Additionally, many debt consolidation programs require you to be past due on your payments before you can qualify.
Payday loans are short-term loans where an individual can borrow funds needed to cover unexpected expenses until the date of their next paycheck.
While this can seem like a tempting solution to a temporary cash flow problem, these loans often carry high interest rates, and can quickly turn into a case of mounting debt if not paid back within the first pay period.
Find out what is involved with this type of loan, how to compare your options, and how to apply.
Whether it's from your home loan, personal loan, credit card or all of the above, debt can be stressful and put your budget under strain.
This is what you need to know about debt, including paying it back.
We sometimes get asked about payday loans and debt consolidation.There may also be payday lenders who will file lawsuits for unpaid loans.In this case, if a claim is awarded to the payday lender, then it could appear on your credit reports as a judgment and negatively impact your credit.If you answered “yes” to any of the above, the lender has to take further steps to ensure that you will be able to repay the loan you are applying for.It does this by asking further questions about your financial situation.If you’re stuck in a payday loan debt cycle, there is an avenue you can take to get out of debt.