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MerMaidBlu's avatar

Does anyone know a good organization for Payday Loan Consolidation?

Asked by MerMaidBlu (416points) September 17th, 2010

I have 7–8 current payday loans. And as most of you are aware, it’s ruining my finances and I’m not able to get out of these. Most of my loans were taken out to pay on others. I need help and not really sure what types of things to look for when it comes to researching this type of service.

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6 Answers

john65pennington's avatar

First, you cannot rob Peter to pay Paul. payday loans are money-suckers. pardon my language, but you will get a better deal at a pawn shop. being behind on one payment makes it a penalty and you will pay out the rear, in order to get ‘caught-up” in your payments.

Scratch payday loans off your list. it’s a no-no!

Tuesdays_Child's avatar

I agree with john65pennington, they are highway robbery, that being said, Dave Ramsey recommends that if you are going to any sort of consokidation of any financial obligations to use a consolidator that is not-for-profit. He says that they can be found online by searching with that phrase in google or whatever search engine you prefer. Good Luck, those pay day people are sharks!

robmandu's avatar

There’s no easy way out.

Also, check out this article on how to avoid the pitfalls that even not-for-profit debt consolidation can lead to.

YARNLADY's avatar

The best plan is to take on extra work hours, rather than trying to find additional loan opportunities. When my sister got so far behind her payments, in spite of her full time job on a telephone help desk, she took on a half time job typing internet input for 4 hours every night.

You can find loan help by visiting a loan consolidation office. Do your research (see above) first.

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