How Do I Get A Loan To Pay Off Multiple Payday Loans?

2 Answers

lakeesha Hennessy Williams Profile
There are a number of loans about that you can get for debt consolidation.

These can either be obtained online or through a bank or building society depending on what kind of shape your credit score is in.

Paying off multiple loans with a pay day loan
If you have a very good credit score then the options are endless. If you are not so fortunate and your credit score is less than perfect your options may be far more limited for you to choose from.

Another option is to try and get a credit card with a low interest rate and use that to pay the loan off. But this will depend upon how much you want to borrow and the credit limit of the card itself.

1. You will need to be employed and to have a bank account and be over 18 years of age.

2.  Go online and search for a suitable lender.

3.  Decide whether you want the loan or card to be secured or unsecured. If you want it to be secured you will need to put up some form of collateral against the amount you want to borrow as a kind of insurance.

4. Have a look at the interest rate. Do you want a fixed interest rate so that the repayments will remain the same for the life of the loan, or a variable rate that will go up and down.  If the interest rate goes up, so do your monthly repayments. If it goes down your repayments do the same.

5. It is very important that you check how much your repayments are going to be so that you can make sure beforehand that you will be able to afford them.  Try and make sure that your repayments are as little as possible so that you do not find yourself in a worse financial situation.

6.  Once you have found a suitable lender fill in the online application form fully with your personal, employment and back details.

7.  Once the form is completed submit it to the lender.

8.  You will usually receive an answer and the money the same day.
Aisha Profile
Aisha answered
It is normally very difficult to pay off payday loans with another loan. But there can be many ways to pay off your pay day loans.

You need a change of attitude as well so that you don't have to rely on these loans anymore. You can opt for a regular loan with low interest rate to pay off your multiple loans.

Also you can apply for a credit cards and pay off your current loans with that.

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