Get Help With Repaying Your Payday Loan Or Cash Advance

Are you among the thousands who depend on payday loans or cash advances to borrow short term money to make ends meet until your next payday? If so, the current financial crisis may have your wallet looking a bit flat and you might need some help repaying your payday loan or cash advance on time. Your best option is to consolidate your payday loans or cash advances into one loan that you can repay over a longer period of time by making monthly payments.

Thousands Have Been Helped

It seems that even those with the best intentions can fall behind on loan payments, and in the case of payday loans or cash advances that are due in full on your next payday, you might have over extended your finances and now cannot cover the charges when you get paid. You are not alone. With grocery and fuel prices at ever-increasing levels, and employers cutting jobs and laying off employees like never before, there are thousands of others who are turning to payday loan consolidation to keep their credit files intact and avoid exorbitant fees that are associated with overdrawing their checking accounts.

Take Up To Two Years To Repay

A payday loan or cash advance loan consolidation will take all of the short term loans that you owe and roll them into one big loan. The consolidation loan servicer will pay your payday loan or cash advance lenders off for you, and you will repay the lender in monthly payments. You can elect to pay the principle of the entire amount you owe within a period of several months, or take up to two years to pay - depending on how much you owe and your current income and budget constraints.

Your payday consolidation loan can be unsecured or secured. If you do not have good credit, an unsecured version of the payday consolidation loan would require a cosigner in most instances. A cosigner can be your parent, relative, friend, coworker, or other person who trusts that you will repay the lender of your payday consolidation loan. If not, your cosigner assumes responsibility of the debt and agrees to pay the money back for you.

The secured payday consolidation loan does not require a cosigner, but is secured by property that you pledge as collateral to the lender or loan servicer. Collateral might be your home or other real property, or your vehicle - the collateral that you pledge must be owned by you and you must furnish proof of ownership for the property in the form of a title, bill of sale, or deed.

Additional Funds Available

Some borrowers who take out payday consolidation loans also receive additional funds at the same time to cover expenses. The availability of extra cash during this horrible time in the economy can be a blessing for some borrowers who are struggling to pay their bills and keep food on the table. Any extra funds that you borrow in addition to your principle can be included in your monthly payment.

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