more per gallon than milk, and mortgage payments seem to be reaching all time highs. Coupled with lenders who no longer lend money freely, the payday loan has been a welcome beacon for some borrowers who have no other means to borrow the cash they need.

Avoid Negative Reports To Your Credit File

But what happens when the payday loan or loans that you have taken out become due and you do not have the cash in your account to cover the charge? If you have found yourself in this circumstance, consider consolidating your payday loan to avoid bounced checks and possible defamatory comments on your credit file or report.

Bounced checks or checks that are presented against an account with insufficient funds to cover the amount, can cost you not only a bounced check fee with your bank, but also additional fees from the payday loan store that presents your check for payment. It is possible to incur several hundred dollars in additional fees above and beyond your payday loan payment if the payday loan lender presents the check and there is not enough money in your account to cover it.

Secure Your Loan With Collateral

A consolidation loan for your payday loans is a loan that is typically secured by collateral. You can pledge collateral in the form of a vehicle or your home. The consolidation loan may be written by your payday loan company or another lender. The lender of your payday consolidation loan will place a lien against your collateral until you repay them in full for the amount of your payday loan(s). Usually, you can consolidate your payday loans into twelve payments (more, depending on your income and circumstances), plus interest charges.

Cosigner Can Improve Your Chances For Approval

If you do not have any collateral that is acceptable for use in consolidating your payday loan, you might want to consider applying alongside a creditworthy cosigner. A cosigner is simply a third party that agrees to step up, pay your payment, and assume responsibility or liability for your payday consolidation loan if you fail to honor the agreement that you will sign upon accepting the loan. Your cosigner might be a parent, relative, friend, or other person who has a good credit rating and trusts that you will follow the terms of your loan agreement.

Because of the nature of the payday consolidation loan, be prepared to pay slightly higher interest than you would for a traditional loan. Keep in mind, however, that you are not only saving yourself money by not overdrawing your checking account, you are also protecting your credit record and file from being damaged by unfavorable notations.

You might also consider applying for your payday consolidation loan online. Online lenders tend to have historically lower rates for these type of loan instruments, and also have been shown to have greater approval rates during the current financial crisis that is engulfing the globe.


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