How Does Payday Loan Consolidation Work?
First look at the basics of debt consolidation and then you will have a clear idea of charges and interest rates and how consolidating can save you money compared to paying exorbitant late fees and penalty interest.
The goal of payday loan help is to allow the borrower to consolidate payday loans and finally get out from under staggering payday loan debt and ultimately get their finances back on track. First, we find a monthly payment you can afford. Then, a bank account will be opened in your name and you will begin depositing that monthly amount into it. Once enough money has accrued in the account GAD Capital will begin negotiating with your payday loan lenders on a settlement.
What Be Will My New Monthly Payment?
Your new monthly payday loan payment will be based on your overall loan amount and the amount you are able to pay. The goal is for you to move from making several payday loan payments each month to a single monthly installment that will lead to you finally eliminating your payday loan debt altogether.
Will My Payday Loan Lenders Work with GAD Capital?
Lenders are not obligated to work with GAD Capital, but most of them understand that it is better for them to get some sort of repayment rather than none at all. It is likely that GAD Capital has worked with your lender in the past which gives us an edge when it comes to negotiating with them in the future.
Will I Still Have To Pay Off My Full Loan Amount?
While GAD Capital will work hard to find the lowest possible monthly payment for you there is no way for us to guarantee a decrease in your full loan amount. Payday loans lenders do not have to work with negotiators like GAD Capital, but again, they would prefer to get some repayment rather than none at all.
How Long Does it take to Consolidate Payday Loans?
A typical payday loan consolidation process takes anywhere from 6 to 18 months. The timeline will heavily depend on the amount you owe, how much of a monthly payment you can afford, and how successful GAD Capital is in negotiating settlements with your lenders. If you are interested in hearing more about how payday loan consolidation would benefit your specific situation just call GAD Capital for a free consultation how to get relief from payday loan debt.